10 Ways to Reduce Child Care Costs

One of the biggest financial challenges working couples face is the cost of child care.

If you have a dual-income family, the first step is to sit down and run the numbers to make sure it makes financial sense for both parents to work. Most couples assume that two incomes greatly increase their overall take-home pay, but this is not always the case. Many are surprised how little a second income contributes to the household finances, when factors such as taxes, child care, commuting, business attire and other business-related expenses are taken into account.

A $40,000 annual salary sounds great, but that can easily be whittled down to less than $5,000 a year in take-home pay when all the work-related expenses are taken into consideration. You can use this calculator to see where you stand. ...