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caza
01-06-2008, 03:49 PM
I was just reading Kellys thread about providing meals and how she can be expected to make a profit if she includes all meals in the fees. It just got me thinking about how much profit can you make childminding.

I dont want expect people to give me any figures or anything and neither do I want people to think I am sat here with pound signs in my eyes and not really bothered about the job itself. I want to be childminder because I love children and I think its something I could be good at as well as having the added benefit of being here for my dd aswell. Its just there seems to be so much expense when you think about food, equipment, outings, insurance etc. I know all these things are taxable but is it actually possible to make a decent living out of the job? I know it all depends on how many mindees you have etc but just thinking generally.

I hope I havn't upset anyone asking this question :blush: and I know this job isn't all about money but at the same time we do have a mortgage to pay and we are hoping that we will be financially better off once i start childminding than we are with my ironing business.

flora
01-06-2008, 03:59 PM
I can only speak for myself, but I only work part time with 4 after schoolers. I find just their money makes quite a bit of difference.

It's not enough to live on mind but I am sure if you work full time you will notice the difference?????

berkschick
01-06-2008, 04:05 PM
I have been surprised at how little I end up with after all my expenses to be honest with you!

But I have 4 kids and to pay for childcare for them all whilst I wen t out to work would be crazy money.

I love what I do though and I am lucky that I have always been home for all my children so I wouldnt change it for anything!

And my children benefit from all the craft activitys and outings etc. I wouldnt do half as much with them if I wasnt minding!

ajs
01-06-2008, 04:30 PM
don't worry i am not offended by the question either

i am also surprisd how little i actually end up with at the end of the month but i think that's because i keep buying resources for the minded children

i know that when hubby was unemployed last year we couldn't survive on my salary solely but luckily we were eligible for family tax credit which kept us going until david found work again
now as he's working my salary pays for the extra treats the kids want, and it means i don't have to say no quite so often

wellybelly
01-06-2008, 04:31 PM
I include meals in my fees and when doing my account, it shocked me to see how little I was making after the meals and hard work i put into it all everyday. I might put my prices up in September because I am quite cheap. But i do get to be with my own children everyday and in the holidays which is so different from how it used to be. I used to work nights and put my children in afterschool clubs and a nursery, then when i was awake i was just in a daze so had zero quality of time with them.

My point is this, i get to be with my kids and if i dont make a profit its not that much of an issue. I also provide a happy and loving home environment for the other children I care for too. Parents are happy and I dont think they feel as guilty as much as i did.

Angela234
01-06-2008, 04:41 PM
Hi i have always had 2 grandchildren most days so only have 1 space for other mindee's come September i will only have 1 grandchild to look after so i will start earning more money cause like you say time we take out food costs travel rescources there's not a great deal left. I keep saying every year i am going to cut down on buying toys ect i am always shocked at how much i put down against tax.
I think you can earn a good wage if your full but there are times it can take awhile to fill vacancies luckily i have already filled my September vacancy

Angela

Twinkles
01-06-2008, 05:15 PM
I think it's a valid question and don't think anyone will be upset by it.
I have my three under five places full ( one full time others part time ) and my three after school places full. I have just taken on two little boys just for holidays ( some of the others I mind are teachers children. )
I make a very good living out of childminding and some months find I earn as much as my husband.
I couldn't earn this much if I worked in a shop or a basic office job. I see other minders saying they earn below the minimum wage but that's per child. If you times that by three and at certain times by six it's not bad money at all.
I'm not money obsessed but I work to help provide a decent standard of living for my family.

The icing on the cake for me is that I absolutely LOVE my job.

disney
01-06-2008, 05:21 PM
i include meals in my price and spend alot of money on arts materiels and toys i dont seem to make much profit .i think if my hubby wasnt earning a good wage then i dont think i would be able to do this . but due to personal health related problems i cant go out to work any way :( but as this is my first year registered i thought i would be out of pocket . on the up side im happy , love working at home and have saved money to pay for our holiday so its not all bad x

Spangles
01-06-2008, 06:13 PM
I only registered last August and have worked very part-time! I didn't make any money last year because of the few hours I worked and everything I had to spend out for! I was definitely out of pocket!

