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DBug 03:43 AM 10-16-2012
Would you quit home daycare if you didn't technically NEED the money any more?

I'm in a position to do just that. I have a way to work from home with flexible hours to make the amount of money that we do need to cover bills, so that we could survive without daycare. I'd be able to stay home with my own SA kids and be here before and after school, on school closure days, etc, and still cover the bills and necessities. AND we'd have our house back .

My only hesitation is the luxury of having more than enough right now -- I hate to give that up. We are able to order out, do last-minute car maintainence, pay for school trips, have lots of of "mad money", etc., right now with daycare. My main concern is giving up that freedom. We'd still have wiggle room, but not nearly as much.

Would you ladies do it? I could close for the end of December. I'm thinking that the benefits of having our tiny house back to ourselves, being able to help at school, taking kids to appointments, etc., is worth losing the luxuries -- and I think I'm hoping you guys will say the same thing .

BUT, is it a wise decision? What would you guys do?
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Cat Herder 03:54 AM 10-16-2012
Personally, I'd continue working and put as much as I can in an IRA and educational IRA's for my kids.

Lifes circumstances change in an instant and rarely come with warning.
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DBug 04:10 AM 10-16-2012
Originally Posted by Cat Herder:
Personally, I'd continue working and put as much as I can in an IRA and educational IRA's for my kids.

Lifes circumstances change in an instant and rarely come with warning.
Yeah, that was a thought that occurred to us. We've got RRSP's and RESP's going with hubby's paycheck, but obviously we could always be contributing more. My thought was that I could be working hard now and putting money away for the kids' school (which is our primary concern) and miss the time with them while they're still here, or I could work my butt off when they're older and about to leave for school (in about 6 years).

FTR, we live in an area where I could go back to daycare and probably fill all my spots (max. is 5) within 2 months, if something terrible happened or if it just wasn't working out. I would be selling all of my daycare stuff though, so I'd have to do without or restock if I had to go back to doing it.

Hubby's job is relatively secure (but of course, that's never carved in stone) -- he has great benefits and gets a huge amount of severance (a year, I believe?) if he was ever let go. And of course, we live in Canada, so if something medical came up, it wouldn't bankrupt us .

But then, maybe I'm just trying to justify quitting?
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DaisyMamma 04:21 AM 10-16-2012
Perhaps you can just downsize the daycare and only take a couple of teacher's children? That way you have that extra income and alone time with your kids.
But, would you be able to do the work at home job with 2 dck?

Hard choice. I'm all for more time with your own kids though.
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My3cents 04:37 AM 10-16-2012
I think I would keep on doing it. Maybe hire someone for days that I wanted off and extra help.

I like doing what I do. I like having a self purpose. I like the money.

If I was burned out, yes I would quit. I might have crummy days here and there but I am not burned out and like doing what I do.
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seebachers 04:54 AM 10-16-2012
I think i would just back off on the number of kids I was taking, be selective about who I wanted to keep and continue to bring in the "extra" income to be safe.
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bunnyslippers 04:57 AM 10-16-2012
I would close my daycare in a HEARTBEAT. If we could swing it financially, this place would be closed!!!!!!!
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dave4him 05:17 AM 10-16-2012
My wife would love to have the house back and me just be at home with the kids, we just have way to much we have to pay off and its going to take all the daycare income i can get.
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e.j. 05:18 AM 10-16-2012
Originally Posted by bunnyslippers:
I would close my daycare in a HEARTBEAT. If we could swing it financially, this place would be closed!!!!!!!
Same here. I love the kids and families I have. Compared to many of you, I've been very lucky over the years and have had relatively few "problem" clients. I'm just tired of dealing with state regulations, paperwork, unannounced inspections, etc. It would be great to have my home back, though, and I know my kids would be thrilled! They're older now but still ask me to stop doing day care so I'd love to do that for their sakes.
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DBug 05:22 AM 10-16-2012
Originally Posted by bunnyslippers:
I would close my daycare in a HEARTBEAT. If we could swing it financially, this place would be closed!!!!!!!
If anyone else had asked the same question, that's what my answer would be too!

This is a great gig, but I'm doing it for the $$, not as a career. If I don't need the $$ anymore, what's left? Except for a huge imposition on our space and time .
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wahmof3 05:53 AM 10-16-2012
I would close down too!

I dearly love all of my kids & have finally worked out all of the issues with the family I have been struggling with, but given the opportunity I would close.

I would find a part time job if needed, but you wouldn't have to ask me twice.
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countrymom 06:06 AM 10-16-2012
I wouldn't close yet, maybe try the other job too. See if you like it. I'm assuming that your own kids are younger. well let me tell you, your going to want the other income. I find its the stupid stuff that is costing me money. Also do your children take activities, maybe use the extra cash for activities.
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SquirrellyMama 06:22 AM 10-16-2012
I would say to close down and take a break. If you can fill spots quickly then maybe restart in a year or two.

