A recent survey by Care.com reveals that parents typically allocate 22% of their budget to childcare expenses. To help alleviate this financial burden, Leticia Barr, an expert in parenting and education, joined Wealth host Brad Smith to offer practical advice on saving money on childcare. Her insights focus on leveraging community support and optimizing time management to reduce costs without compromising quality care.

Barr emphasizes the importance of building a supportive network among fellow parents. By coordinating with local families, parents can share childcare responsibilities and enjoy personal time at a lower cost. She suggests organizing group activities where multiple families participate, thereby splitting the expense of hiring babysitters or caregivers.

Furthermore, Barr advises rotating childcare duties to ensure all parents receive breaks while minimizing overall spending. This approach allows for shared responsibility and creates opportunities for each family to benefit from reduced costs over time.

For older children, Barr recommends a strategic approach to managing after-school hours. Parents can provide access to free educational resources that assist with homework and other academic tasks, reducing the need for paid tutoring or additional supervision.

Barr's advice highlights the value of collaboration and smart planning in addressing childcare expenses. By implementing these strategies, parents can effectively manage costs while still providing excellent care for their children. These methods not only save money but also foster stronger community ties and better support systems for families.