This year I don't think I've earnt anything yet either because I've bought a playhouse, trampoline and loads of other stuff.

Luckily I've got a full-timer starting this coming week so I should start earning soon! Mind you, got to fork out for NCMA membership and insurance and Ofsted fees soon so might be a while yet! Ha ha!

To be honest though I'm not actually bothered at the moment but from now on I will be. Every business takes time to get into profit and making money, it's the way it is and I've got to be at home with my son and enjoy myself!

I'm really lucky in that, at the moment, we live on my hubby's money and mine is just extra, this will change soon though and my money will be needed.

berkschick
01-06-2008, 06:20 PM
I think I need to stop spending so much on the mindees haha

I only have 2 under 5 spaces due to my DD taking one up and I am full for under 5.

I only have 2 5 - 8 spaces because of my son who is 7. I have one morning space free and both after school ones free plus 2 holiday ones free.

But I am not bothered. It was the under 5s I wanted to mind really.

chez1373
01-06-2008, 06:22 PM
I have been surprised at how little I end up with after all my expenses to be honest with you!

But I have 4 kids and to pay for childcare for them all whilst I wen t out to work would be crazy money.

I love what I do though and I am lucky that I have always been home for all my children so I wouldnt change it for anything!

And my children benefit from all the craft activitys and outings etc. I wouldnt do half as much with them if I wasnt minding!


I am the same as you berkschick, i wouldnt do half as much with my son if i wasnt a childminder..

I have all part timers and i made a loss of £1000.00 last year but to be honest i didnt think it was that bad as im spending it on the things i love to do with the children ie crafts, etc

My partner is out of work at the min and we are trying to get by on my wages and tax credits etc i have 3 step children that we have every weekend and holidays that we dont get help with but to get back to the point (sorry i waffel) When i buy for the business i feel like i am buyin for me so i dont mind it. its just so nice to have money in the bank......

Cazz
01-06-2008, 06:22 PM
I'm finding this very interesting reading - thanks for asking Caza. Have to say I am a bit worried now though as I am planning on not returning to my job when maternity leave finishes so I was hoping to earn at least the equivalent of the wage I was earning working two and a half days a week :panic: . I realise I will have to work more than two and a half days to achieve this but at least I will be at home with my baby and not paying out for childcare myself.

We are not really in a position to rely on my hubbys wage long-term so although I really want to become a childminder for reasons other than financial I do need to earn some money!

Sorry to jump in on your thread Caza but it is something that I have been thinking about myself.

Carole x

caza
01-06-2008, 06:32 PM
I'm finding this very interesting reading - thanks for asking Caza. Have to say I am a bit worried now though as I am planning on not returning to my job when maternity leave finishes so I was hoping to earn at least the equivalent of the wage I was earning working two and a half days a week :panic: . I realise I will have to work more than two and a half days to achieve this but at least I will be at home with my baby and not paying out for childcare myself.

We are not really in a position to rely on my hubbys wage long-term so although I really want to become a childminder for reasons other than financial I do need to earn some money!

Sorry to jump in on your thread Caza but it is something that I have been thinking about myself.

Carole x


No worries I know what you mean. Although we do get be on dh wage we could do with more income. The bungalow we are in now we had to tighten our belts to get. It was important to us because dh grandparents designed and built the house so it has sentimental value. Our aim in life is to have our mortgage paid off by the time we are 45 and if I can earn a reasonable amount it will certainly help achieve it! I hope :D

Gherkin
01-06-2008, 06:39 PM
I started minding in September 07 and between the 10/9/07 and the 5/4/08 I ended the tax year on £1900 profit. I was quite pleased with that.

My dh pays bills and I look after things like kids clothes etc and unexpected bills etc. I try to be as clever as poss with the food shopping etc.

Meals are included in my fees. I do not use the car too much because of petrol prices and I am strict about charging my parents - if they want me to have their child for 15 mins extra or are late then they get charged for it.

