Deposits

[Petal291]

Hi all, looking for some advice please.

I have been childminding for around 18 months now.
I have in the past never asked parents for a "deposit"!!!
I have a mum who would like her baby to start with me in May this year.
I want to ask mum to give me a deposit to hold the place open for her child. How do deposit's work???
1. Do I take a months money in advance, non refundable, and then still invoice her for a months money when the child starts with me??
2. Do I take a months money in advance, and this is classed as the first months payment.
3. Do I take a months money in advance and this is classed as notice period money when mum gives me notice, whenever that will be??

It would be great if some of you ladies let me know how this works?? Or how you work? I will be holding the place open for mum for four months, so of course will be turning down work in the meantime, and then have the problem of mum chaging her mind at any time and then not using me???

Thank you Petal

[cupcake22]

I take 2 weeks non refundable deposit so if they change their mind they dont get it back. I keep it untill the end of the contract & refund it then. That way if they leave without notice atleast I have 2 weeks money.
Hope this helps

Cupcake22

[Kiddleywinks]

I think, as you're holding the place for 4 months therefore potentially losing work you could:

Take a deposit - 1 months fees, to be deducted from the LAST invoice
and also charge a retainer - half fees until start date commences and they are unrefundable
If mum doesn't start, she gets back the deposit, but if you have some monet over the preceeding 4 months it won't hurt so much

Check what you put in your P&P's regarding fees

HTH

[jane5]

I charge 4 weeks fees deposit to be used in the notice period at the end of the contract (this way no parent can leave without paying the notice fees).

I also charge 1 months fees in advance which if they are starting in a month or two, I take at the beginning of the month that they are starting.

If they where starting in 4 months I think I would ask for the 1st months payment now which would be non refundable if they didn't start.

I have never asked for a retainer because the longest I have waited for a child to start was about 6 weeks and the place wasnt available until they started.

[rosebud]

I take first months fees as a non-refundable deposit. This is just to protect myself if they change their minds. As long as they take the place as planned they are not out of pocket as it is there first months fees paid early.

[mum2two]

I just take a £100 deposit, which is deducted off the first invoice, but non-refundable if they don't take up the space.

xx

[miffy]

I take first months fees as a non-refundable deposit. This is just to protect myself if they change their minds. As long as they take the place as planned they are not out of pocket as it is there first months fees paid early.

I do the same as Rosebud

Miffy xx