With any big decision, there are benefits and drawbacks to consider. Here are some of the key factors to consider when deciding whether Nanny Share is right for your family.
The cost of using a Nanny Share is much lower than being the sole employer of a nanny. With a Nanny Share, each family will usually pay the nanny about ⅔ the going rate, which decreases the cost for each family while the nanny makes more than she would otherwise.
For example, say hiring a nanny for just your family costs about ~$3,000 a month (which means the nanny earns that amount each month). With a Nanny Share, each family would instead pay the nanny ~$2,000 a month, and the nanny would then make $4,000 instead of $3,000 each month- saving each family over 13k per year.
So families save on childcare costs, and nannies earn more. Win-win!
Having a nanny (vs. using a daycare, for example) means the nanny works around your schedule. This remains true with a Nanny Share. Finding a family with a similar schedule is ideal, but even if your schedules don't exactly align, Nanny Share leaves you the flexibility that life so often demands.
Most nannies will usually help pick up the house while they’re working, stuff like cleaning up after breakfast. Some nannies will even help with work like laundry. So not only do you have an extra hand helping keep the house in order but by using a nanny for Nanny Share, you also have someone to let the plumber in if you have an emergency. As you're well aware, help with these types of household chores and responsibilities goes a long way.
Nanny Sharing provides the social benefits of daycare, but without so many germs. Depending on your nanny share setup, your child could be socializing with another kid his or her age, or with “big kid” helpers. Either way, Nanny Sharing allows for social skill building (like sharing!), as well as independent play.
Lots of families will end up sharing a nanny with another family in the same neighborhood. So depending on where your Nanny Share is located (and some people alternate locations each week), the drop-off and pick-up is usually much more convenient than battling your way through a daycare drop off.
Plus, your little ones get to spend their day in an environment that's comfortable, whether it's in their home or the close home of a new friend. This is especially helpful for things like nap schedules.
In addition to finding a nanny you love, you're also on the hunt for a family you jibe with. You are essentially managing an employee together, so it’s important to be aligned on topics like discipline styles and vaccinations.
If you have only one child, in some states the cost of daycare will be less expensive than a Nanny Share. However, if you have more than one child, Nanny Sharing is almost always the less expensive childcare option.
Hiring a household employee means nanny tax and overtime laws apply (this is true whether you use a nanny or enter a Nanny Share). A nanny is not an independent contractor and can also not be paid under your small business.
Your nanny is your household’s employee, and so you’ll want to talk to a tax advisor or payroll service to learn what special insurance you need and how to file your nanny taxes quarterly. If you need help, Nanny Lane has a nanny payroll and tax service that manages all of this for a nominal monthly fee. The plus side of this is that you qualify for nanny tax breaks!