I have 2 children under 5 myself so my numbers are made up of children from 6 months to 11 years at the moment.

It helps that in my area for over 1's I can charge £3.50 per hour.

Remember you are running a business not a charity.

chez1373
01-06-2008, 06:45 PM
I charge 4.00 an hour and i have a new child starting that is only before school so i have charged her 10.00 an hour.

Cazz
01-06-2008, 06:58 PM
I charge 4.00 an hour and i have a new child starting that is only before school so i have charged her 10.00 an hour.

£10.00 an hour's not bad! - obviously the parents are willing to pay that, is there a big demand for childminding in your area?

At the moment there is a demand in my town, especially now 2 well established minders have just packed up but there are 4 of us from this town on the ICP course at the moment so I hope there will still be enough work :panic:

Carole x

caza
01-06-2008, 07:01 PM
Do most minders charge more for children they only look after on a part time basis then? (ie. before and after school) Or do you charge same fee regardless of whether they are full or part time?

haribo
01-06-2008, 08:19 PM
i charge per session if its just for an hour or so- £9 for before or after school.even if its just for half an hour otherwwise its not really worth doing.:panic: :panic:

Chimps Childminding
02-06-2008, 06:01 PM
I find that if you can fill all your under 5's spaces full time then you can earn a decent amount. The problem is filling them - the other problem is that you can never be sure how long you will have a child for so it is difficult to be sure how much you will earn long term !

manjay
02-06-2008, 06:24 PM
I am very very lucky in that we don't need my income and if truth be told I really did not think I would enjoy this job as much as I do. I have only worked 2 full days and after school since I registered in November but I have been earning equivilent to my part time office job. I am now getting greedy and want more money (I have already booked the holiday for next year!!!) BUT I wouldn't be doing that unless I absolutely enjoyed what I was doing. Luckily only one of my 3 children takes up a space so the earning potential is there. I also love all the training that is available and am lapping it up. I can honestly say that this time 2 years ago I never would of been thinking how long it would be before I could get a degree. Obviously it doesn't always work out for everyone but I am earning more than ever before and am loving it.

Hope things work out for you

Trouble
02-06-2008, 06:28 PM
i am 3/4 full but im happy now and thats all that matters

i would sooner have less kids than be minted and knackered everyday:eek:

emmadines
02-06-2008, 09:26 PM
don't worry i am not offended by the question either

i am also surprisd how little i actually end up with at the end of the month but i think that's because i keep buying resources for the minded children

i know that when hubby was unemployed last year we couldn't survive on my salary solely but luckily we were eligible for family tax credit which kept us going until david found work again
now as he's working my salary pays for the extra treats the kids want, and it means i don't have to say no quite so often

this is what im hopping my earnins will cover!! then im happy!:laughing:

Cammie Doodle
02-06-2008, 09:46 PM
I think it's a valid question and don't think anyone will be upset by it.
I have my three under five places full ( one full time others part time ) and my three after school places full. I have just taken on two little boys just for holidays ( some of the others I mind are teachers children. )
I make a very good living out of childminding and some months find I earn as much as my husband.
I couldn't earn this much if I worked in a shop or a basic office job. I see other minders saying they earn below the minimum wage but that's per child. If you times that by three and at certain times by six it's not bad money at all.
I'm not money obsessed but I work to help provide a decent standard of living for my family.

The icing on the cake for me is that I absolutely LOVE my job.

Ditto Twinkles;)

vix84
03-06-2008, 10:11 AM
I personnally earn a good wage, more than what I was earning as Nursery Nurse, and almost as much as when I nannied. I minded for 2 children, 1 3 days a week, 1 5 days a week, and was charging about £38 a day which included meals - I then charged an extra £7 ish a month to cover toddler groups, then I paid for activity centres myself. I always charge for the contracted hours, even if they go early or if off sick/holiday, I take 4 weeks paid holiday a year too.

