Childcare, especially when given by a qualified nanny, can be a costly addition to any budget. As such, it’s important to have a grasp of the likely costs before you choose to hire a nanny’s services. Although the cost of a nanny varies greatly by region or experience level, the basic method of calculating a nanny’s salary remains the same no matter the average rate for your area. The calculation is simply a matter of determining the hours you require the nanny’s services and then using those hours to obtain the weekly then yearly costs of securing those services.
Create a schedule for a week, noting all of the time you’ll require a nanny’s services. Add up the number of hours listed in the schedule. If you require a nanny for 8 hours a day 3 days a week, but only 5 hours a day 2 days a week, your total nanny needs are 34 hours weekly.
Research the local pay rate for nannies in your area. Sites such as 4.nannies or Online-nannies (see Resources) can give you information on average rates in your area, with the rates often tiered by nanny experience and separated by whether or not you’re seeking a live-in nanny. A nanny working in higher cost areas will be significantly more costly in salary than one in a rural area, as would a nanny with a childcare degree or extensive work history. A nanny with two or more years of experience can cost between $9 to $13 an hour for live-in work or $10 to $15 an hour for live-out.
Multiply the weekly hours by the decided hourly wage. A nanny working 34 hours a week and coming in daily with average local rates of $13 an hour would cost you $442 weekly. At 52 weeks a year, this is an annual salary of $442 X 52, equaling $22,984 yearly.