How much does a nanny cost?
Factors that impact the cost of a nanny
There are lots of factors that can impact the cost of hiring a nanny. The main things to take into consideration are:
- Location - The cost of a nanny can vary significantly based on where you live. In general, larger cities and more affluent areas tend to have higher nanny rates.
- Experience and qualifications - Nannies with special experience might charge more for their services. Things like first aid certifications or experience working with newborns of special needs children should be considered.
- Number of children - The more children you have, the higher the cost of a nanny will typically be. Oftentimes, the cost per child we decrease the more children you have.
- Duties and responsibilities - Keep in mind the other things you might need your nanny to take care of. Things like cooking, cleaning, or pet sitting might also impact the cost.
- Hours and schedule - Need overnight care, or coverage for longer hours? These factors will certainly play a role.
- Benefits and perks - Nannies work full-time, so you might consider offering additional benefits like health insurance, paid time off, or retirement plans.
Other costs you might not know of
We’ve already talked about the factors that impact the direct cost of hiring a nanny. But there are other costs you might not have thought of!
- Taxes - When you hire a nanny, you become their employer, which means you're responsible for paying taxes. It's essential to factor these costs into your budget when hiring a nanny. Looking for help managing and organizing your taxes? We’ve partnered with Heartpayroll to make nanny payroll a breeze.
- Yearly Bonuses - It's common to offer nannies a yearly bonus as a way to show your appreciation for their hard work. This can range from a small bonus to an extra week's pay, and it's another cost to consider.
- Cost of Activities for Kids - Depending on the age of your children and the activities you want them to participate in, there may be additional costs associated with hiring a nanny. For example, if you want your nanny to take your children to music classes or sports activities, you'll need to factor in the cost of those activities.
- Transportation Reimbursement - If your nanny is responsible for transporting your children, you may want to offer a transportation reimbursement to cover the cost of gas.
Keep in mind that while cost is an important factor to consider when hiring a nanny, it's not the only factor. Most importantly, hiring a nanny is all about finding someone who’s a great fit for your family and has the experience and qualifications you’re looking for.