Yhadi86 10:45 AM 12-22-2011
I know when setting my rates, I need to keep in mind how much I am paying myself and monthly expenses such as supplies and food. But how much should I put aside for the actual daycare business? (what I mean is like petty cash or savings to set aside each month. I figure Ill need to replace some items from time to time or I may want to pay for a special treat for the kids on certain occasions and I dont want it coming out of my pocket. Besides, after doing this for a few years, we hope to be able to expand and hire an assistant so I think it would be prudent to start saving up as soon as we start and I want to figure this extra savings cost into my rates. How much should I be saving a month? 50? 100? 150? Does anyone else do this? I really have no idea how often the little rugrats will severely damage something to the point that it needs repair or replacing
daycare 12:11 PM 12-22-2011
Originally Posted by Yhadi86:
I know when setting my rates, I need to keep in mind how much I am paying myself and monthly expenses such as supplies and food. But how much should I put aside for the actual daycare business? (what I mean is like petty cash or savings to set aside each month. I figure Ill need to replace some items from time to time or I may want to pay for a special treat for the kids on certain occasions and I dont want it coming out of my pocket. Besides, after doing this for a few years, we hope to be able to expand and hire an assistant so I think it would be prudent to start saving up as soon as we start and I want to figure this extra savings cost into my rates. How much should I be saving a month? 50? 100? 150? Does anyone else do this? I really have no idea how often the little rugrats will severely damage something to the point that it needs repair or replacing
you need to set yourself up as you see needed..
I have accidentals as part of the money I set aside each month.
I also set aside the first 3 months of each DCKs tuition when they start because when they leave it takes me about 3 months to fill their spot.. If its get filled sooner, then I take that money and put it into my retirement.
I have a very good setup that works for me, I think you will need to find what works for you. Everyone has different needs..
Sugar Magnolia 12:39 PM 12-22-2011
I charge an annual supply fee. This covers most of it. $175 per child per year.
Abigail 11:03 PM 12-22-2011
I'm not treating daycare income any different than any previous job's income. I spent what I must on my basic needs and don't spend if I don't have the money. I put as much as I can into savings. Then it's just like anything else, if I need money for something reasonable I will have it in savings. You don't set aside $40/months for car expenses, $30/month for clothing allowance, $30/month for vet bills, etc. You just make sure you're wise with your finances in every aspect.
Ask yourself. Is their something specific you NEED now for daycare? How much is it? How long would it take you to save that money for it at the same time as keeping up with your current bills? Then when you have that list of items come to a conclusion whether you must buy it new or if you can get it used or maybe a friend/family member has one for you. Then you also must make a priority list. What is more important--the designer rug for the entryway or the crib for the new baby? You'll do just fine however you plan it out.
I could never set a specific dollar amount for daycare items. If I find a good deal on something I will get it. I'm not going to pass up things in bulk because I have a low $ limit per month. Some months I get nothing and others I spent $200. It just depends. If I don't need something I sell it or donate it because I don't want a bunch of things sitting around.