I took a loan to finance my baby's childcare costs - I really hope I did the right thing...

Lauranicol

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Hi all !
I decided to take a loan to cover some of my 2-year-old toddler's childcare fees. I find gov help useful but limited (I am using all available options) when it comes to covering the childcare costs that a full-time working parent should pay monthly. Makes sense to me because I can protect my savings, continue working, and pay off the loan over time. Btw I find the terms of the loan quite good for the relatively small amount I received.
Has any of you borrowed (like friend’s money, credit card, anything else) to cover the extra costs due to childcare???
Knowing I am not the only one out there, would boost my confidence...
Thanks
 
Hi Laura,
It looks like people are shy to talk about borrowing.
I am in a similar situation and ended up taking a loan for 8k to cover the childcare fees until I break-even.
I think that this is a big issue and I am surprised that we are the only ones... or at least it is a big issue for me!
 
Hello everyone! I think it's a common thing. It's just not all can talk about it in public. You've done the right thing. Good luck!
 
Yes, it's sometimes uncomfortable to talk about financial troubles. But you've made everything right, Laura. How are you doing now? I'm in a similar situation at the moment. I also think that I need to take a loan to pay my bills. I'm in search of a reliable company. I was suggested Lightstream, but some of the reviews at https://lightstream.pissedconsumer.cоm/customer-service.html made me uncertain. Can someone share any good sources, maybe?
 
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I know this thread is old, but if it’s comfort to people: Yes, I have borrowed money to cover cost of childcare.

I can’t charge my son’s tuition, it’s paid in cash every Wednesday. Depending on his age, it’s ranged from $450-550 a week plus another $100 a week for medical services due to his special needs.

I work full time. I do receive child support. But it’s expensive. I have:
- Skipped meals
- Borrowed money from my mother, half of the time she’ll find a silly excuse to forgive the loan and I hate that but sometimes I’m not in a position to argue with her
- Charged other purchases and carried credit card debt to afford childcare
- I took out a home equity loan, initially to pay off my attorney’s fees from my custody battle but I have used it to pay for childcare once as well

I know some employees offer child care accounts where money is taken pre tax from your paycheck and they may match a percentage. It’d a gimmick and I wouldn’t do well to explain why lol, but I do have friends who swear by it. It’s just not for me.

My only cautionary is that every time I borrowed money usually was because my ex was withholding child support so I knew it would get sorted soon or I made an error in my budgeting. Generally I don’t advise taking on debt as a solution but last resort for most things. And with childcare, yes formal daycare or preschool is expensive. So for years I keep telling myself it’ll get easier when he’s is public school. We’ll see lol

I’m not a financial advisor, but I know that once I got that credit card debt moved to a heloc/ no interest credit card that I paid off within a year that my credit jumped 100 points.

End of day, people do what they have to do. I have had friends with 2-3 kids who stopped working until their kids turned 5 because the cost of childcare was near or more than what it would cost them to continue working. They were married though.
 

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