I also think the idea of reducing your numbers would be a another good option.

K
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DBug 06:24 AM 10-16-2012
Originally Posted by countrymom:
I wouldn't close yet, maybe try the other job too. See if you like it. I'm assuming that your own kids are younger. well let me tell you, your going to want the other income. I find its the stupid stuff that is costing me money. Also do your children take activities, maybe use the extra cash for activities.
It's a business that I ran before daycare, and I would have to make sure it'll make as much money as I need it to, of course. I really enjoy it, and I believe there's a market for it in our town.

My youngest is 5, in school full-time, which would allow me the kid-free time I need to really work hard, advertise and meet with clients for this other business.

Our kids' extra-curriculars are only $150/year total, which is quite affordable. The extras (school hot lunches, trips, etc.) have always been covered by my husband's paycheck.
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littlemissmuffet 06:42 AM 10-16-2012
I love what I do, but I think the primary reason for that is because I get to be home. If I could successfully run another business from home that was less hours, less stressful and covered necessities, I would close my daycare in a heartbeat.

I have one bit of advice - don't sell your daycare stuff until your other business is off the ground, and you've been doing it awhile. This way, if you do need to go back to daycare, you'll still have your old stock.
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MyAngels 07:24 AM 10-16-2012
I didn't read everyone else's replies, but I did use an online calculator to figure this this:

$800/month at a compound interest rate of 3% over six years amounts to $63,181.07. Historically most 529 plans earn a better rate than that, but I figured I'd be conservative.
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Childminder 07:40 AM 10-16-2012
SLAM!!! That would be the sound of my door closing on daycare. I'm tired and ready to say Adios!
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wahmof3 08:01 AM 10-16-2012
Originally Posted by Childminder:
SLAM!!! That would be the sound of my door closing on daycare. I'm tired and ready to say Adios!


ME TOO!!!!
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DBug 08:06 AM 10-16-2012
Originally Posted by Childminder:
SLAM!!! That would be the sound of my door closing on daycare. I'm tired and ready to say Adios!
Lol!

Hang in there! Is there any way you can restructure to reduce the stress/tiredness?
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Soccermom 08:45 AM 10-16-2012
Originally Posted by DBug:
Would you quit home daycare if you didn't technically NEED the money any more?

I'm in a position to do just that. I have a way to work from home with flexible hours to make the amount of money that we do need to cover bills, so that we could survive without daycare. I'd be able to stay home with my own SA kids and be here before and after school, on school closure days, etc, and still cover the bills and necessities. AND we'd have our house back .

My only hesitation is the luxury of having more than enough right now -- I hate to give that up. We are able to order out, do last-minute car maintainence, pay for school trips, have lots of of "mad money", etc., right now with daycare. My main concern is giving up that freedom. We'd still have wiggle room, but not nearly as much.

Would you ladies do it? I could close for the end of December. I'm thinking that the benefits of having our tiny house back to ourselves, being able to help at school, taking kids to appointments, etc., is worth losing the luxuries -- and I think I'm hoping you guys will say the same thing .

BUT, is it a wise decision? What would you guys do?
I would quit in a heartbeat !
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cheerfuldom 09:11 AM 10-16-2012
I would quit too, tomorrow if I could. This is not an option though with four children under 5. If I can swing it when they are school age, I will absolutely close.

But is downsizing an option for you OP?
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laundrymom 09:32 AM 10-16-2012
I wouldn't. I don't " have" to work. But the extra 1400-1500a week is nice. We put half our weekly income in savings. I want more than to get by. We live as cost effectively as we can. Dh puts Max into his 401 each check and we have my income direct to seperate savings accounts.
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PolkaTots 09:34 AM 10-16-2012
I've been contemplating the same thing for awhile now. I have been providing child care for 5 years. While there are things I love about it, they are just as many things that I don't like. I know this is not what I want to do for the rest of my life. I have a crew of 6 now, and have decided to let the hardest 2 go this month. That way my days are a little easier and I still have the extra income. I will stay open until school lets out in June. This way I can spend the entire Summer with just my children. I haven't done that for years. With the extra savings of working until then, we are going to take a fun vacation. I am actually very excited about it! When school resumes in the Fall, I thought about going back to school or maybe even returning to the working world part time while the kiddos are in school. I guess we will just have to see

Good luck with your decision!
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EntropyControlSpecialist 10:19 AM 10-16-2012
I guess it comes down to asking yourself what do you value? More quality time with your family (which means sacrifice) or more materialistic things (which there is nothing wrong with in moderation)?
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momofboys 10:22 AM 10-16-2012
Originally Posted by DBug:
. [B] My thought was that I could be working hard now and putting money away for the kids' school (which is our primary concern) and miss the time with them while they're still here, or I could work my butt off when they're older and about to leave for school (in about 6 years). [/b]FTR,came up, it wouldn't bankrupt us .

