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Budgeting for childcare: what should I know?

There’s no hard and fast formula for determining what childcare will cost. What you will pay will depend on where you live, your child’s age, the type of childcare you choose, and how long each week your child is in childcare.

Generally speaking, if you live in a city or town with a lower cost of living, your childcare costs will be lower, but if you choose to have a nanny, for instance, you will probably pay more than putting your child into a crèche or day care. Day mothers who work from home, or grandparents who are retired are another option, but your child may not get the same quality of care as they would in a professional crèche or day care.

Of course, there are also costs associated with being a full time parent – most importantly that either you or your partner will have to stop working.

It’s also worth noting that childcare for babies and toddlers is more expensive, purely because they require more direct attention (and this is prescribed by law in minder-to-child ratios in crèches), and they have more specific needs. As your child gets older, the costs of childcare are likely to decrease, rather than increase (in the Republic, kids are entitled to 3 hours of preschool care from around age 3, under the ECCE scheme, although a top up payment is often requested).

When it comes to childcare costs, however, the most important factors are quality of care, and what you can afford. Your child is important, so make sure you choose the very best care you can afford.

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