How do you get the balance right between investing & profit?
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  1. #1
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    Default How do you get the balance right between investing & profit?

    I'm a new childminder (as you all know from my many posts asking for advice ) and have started to care for 3 children part time (+2 more on a temporary contract for April). I have a long list of resources to buy as soon as the new tax year starts (double buggy, another travel cot etc etc) and am now thinking after a parent's comment that I should maybe get a play gym for my two young babies...

    I'm just wondering how I make sure I get the balance right btw a well equipped setting and actually making an income for my family? Do you set aside an percentage?...Wait for it to balance out over the tax year?? Or???

    Any advice welcomed!

  2. #2
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    First of all I work out how much I need to earn to pay the bills including tax and national insurance. What's left I split as money for luxuries for my family (new shoes, jolidays etc) just in case money (washing machine or buggy breakdown that sort of thing) everyday money(toddlers etc) and resources money. I don't really have a fixed percentage
    ,in the early days resources budget was greater than it is now

  3. #3
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    I pay my bills first - then put away ££ for tax - then if there is any left I think about what resources we need.

    Sometimes we save up or sell things to get a bit extra towards them

  4. #4
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    Thank you both

    I have visions of all the lovely things I could have for mindees, but I must remind myself that the most important resource is loving care and attention and communication

  5. #5
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    We sell some resources and then buy new ones

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    I'm rubbish at remembering this is my share of the income! I'm always buying stuff. I need to stop.. My setting has enough stuff for 2 nurseries...
    I did tell myself today after spending another tenner in the charity shops that I. Have enough to cover the whole age ranges already.
    I need a day off to sort through what's useful and what's not.
    I'm thinking of opening a separate bank account and paying myself a wage..

  7. Likes lynncjt, lisbet, watgem, hectors house liked this post
  8. #7
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    I'm lucky if I can earn enough to pay off my overdraft !! ( without spending it all on happy land toys !)

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  10. #8
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    Don't forget that you don't need to buy things new.

    Let parents know that you're happy to take old stuff, I've had some good things passed on.

    For large stuff, eg buggies, cots, check out eBay, FB local selling pages, Freecycle, local charity shops, car boot sales, NCT sales. When I started out I got a double buggy for £20 to tide me over (horrible to push but meant I had one when needed). Have now managed to get Nipper 360 double on eBay once I knew I needed one.

    Do you go to childminding groups? Other childminders may have things they no longer want to give or lend to you, or their parents may have offered them stuff.

    Good luck!

  11. #9
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    Thanks lynncjt - I have a huge watch list on ebay

    I have my children's old single buggy + buggy board + sling to tide me over, but as soon as I've earned enough to justify it I'm going to splash out on a Nipper 360 as I don't have a car so will be pushing it A LOT

  12. #10
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    Look on FB groups too...We have one in our area, baby stuff for sale, prams ,toys for sale.

    I have a lot given , car boots and a childminder was having a clear out when she started...

    I bought travel gym from NCT which was brilliant as it folds away...

    I did need to invest in baby toys when I started but last time I bought anything was just before christmas.

    I also have avoided buying things related to particualr programs as these will go out of fashion and cost more.

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  14. #11
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    let us know when you find out after 9 years I've still not got it right lol but like everyone else says it doesn't all have to be new, how about toy swaps with another cm or a local toy library?xxx

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