But then, maybe I'm just trying to justify quitting?
What I highlighted above would be enough motivation to do exactly what you want to do! It is a tough choice but I am all for spending more time with family if you can.
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jojosmommy 10:39 AM 10-16-2012
Because I am a Dave Ramsey nerd I would say that unless you have all your debts paid off, no car loans, no cc debts, no med bills, no misc school debts etc you should work to pay those things off. If you are spending money on fun things like you mentioned and want the time with the kiddos I would stop spending money on the extras for 3 months. See what it feels like to not have that money. Use the fun money you are currently earning to pay off some of the above mentioned debts or put it in savings if you don't have those debts. Then after three months of living like you will when you no longer have daycare income (ie less spending money, less luxury money) you can make a fair decision.

I personally would work to pay debts, then cut back on kiddos, maybe only take a 3-4 day a week kiddoor two so you have one or two days with your own but still have some income for yourself and those luxuries you mentioned.
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jokalima 10:48 AM 10-16-2012
I would close, time with fam is more important to me. I get really stressed with the DC and so does my son, the only reason I have not done that is because of the income, but I beat myself about it constantly because I think I am doing the wrong thing for my son, but again he has to eat and needs a roof, I would close...

What job are you going to be doing?
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daycarediva 10:48 AM 10-16-2012
Originally Posted by seebachers:
I think i would just back off on the number of kids I was taking, be selective about who I wanted to keep and continue to bring in the "extra" income to be safe.
That is what I would do. I like PP's suggestion about teachers kids as well! If I could afford to, I would NOT be taking myself to capacity. I love these kidlet sooo much though, even if I won the lottery tomorrow I would see them all to Kindergarten before I quit.
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Childminder 11:21 AM 10-16-2012
Originally Posted by :
Hang in there! Is there any way you can restructure to reduce the stress/tiredness?
After watching children for 47 years and restructuring many times I would walk away without one regret. As they say...Been there done that. No particular stress but always tired. Old, very old person.

I did just terminate a little sociopathic turd though so my time left should be easier. He will probably return some night and kill me in my sleep.
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MNMum 11:57 AM 10-16-2012
Originally Posted by childminder:
after watching children for 47 years and restructuring many times i would walk away without one regret. As they say...been there done that. No particular stress but always tired. Old, very old person.

I did just terminate a little sociopathic turd though so my time left should be easier. he will probably return some night and kill me in my sleep.
lmao! Little sociopathic turd!
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nanglgrl 12:16 PM 10-16-2012
I would close too. It's sad to me that the majority of providers would close if given the chance. I do understand of course but in reinforces the reason I've never sent my children to daycare. It takes over our lives and a lot of times the bad outweighs the good. I've often dreamed of winning the lotto (fat chance since I don't even play) and then I contemplate what I would do with my daycare and decided I would give 2 weeks notice but would give the parents money if they could find someone sooner!
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mema 12:19 PM 10-16-2012
I would!!! I would really like my house back and so would my kids. I have looked into a few houses in our neighborhood to use as a daycare house, but really I don't have enough to make another house payment.
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SquirrellyMama 12:41 PM 10-16-2012
Originally Posted by nanglgrl:
I would close too. It's sad to me that the majority of providers would close if given the chance. I do understand of course but in reinforces the reason I've never sent my children to daycare. It takes over our lives and a lot of times the bad outweighs the good. I've often dreamed of winning the lotto (fat chance since I don't even play) and then I contemplate what I would do with my daycare and decided I would give 2 weeks notice but would give the parents money if they could find someone sooner!
I think most people would quit their job if they didn't need the money. I think a lot of people would also change professions if they didn't need the money from their current job. I don't think it is unique to childcare.

K
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Country Kids 01:10 PM 10-16-2012
I have four friends that are all have done childcare for awhile now. They are all filing for divorce-. Just ironic to me that they all have the same profession. I wonder what the rate of divorce is among childcare providers?

Childcare is stressful for everyone in the family. Your family comes first and if you have the chance to not do it then go for your dream. I love my job even though I do have days but it stresses my family alot. We (hubs and I) are looking at way to make changes but its not always easy.
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Unregistered 04:12 PM 10-16-2012
I envy you having a job you could do from home and make enough money! I want to find a job like that...LOL! My husband is semi-retired although his part-time job ties up his whole day and I'd like to semi-retire too from daycare...unfortunately, my income is what keeps everything going well and allows us to have a little spending money...

I would like to have a job from home where I could make enough money to gradually quit daycare in a year or two... I would certainly downsize to only 2 or 3 instead of 5.

