Lee-Bee.. no worries, thank you for bringing up some important points!

Right now I am looking over the numbers to charge $27/day and have 4 fulltime spots. I also receive child support, CTB and will be getting UCCB again come July to help out with my own children's costs (which will account for an additional $920/month). I also get a small amount for fostering to cover the expenses of the child in my care which helps.

I plan to put a portion of the daycare income away each week to help cover taxes and CPP, so I am debating on whether to charge $28/day to help out a little more (need to ask around more in my community, all the moms I know pay $25 under the table). I am thinking about $50/week should be set aside for taxes and CPP, but I am really not sure if that is enough/too much. I might need to talk to an accountant about that.

My mortgage is pretty good (small town, we have good prices and low property tax), so I am only paying $700/month total for mortgage with property taxes included (3bd, 2bath, 1300sqft brick ranch), then $300 total for my utilities. That leaves the balance for my other expenses and savings.

It is looking doable on paper, I would have to stick to a strict budget, but that has already become a habit since becoming a single mom. It will be tight if I lose a child and don't have a replacement right away, which is where the safety net fund will come in. But, I am also making it clear I need notice so I am hoping that helps find replacements as children leave. My mother never had an issue keeping her spots filled in this area so I am hopeful it is the same for me as long as I get my name out there and network with the other daycares in the area as well. It is a small community, so word gets around pretty quick (about anything).

I am planning to start up in July and currently I work full time at a decent paying job (but oh so boring), so I am going to be purchasing things needed and stocking up on some items while I have my full regular pays right now, then I will have my vacation pay out when I am done here as well to help get me through summer.

I am also planning on posting my openings as soon as I decide on my rates and finalize my paperwork so I can get the word out there right away to get some kids lined up for July. I may have to take more older kids for summer just to fill spots then keep postings up for younger kids for September.

It is going to be a challenge the first little bit, but I am trying to plan out as much as possible financially so I can prepare myself as much as possible.