How Much Does a Nanny Cost?

You may be very interested in hiring a nanny, but worried about the cost. There are quite a few variables that play a role in how much you will need to pay them to get them to accept the job. Knowing you have someone in your household to love and care for your children in your absence can give you peace of mind. It is a better choice than daycare as they often have limited hours. If you have an unpredictable schedule, you need to know you have someone who is flexible. With them in your own home, they can help with getting the kids to activities or even putting them to bed if you have to work late. Location The cost of living where you reside affects the nanny wages you offer. Find out what the going rate is where you reside. You need to offer them reasonable pay for what they will do for you. If your offer is too low, it is going to be hard to get great help to count on. If it is too high, you will get great offers but you will be paying more than you really must. Experience Often, nanny wages will depend on their experience. Someone who has been offering such services for years with great references deserves to be paid more than someone who is brand new. Those with experience may have a certain threshold of pay they are willing to accept. They won’t take job that pays less than they feel they are worth. Hours and Duties Even though you may not know your exact hours for work weekly, you will have a good idea of when you need them. The nanny wages can be based on a per hour basis or it can be a weekly or monthly salary. With an hourly rate, you pay them only for the hours worked and they need to keep track of them.

With a salary, you will pay them the same set amount of money no matter how many hours they work for you. There are pros and cons to both scenarios so think about what will work best for your household. Ideally, they should have at least one day off per week when they don’t have any responsibilities for the household. Other Perks Offered In addition to the nanny wages, there may be other perks you are offering that are part of the package. If they will be living with you, getting meals for free, driving your vehicles, and traveling for free with the family, those are all amazing perks that add value to the job for them. It isn’t uncommon for the nanny wages to be less when such perks are also included in the job. It is a good idea to document all of the perks they will have. If they live in your home, they should have a private bedroom and bathroom. This allows them to have some privacy when they aren’t taking care of the family. Taxes In addition to paying nanny wages, you may need to pay taxes and pension for them. It is important to look at the legal elements of this and what you are responsible for. You need to be well informed so you are in compliance with those laws that apply. Contract The contract you have with them needs to be very specific. It needs to detail what they will offer for you, when they will work, other duties, and nanny wages you are offering to them. It should also include how often they will be paid. Don’t leave anything to interpretation as that can’t be enforced. With a written document, all parties know what is on the table.

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