If we hadn't had an ******* run a stop sign in September and total our car, I wouldn't be in even more debt now since I had to buy a new one and the settlement didn't cover the price of a new one so that just drove another nail into the old debt coffin...

I too think maybe you should just downsize gradually until you see if your business will take off and give you the income you want/need...good luck!!
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DBug 06:00 PM 10-16-2012
Originally Posted by jojosmommy:
Because I am a Dave Ramsey nerd I would say that unless you have all your debts paid off, no car loans, no cc debts, no med bills, no misc school debts etc you should work to pay those things off. If you are spending money on fun things like you mentioned and want the time with the kiddos I would stop spending money on the extras for 3 months. See what it feels like to not have that money. Use the fun money you are currently earning to pay off some of the above mentioned debts or put it in savings if you don't have those debts. Then after three months of living like you will when you no longer have daycare income (ie less spending money, less luxury money) you can make a fair decision.
This is kind of what we're planning to do in the short-term future. There are two small loans I need to pay off within the next few weeks, and then we want to bank the rest of it until I do actually close. That money would be available if we need it until this other business (design & printing) gets going. It would also put us in the position of not having any "fun money" from now on, and it would give us an idea of whether it's feasible.

For those that have suggested downsizing, I'm hesitant to do that because I would have to give up all of the full-timers I have now and interview for those willing to come only 2-3 days/week, and that seems impractical for something that could be temporary. I could downsize the number of full-timers I have, from 5 to 2 or 3, but I'd still be working the same number of hours, for less money . And really, if I keep doing daycare in any format, we'd still be sharing the house, I'd still be missing appointments, school assemblies, etc., and I still wouldn't have a whole lot of time to develop the printing company.

I could see converting the house back to a home, and then offering to do drop-in or occasional care for other providers who need a sub, or for parents who only need care once in awhile.

I think we'll do our "trial period" of not using daycare money for anything and see how it goes. I'd like to make a decision by the end of the month so that I can give two months notice for the end of the year. My contract only requires two weeks though. How much notice would you guys give?
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Crystal 08:00 PM 10-16-2012
Personally, I wouldn't quit. I have REALLY thought about it, and have had a few REALLY good offers for other positions....that I have turned down.

The thing is, every time I start thinking it's time to wrap things up here (it has been almost 16 years) I look at my children (DCK) and their families and KNOW how much I need to continue working with kids. I LOVE my children and families, so I will quit when I have slowly phased out the children and families who have been with me for up to a decade, and the few infants and toddlers I have now, and THEN I will be done.

BUT....for YOU OP.....I think you already know what you want to do. I feel that if you are confident that you can squeeze it financially, you are comfortable with that and your family is on board, then GO FOR IT!!! Do what is best for YOU and YOUR FAMILY.
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lil angels 09:59 AM 10-17-2012
I to have thought about it many times. I have as of last month started putting daycare money in savings except what a job that only pays about $10 an hr would give me I would love to go up to the school and be a para or something so I am taking worst case for my income and we are going to try live off of that for the next yr or so. If I decide I think it would be to hard I guess it. Is putting us on a heck of a savings plan.
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thatdivalady 10:28 AM 10-18-2012
Originally Posted by nanglgrl:
I would close too. It's sad to me that the majority of providers would close if given the chance. I do understand of course but in reinforces the reason I've never sent my children to daycare. It takes over our lives and a lot of times the bad outweighs the good. I've often dreamed of winning the lotto (fat chance since I don't even play) and then I contemplate what I would do with my daycare and decided I would give 2 weeks notice but would give the parents money if they could find someone sooner!
Isn't it sad though? I'll be honest here, I have done the math and I definitely make more money for less hours as a therapist. It's terrible! I make literally 10 times more than what I end up making in day care! lol I think it's especially hard when your numbers are down too. Because even at full capacity I would be making less than half of what I could be making doing therapy.

Overworked, underpaid... Day care is the only business where you can get paid $3.00 per hour (and I charge around 33 per day... which is high for a lot of people) and parents can still say that your services cost too much! I'm ready to start a babysitting business and that way I can charge $10-$15 per hour without a parent even blinking!

What keeps me going is the mission of my business, to provide quality care when parents need it. My primary focus is on non traditional hours. So it keeps me grounded. But I would probably quit doing the direct portion and hire someone to do it if I could afford it.
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AnythingsPossible 02:37 PM 10-18-2012
Originally Posted by Childminder:
After watching children for 47 years and restructuring many times I would walk away without one regret. As they say...Been there done that. No particular stress but always tired. Old, very old person.

I did just terminate a little sociopathic turd though so my time left should be easier. He will probably return some night and kill me in my sleep.
Too funny!!! Thanks for the laught!!! I think I've had a few of those too
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