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  1. #11
    Expansive... babydom's Avatar
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    Ya they charge and take that 25$ with them. They loose nothing on taxes. Which is illegal. If you are doing it right with recipts then U'll have to pay taxes and therefore won't walk away with 27/28$ a day. I'd charge 30-33$/day

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  3. #12
    Euphoric !
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    Think about it this way - $27 a day x 4 places = $108 a day if full.

    Depending on what you provide and what parent provide, you still have expenses to come out.

    Even if parent bringing all food and drinks, you will have higher heating from all day heat compared to being able to lower temp when you working outside home. Flushing toilet in the day mean higher water. Toy and crafts.

    If you are working 10 hour a day, $108 divided by 10 hour is $10.80 an hour if full. What is min wage in your province? Although you be saving own day care cost by being home, can you manage on $10.80 an hour if your ex loses job and so no child support?

    I always thought that Ontario was more expensive then PEI living. Our mortgage is $327 bi-weekly and we have about 8 years left on it. Our cable/TV/internet bundle is $169 a month. Our water is $215 every 3 months so about $72. Our power bill which includes heat is $260.00 a month. Our house insurance with day care insurance is $88.00. Our property taxes are $2,700 a year so about $225 a month.

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  5. #13
    Shy
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    I would love to charge $30/day, I am just worried I will have a hard time finding families if all of the other local daycares are $25/day (even if they are illegal). Being a small town there isn't as much of a range. I am going to ask around more to see if there are any higher ones around (and legal ones).
    I am thinking in my area $28/day might be the most realistic pricing.

    Time to be an open book... let me know your thoughts:

    My mortgage is $252 biweekly and my property taxes are $84 biweekly, which is $728/month if you multiply out by 26 payments/year and divide by 12 months.

    My utilities are on equal payment plans for Hydro and Natural gas:
    $115/month for Hydro
    $95/month for Gas
    Water works out to be about $75/month (billed every other month and is usually $130-150 depending how much we are home)
    We do not have cable TV or Satellite.
    We do Netflix if we watch TV, which is $7.99/month.
    Insurance for the house right now is $65/month but will go up $11/month to cover 4 children in my care (as quoted by my current insurance company at $33/child per year)
    Insurance for my car is $105/month
    My car payment is a big ticket item at $450/month (2011 Ford Explorer)
    My current grocery budget is $400/month but will be increased to $650/month (I shop sales, price match as much as possible and get points for free groceries, which I average $20-$30/month of free groceries)
    Currently I spend about $100 a month at walmart on kid supplies (Crafts, misc fun items)
    YMCA membership $80/month (assistance program based on my current income, this may go down a bit once I am making less money doing the daycare)
    Cell phone is $95/month
    Landline and Internet bundle is $91/month ($82 without the landline, so I keep it as an emergency line)
    I have $350/month in debt repayments
    I have $100/month I budget to put in savings.
    $200/month for taxes and CPP fund? (I'll only make about $26,880/yr daycare income and that is the whole household income amount)
    $200 misc fund for the little extras that come up (school book fairs, new shoes, etc.)
    I am thinking about getting Blue Cross coverage for benefits - quoted at $125/month for base coverage which includes dental

    =3642/month (if my math in my head is right)


    $28 x 4 children full time = $560/week
    If I base my totals on months being 4 weeks: $2240/month
    CTB = $200/month
    UCCB = $120 (starting in July)
    Child Support and Foster Income (prefer not to disclose the exact amounts of these ones)

    Total Income = Approx. $4000/month
    (which gives me a bit of cushion for when I go over budget... unless I missed something, which I probably did)

  6. #14
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    A couple things I noticed quickly, which you should increase in your budget, is your water bill, because there's a lot more washing, and flushing the toilet, with all the extra little people in the house. And secondly, if yours is the only income, you'll need more savings than that. It will have to cover so many things, not just the potential empty space of a daycare child for a month or two. If you get a flat tire, and in the same month you lose a daycare kid, and then you need to replace a hot water tank, etc. I've found that all the bad things tend to happen at once, so I'd be increasing my savings for sure.

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  8. #15
    Euphoric !
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    You also forgot to budget for fuel for car which is lot over a month.

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  10. #16
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    Ah! Suzie-Homemaker, thank you! Knew I was forgetting something!!
    Right now, with driving back and forth to work I am spending about $60/week on fuel. When I have a daycare it will just be gas for around town and to go to the YMCA, so estimated at $30/week... so thats another $120 based on 4week months.

    Superfun - Agreed, I need more savings. Honestly, I don't put any away right now, so anything is better than what I have right now. I will work on that and see what I can do.
    Also, yes, water will increase. I compared with my mom (who has children in the day) and she only spends about $10 more a month than I do. My range was on the high side of what we have paid, so I don't think I will be too off that budget amount.

    Thanks everyone for the input! I appreciate it!!
    It is getting tighter as we find more things to account for...

    Any other single moms out there that make this work? What is your secret

  11. #17
    Expansive...
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    The thing is though that bill 10 could really throw a wrench in all this. Keep in mind- you are only allowed 2 under 2 at any one time. The only way to get older kids is if you get a mom coming off mat leave with two siblings but honestly they are hard to come by. The vast majority of inquiries in my area, but I believe in most, is for care for 12 month olds. So you may fill two spots relatively easily but you could potentially wait a whole entire year before being able to fill two more because you have to wait for the young ones to turn 2. And this isn't just at start up. Anytime you have an older child leave (for mat leave, or because parents are moving, decided to put child in preschool or a spot opened up in the daycare center down the road...these things happen quite a bit in this industry) you are left waiting for the younger ones to age which could take several months up to a year, depending.

    It is totally a personal decision but honestly, if it were me, if I was a single mom and had a decent paying, reliable job I would just stick to that. I feel like daycare is risky for someone in your situation but maybe that's just me.

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  13. #18
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    Fun&care - You are very right. I am starting to doubt myself. I really wanted to find a way to make this work, especially with my kids coming up on Summer vacation and me needing to find care for them, but I need to be sure I am not going to put us in a bad situation financially.

    Thank you!

  14. #19
    Euphoric !
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    This may come across as "braggy" but I really don't mean too!! This is just my situation...

    We are mortgage free, no debt other than a car loan, no children and normal monthly utility bills like everyone else. I put money away in savings but than that is used to pay off my taxes every year. I am starting this year to put money away for the summer months. If I succeed in saving enough, I am strongly considering turning into a 10 month a year daycare and taking summers off. I have a partner but he is off summers and goes on EI. (We do buy what we want when we want for the most part so our savings definitely could (and should) be higher!!)

    Even with all of that, I find having a hdc can be stressful financially from time to time. Yes there are always children needing care but you never have a guarantee that a family that is the right fit for you (age, likeability, able to afford your fees) will fill the empty spot ASAP. Sometimes it can take a few months. For me personally, that stress is high enough as it is and I couldn't imagine throwing single mom with no other source of income into the mix. However, others do it so it is totally doable but I'd make sure you have a strong backup plan just in case you need to close and work out of the home again.

    It's a very rewarding and fulfilling job IMO so I really do wish you the best of luck and hope you are able to make it work for your family though Good luck!!

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  16. #20
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    I've always viewed home daycare as a type of job that is meant as a supplement to a partners income. I think that is how it is for the vast majority of providers. Not all, as there are providers here who make it work as their sole income but I think that is pre-Bill 10 in many cases. The Bill makes it next to impossible to support a family with daycare being the sole income source. Heck, for many it isn't even worth it as a second income anymore either.

    I do wish you the best of luck no matter what you decide though!

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