Martin Lewis is urging hundreds of thousands of parents to get their hands on huge sums of unclaimed cash they are owed.
Addressing his audience and viewers on The Money Show Live, he said: "It's likely the worst investment you'll ever make. They cost £100,000s, rarely give back or say thank you, and once you do it, you'll need to keep shelling out again and again, and again... children!"
The Money Saving Expert founder said children are the subject of some of the most common questions he is asked.
READ MORE: Not everyone on Universal Credit will get the new £301 cost of living payment
He went on to say around 800,000 people are missing out on thousands of pounds in financial help towards childcare, adding: "We want people in our economy to be able to go out to work and have our children looked after.
"I'm talking Ofsted-regulated, or the equivalent to Ofsted, childminders, nurseries, afterschool clubs and holiday clubs. Many people think they don't count, they do."
Mr Lewis shared three ways people may be entitled to childcare help, and these are:
If your child is aged 3-4
They're usually due 15-30 hours of free childcare each week, depending on which UK nation you're in and the hours you work.
If your family income is under £40,000 (ish)
Mr Lewis advises households with an income under (around) £40,000 to check if you're due cash to cover some childcare costs, using the MSE Universal Credit calculator.
Parents who already claim Universal Credit could be due up to 85% of childcare costs if they are in employment. And those on Tax Credits may be able to claim up to 70% of childcare costs.
If you earn up to £100,000
Households with an income of up to £100,000 may be entitled to Tax-Free Childcare. For every 80p you put in the scheme, the state adds 20p, up to a max £2,000 per child per year for up to 11-year-old (or 16 if they have disabilities).
You can find out more about what childcare help you may be entitled to here
The Martin Lewis Money Show Live: returns on Tuesday at 8pm on ITV and ITVX
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