Nanny

The benefit of having a nanny is that your child(ren) get the undivided attention of the nanny. In many cases the nanny will also perform tasks around the house such as cooking and cleaning. However, nannies are an expensive option. Costs range from $500 to $700 a week ($2,167 to $3,033 a month); live-in nannies usually receive less.

Childcare Center

Childcare centers can be located in many places from shopping malls to churches. It's an affordable option that provides age-specific rooms and activities. There are usually multiples teachers, exposing your infant to many people and personalities. There are also several children your child's age in the room, which teaches social interaction. The cost ranges from $316 to $1,221 a month for babies and toddlers (average $679).

Home Childcare

Home childcare allows your child(ren) to be taken care of in a setting similar to your own home. Often the age range of children being cared for will be anywhere from infant to preschool age. Many times there is just one person caring for the needs of all the children. The cost ranges from $344 to $792 a month for babies and toddlers (average $525), and $295 to $750 a month for preschoolers (average $474).

Stay-at-Home Parent

Not every family can afford to have a parent stay home with their child(ren), but if you can, it's a great option. While no additional cost is associated with this option, the family does experience loss of income from that parent not working outside the home.

Relative Childcare

Using a relative for childcare is generally the cheapest option. However, you have to work around their schedule and be flexible with your childcare needs. Unless they offer to do it for free, paying a relative minimum wage or offering to do things for them in exchange is a good idea.

Source:

Baby Center