Basically its about getting your contract right, and it also depends on area. From Sept. I have decided to only supply one cooked meal in the day, parents are to provide the snacks and tea as it is suprising how it all adds up! They also provide all wipes and nappies etc.

So my only outgoings are petrol, some food, toys (but tbh I dont need any more, craft stuff - not a lot really, lunch's and outings - prob. once a week, parking tickets for libary etc.) so each month I think I generally have £800 net a month - and that was just on 2 children.

karenjoy
03-06-2008, 12:33 PM
Interesting...

I am taking on a little boy from sept for only 7 hours a week term time, 2 full days in the school hoildays.

Perhaps I should charge a set fee for the 7 hours?

vix84
03-06-2008, 01:39 PM
Id go as far as charging a daily rate, if it were me I would say I either charge £x amount per day - regardless of 1 hour used or 7, or I would charge a higher hourly rate for the 7 hours because he is part-time.

If the 7 hours were on one day Id charge a daily rate.

I charge a daily rate - or if Im really desperate to take a child on part-time, id charge a higher hourly rate - but set a minimum amount - for example - if a child only wanted 7 hours, Id charge £4.50 an hour for 7 hours - even if they go early Id still charge the normal amount!

Mollymop
03-06-2008, 03:40 PM
I have learned a lot from this thread.
I am newly registered and I work 30 hours a week - that is almost full time. In the school hols I work 60 hours a week. I do not include meals, only breakfast, into my fees - I charge extra at £1.10 for lunch, after all I am one of the cheapest childminders in my town, so i don't feel bad for doing it after all the fees per hour are for the care of the child not their food as well, that's the way I look at it. I have to pay £5.25 for my dd to go to her pre-school lunch club for 1.5 hours but I have to provide her with a packed lunch, it's the same thing, if you ask me, why should the pre-school provide her meals?
When I buy resources I shop in places like The pound Shop and charity shops. I also buy off ebay and look for free items on netmums and cheap items in local newspaper. I would feel very unhappy about parting with my hard earned cash on expensive new toys and items when I get them at bargin, good quality prices.
I have too many toys already and I am thinking of using a toy library for cheapness.
I do not drive,I walk everywhere when childminding, it's a good thing for the little ones in my opinion, so I do not have to worry about petrol, insurance, etc.
Gas, water and electric has to be paid no matter what, even if I was childminding for not, so that is not an issue to me when it comes to working out how much I have used when childminding.
I dunno though, I will let you know, but at the moment, about myself really, I can't see me running at a loss or not quite a bit of profit xx

DCS
15-06-2008, 01:57 PM
what an intresting thread!

I'll be completely honest, I'd be a liar if I said I wasn't intrested in making a profit. Regardless of the nature of the business one chooses to enter into, surely making a profit must rank highly on the list of goals? I've always had an enterprising spirit about me and have some very viable business plans under lock and key. I choose childminding as my first venture as it had the lowest financial out lay involved as well as free relevant training and development courses. I really can't identify any other type of business where one can get sooo much help from the state. I live in London, so some might say its alright for me, but I live in an area called 'nappy valley', which is predominantly a nanny/ au pair area, so I've had to modify my plan a little and its working out to my detriment. I'm exchanging contracts in about an hours time for my last vacancy,for a September start. However, I am childless, so am happy to work around the clock. By the time I do have children, I'll be established enough, I'll buy a large house and hire a sole charge assistant to run it for me!

Pipsqueak
15-06-2008, 04:01 PM
what an intresting thread!

I'll be completely honest, I'd be a liar if I said I wasn't intrested in making a profit. Regardless of the nature of the business one chooses to enter into, surely making a profit must rank highly on the list of goals? I've always had an enterprising spirit about me and have some very viable business plans under lock and key. I choose childminding as my first venture as it had the lowest financial out lay involved as well as free relevant training and development courses. I really can't identify any other type of business where one can get sooo much help from the state. I live in London, so some might say its alright for me, but I live in an area called 'nappy valley', which is predominantly a nanny/ au pair area, so I've had to modify my plan a little and its working out to my detriment. I'm exchanging contracts in about an hours time for my last vacancy,for a September start. However, I am childless, so am happy to work around the clock. By the time I do have children, I'll be established enough, I'll buy a large house and hire a sole charge assistant to run it for me!

