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Old 01-14-2015, 03:24 PM
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earlystart earlystart is offline
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Default Considering Changing 2 Week Deposit Policy

I currently have the parents pay a 2 week deposit when they sign up, and it goes towards their last 2 weeks of care. The thing is, I don't put it away in a savings account to actually use during their last 2 weeks, I end up spending it. So when kids leave I'm short on cash, hah. Silly of me I know. So I'm wondering is there really a benefit of a 2 week deposit, if I already have the parents pre-pay? I like that it shows financial stability somewhat, that they can afford the 2 week deposit plus first week's tuition all at once. So what if I just change it to them pre-paying the first 3 weeks or something? I guess the problem is that they could just not show up for their last 2 weeks so I'd be out their tuition, but as it is since I've already spent it, I'm already out their tuition. Does anyone actually set aside the deposit money to use when clients leave? Does anyone have a special savings account just for the daycare? Well, actually I do, but I use that to pay quarterly taxes. I'm just not good at budgeting, I'm the type of person where if there's money in the account then I spend it, I don't keep track of future needs unless it's in a separate account. Advice?
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Old 01-14-2015, 03:28 PM
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nannyde nannyde is offline
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Put it on a reoccurring bill that is close to the amount and pay the bill one month ahead or put it on credit card debt and let it grow with the interest it saves you.

If you can get a deposit you should.
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Old 01-14-2015, 07:28 PM
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I know it's hard, but can you make it a point to not touch that? I have a savings account just for my daycare. That way I can track all payments- then I transfer it to my checking to spend. But I never touch the deposit amounts, so that I can "pay" myself those last 2 weeks. In fact, I'm closing in 2 weeks and last week was my last pay week, so now I can pay myself these last 2 weeks even though my parents are done paying me. (I have 3 families at my FT rate of $150 a week, so I know I would always have $900 balance. Each week I would deposit $450, and then transfer $450- I never touched the deposit amounts)
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Old 01-14-2015, 07:55 PM
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another reason for the deposit is not only if they take off without notice, but what if they start showing up late or etc. I take it from there.

Normally my families all pay monthly and I also require a 30 day notice, so I normally refund that money.

I have had a few parents try to get lazy on pick up their last few weeks here and I automatically deduct it from their deposit. a few have not been to happy to not get anything back at all for this reason. My response was your lucky I didn't term you on the spot and let you stay while continuing to break policy. I didn't hear back from those people.
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Old 01-14-2015, 10:19 PM
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I didn't start out taking a two week deposit but now I've taken one with all of my current families and even if I've already spent it, in the end it's the same. Luckily our food program pays a month behind so it takes a bit for that to catch up. My goal is to have that deposit amount in my savings for this reason.
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Old 01-15-2015, 06:19 AM
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My families pay monthly (best decision I ever made for my business btw)and require a 30 day notice.

When families sign up, they have to pay a $250 deposit that counts toward their first month's tuition. This is nonrefundable and it shows me they are serious about enrolling.

When families leave they have to give 30 days notice and so I think it is less likely they will just not show up and skip out. But if so, I will take them to small claims and the full month plus court costs is their responsibility as per the contract they signed.
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Old 01-15-2015, 03:53 PM
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Thanks for the advice. I think I will just stop being lazy, and transfer it to my daycare savings account from now on
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