More People Doing Weekly?
 

I have never charged a flat rate but always knew that going monthly would cause me to lose money with most months being more then 4 weeks.

So I was wondering are more people going to charging a weekly fee over monthly or do more people still do monthly.

For those that do monthly, are your rates a little higher to the months that have alot more days in them?

I charge hourly right now, and I know for some months I will get $50-$100 dollars more a month because of more days in the month.

I do weekly or bimonthly but they have to pick and stick to it. I work out the bimonthly over a year and break it into 26 payments.

I state my rates by week, but they have the option to pay monthly. They use this formula for figuring out their monthly rate: weekly rate x 52 weeks / 12 months = your monthly fee.

Originally Posted by Country Kids:
I have never charged a flat rate but always knew that going monthly would cause me to lose money with most months being more then 4 weeks.

So I was wondering are more people going to charging a weekly fee over monthly or do more people still do monthly.

For those that do monthly, are your rates a little higher to the months that have alot more days in them?

I charge hourly right now, and I know for some months I will get $50-$100 dollars more a month because of more days in the month.

If you're charging monthly the standard formula is week x 4.3 to make up for the odd days.

I do weekly, but have offered to do monthly for those who would rather it (no one has ever taken me up on it). I figure their weekly x 4.33 to get their monthly so you don't lose out for those 5 week months. I prefer weekly though because my own budget is based on a 4 week month so I love getting that extra weeks income a few times a year. :D

its more like 4.333333333333 (every little 3 makes a difference lol)

I have always charged a weekly rate.
Debbie

I personally like to do weekly, since I have an assisant its eaier for me to visually see money in and money out, i was thinking of switching though, but haven't yet.

I charge monthly, but I multiply how many days there are in the month and give them an invoice for that amount about a week before the 1st. So a month with 22 days, like this month, is a bigger bill than last month.

I do daily because then it doesn't look like a big expense at the end of the week lol! But for full time I charge 150 per kid.

I charge weekly, but many of my families are requesting to actually pay monthly. I kind of like it.

I just take the # of Mondays in the month x their weekly rate = check amt for the month. This works better for me since half of my families are permanent part timers, I feel like one or the other of us would feel taken advantage of some months.

I charge weekly, but all parents are paying differently right now. One pays every week, one pays every 2 weeks, one pays every 4 weeks, and the last one alternates between weekly and every two weeks.

I charge monthly. But also yearly. I figured out my rate by setting a daily, and then multiplying it by 260 (the average amount of work days+closed holidays in a year), and dividing it by 12, I might lose out on a bit here and there, but it's an easy way to explain to my parents how I calculate my rates.

Originally Posted by CountryMommy:
I state my rates by week, but they have the option to pay monthly. They use this formula for figuring out their monthly rate: weekly rate x 52 weeks / 12 months = your monthly fee.

likethislikethislikethis

I will be using this formula!
I only take weekly payments unless their weekly fee is $75 or less, in which case I require monthly payments due at the beginning of the month. (I will be using countrymommy's formula to determine these rates from now on.) The only kid I have paying monthly comes specifically on Wednesdays. So mom pays me on the first Wednesday of the month based on how many Wednesdays there will be in that month.

I charge by the day or 1/2 day and collect weekly. I tried doing the montly in advance before but with some clients calling off so much I would have to keep recalculating and refunding. (I dont charge unless a child is in care for that day) Now I just charge at the end of the week.

Weekly here.

weekly.............. some months I make more than others...

Originally Posted by daycare:
weekly.............. some months I make more than others...

How do you make some more months as there are always 52 weeks in the year?

Originally Posted by Country Kids:
How do you make some more months as there are always 52 weeks in the year?

Because some months have more weeks in them.

Ultimately the yearly income remains the same but the monthly income varies.

Originally Posted by Blackcat31:
Because some months have more weeks in them.

Ultimately the yearly income remains the same but the monthly income varies.

MMMM, guess its too early for me! Still not getting it especially since she charges weekly. Most months do have 4+ weeks in them. I can see how make more some months depending on the days as that is how I charge (hourly) but not with charging weekly. Oh well, no biggie, math was and never will be one of my strong points.

Originally Posted by Country Kids:
MMMM, guess its too early for me! Still not getting it especially since she charges weekly. Most months do have 4+ weeks in them. I can see how make more some months depending on the days as that is how I charge (hourly) but not with charging weekly. Oh well, no biggie, math was and never will be one of my strong points.

That's ok, math is NOT my strong area either :ouch: but I just know in the past there have been months with 5 weeks in them and months with only four so that is what I am thinking Daycare means.

Her yearly income would still remain the same but if you go through MMK software and look at monthly statements for a specific parent, each month will have a different monthly income amount even though it still adds up to the same for the year.

My DCF's pay me on Fridays. This year I had 5 paydays (Fridays) for June but only 4 paydays (Fridays) for July. Does that make sense?

Originally Posted by Blackcat31:
That's ok, math is NOT my strong area either :ouch: but I just know in the past there have been months with 5 weeks in them and months with only four so that is what I am thinking Daycare means.

Her yearly income would still remain the same but if you go through MMK software and look at monthly statements for a specific parent, each month will have a different monthly income amount even though it still adds up to the same for the year.

My DCF's pay me on Fridays. This year I had 5 paydays (Fridays) for June but only 4 paydays (Fridays) for July. Does that make sense?

Ah, now I see what you mean!:Sunny: It just confused my small brain! My hubby used to be paid like that and I totally forgot about it. We are now back to once a month both of us and the months can get long!

Originally Posted by Country Kids:
I have never charged a flat rate but always knew that going monthly would cause me to lose money with most months being more then 4 weeks.

So I was wondering are more people going to charging a weekly fee over monthly or do more people still do monthly.

For those that do monthly, are your rates a little higher to the months that have alot more days in them?

I charge hourly right now, and I know for some months I will get $50-$100 dollars more a month because of more days in the month.

Not sure why you would have to lose money converting to monthly??? You take your weekly rate, multiply it by 52, then divide by 12. It comes out exactly the same over a year's time.