Ei for mat leave

[Suzie_Homemaker]

You are in a unique situation.
I'm sure you will find your unique answers

I know some that use 75-100%

That doesn't mean 75%-100% of their bills can be claimed unless they are open 24 x 7 i.e. 100% of the space for 100% of the time.

[quote]on mat leave right now I’m receiving $21,450 for the year. How would I save that amount within a year or two?[/quote
You can manage your bills right now for a year getting $21,450. You believe with 5 full time children and 3 before and after school children your annual income if you dont claim expenses which clearly you don't have, will be $53,300.

By your own reasoning and statements about no food, not having expenses higher than you would anyway, that's $31,850 more than your current annual mat leave pay. If you can pay your bills this year on your mat leave income, then clearly you could save $31k for next time. You're welcome.

[Lee-Bee]

I think there are a lot of things you re just not taking into consideration. You can make a living off this career path but it isn't easy and you won't be guaranteed that steady source of income.

It can take months to a year+ to get a full group of children signed on. Many leave for mat leaves, for centre based care, for school etc so at any random point of time your down a child (or two or three).

Sure you can save some money by not providing lunch, but it will be harder to fill those spots as most families don't want that hassle. I certainly wouldn't be paying you the same amount that I would pay a caregiver that provides all meals.

The biggest thing is that $53,300 you mention is pre-tax. You will be losing a decent chunk of that for taxes.

It is do-able and can be enjoyable and a decent source of income but until you have done it I think it looks a lot more rosy and pink than it is a year in to the business!