Its each to their own DCS, a lot of us do this so we can stay home with/for our own kids and whatever we make from childminding is the added bonus. For some people they do this to make a living but I think we all know that realistically we are not going to get rich doing it.
I wish you every success with your plans and I hope you do make a good profit (if you live in nappy valley then sounds like you may be quids in lol).

Pedagog
27-06-2008, 07:09 AM
what an intresting thread!

I'll be completely honest, I'd be a liar if I said I wasn't intrested in making a profit. Regardless of the nature of the business one chooses to enter into, surely making a profit must rank highly on the list of goals? I've always had an enterprising spirit about me and have some very viable business plans under lock and key. I choose childminding as my first venture as it had the lowest financial out lay involved as well as free relevant training and development courses. I really can't identify any other type of business where one can get sooo much help from the state. I live in London, so some might say its alright for me, but I live in an area called 'nappy valley', which is predominantly a nanny/ au pair area, so I've had to modify my plan a little and its working out to my detriment. I'm exchanging contracts in about an hours time for my last vacancy,for a September start. However, I am childless, so am happy to work around the clock. By the time I do have children, I'll be established enough, I'll buy a large house and hire a sole charge assistant to run it for me!

That sounds like a great long term plan.

Pudding Girl
27-06-2008, 09:55 AM
Don't be :blush: about asking, of course we do this because we love it, but at the end of the day it's a business and you have to make money don't you?

I am in Scotland and so severely limited in places ( we can't "disregard" over 8s - if we are regged for 4 then 4 is all we can have, upto age 16 :mad: )

I have 3 mindees on my books at mo, and I charge extra for meals - the first month minding I needed to get a lot of stuff and probably spent most of my profits oops - but if you are careful and don't go mad buying anything and everything, make good use of charity shops, freecycle etc for equipment etc - then you can make a decent profit I should think - obviously depending on how busy you are. For June I hope to draw at least £800 for my wage.

Thing is you are only ever 4 weeks away from "being made redundant" as it were!

Alibali
27-06-2008, 06:27 PM
I earn enough to feed my family, keep my car on the road, buy christmas pressies and pay for the family holidays and spending money. My dh pays all bills etc so my money is for the nicer things in life. It's not a fortune but works for us.

chez1373
28-06-2008, 05:24 AM
£10.00 an hour's not bad! - obviously the parents are willing to pay that, is there a big demand for childminding in your area?

At the moment there is a demand in my town, especially now 2 well established minders have just packed up but there are 4 of us from this town on the ICP course at the moment so I hope there will still be enough work :panic:

Carole x

The lady was the one who said the price as it was only 2hrs in a morning i was happy to go alopng with that lol
There is alot of minders in my area it is very comepative but im happy with what im doing at the min.

miss mopple
28-06-2008, 07:29 AM
In the first couple of years of minding I made very little profit, but now I am starting to make really good money at it as I have all the resources etc I need )

I have 1 full timer and 1 part timer, 1 regular before and after schooler and 3 school hols only mindees and work on average a 54hr week with the kids, so if I wasn't earning well I'd be mightily hacked off ;) Some months I earn as much as DH :thumbsup:

I charge a slightly higher rate for part timers, get paid for hols, and charge extra for meals. Before/after schoolers are charged a min of 3hrs a day, even if they don't use it.

manjay
28-06-2008, 07:38 AM
My accounts for this year and last look really dire on paper but that is only because I need to offset lots of employed income. The potential is there to earn a decent wage if you are prepered to work for it. I am still not ready to work full time but the money I bring in pays for the extras we would not normally have so I am happy.

I am thinking of increasing my after school minimum hours to 3 for new mindees. I set it at a minimum of 2 hours a day thinking I would get some before schoolers aswell. Since starting I have realised that as the school offers free breakfasts and care from 8am that ain't going to happen:rolleyes: