Sheila Marcelo, CEO of Care.com, appears on Good Morning AmericaJune 20, 2009
Practical Money Saving Tips for Every Family
By MABLE CHAN
June 20, 2009
A typical American family with two young children spends an average of $14,000 a year on child care, which is almost a quarter of its annual income, according to the U.S. Census bureau.
In a recent national survey, 75 percent of families say in light of the current economic downturn, they’re looking for ways to scrimp on child care.
Kara and Cliff Petty of Sunrise, Fla., spend at least $1,000 a month on day care and babysitters for their children, Aidan, 6, and Landon, 2.
Like most families, child care is the Pettys’ second-biggest monthly expense after their home mortgage. But they learned how to trim almost 20 percent off their monthly child care bills during the 30-day “Frugal Family Challenge”—a “Good Morning America Weekend” partnership with USA Today.
Dave Moran, chairman of the Financial Planning Association of Miami, assessed the Pettys’ child care expenses, and Sheila Marcelo, founder and CEO of Care.com, offered the following money-saving tips.