sorry, personal question.

[tracyj78]

Hi I posted a while ago about my situation of having to decide to go back to work in a school or not going back and setting up as a childminder. Basically I have child care problems which would make going back to work difficult but probably not impossible. I have just done the briefing and am sending my forms off to do the full course. What I need to know is how much I could earn. I have a 18month old and a 6yr old. I need to make at least £500 as a wage per month. Is this possible without working really long hrs? I've tried to do a bit if of working out but can't tell really as I don't know what tax etc I'd be paying and also expenses such as food, extra gas and electricity and toddler groups etc. Sorry if it seems a silly question, and I'm not asking people to tell me what they earn, its just that if I do this I have to make it work financially.

[Lems]

I've not got too much experience but what I would say IMHO your earnings as a childminder cannot be gauranteed from one month to the next... Children grow/move on, Families circumstances change etc.
HTH x

[sarah707]

1 child x 5 days a week @ £40 a day = £200 a week less expenses of around 1/3 - 1/2 (average ish).

Your area might be much less than £40 a day - check with local childminders. Some areas are as low as £2 / £2.50 an hour.

However it doesn't often happen like that - you might find you have 2 different children for 2 days a week each and an after schooler for 3 hours twice a week.

Or you might find you have nobody at all for weeks on end.

Or you might take on 3 children from the same family and when they leave the area you have completely lost your income.

You cannot guarantee your income in this business I am afraid. Careful business planning is a must...

You should check local availability carefully - are other minders full? Are nurseries capacity or half empty?

What is the going rate in your area? You will be able to have 4 children under 8... 2 in the early years group. Work it out depending on local charges.

Good business planning also says you should have enough ££ in your bank account to pay at least a months' bills if it all goes pear shaped.

hth

[Velleity]

I earn 700 a month from one baby two and a half days a week.
I will be starting a boy on just Mondays from next week and that will bring in an additional 240 a month.

[The Juggler]

when I started I had one baby and a 6 year old (in 2004). I was earning around £700/month.

I think with a few part-timers or a full timer you could easily earn 500/month.

[Cammie Doodle]

It is possible as long as you can get the mindees, whether you have 1 full timer or a few part timers, some childminders only do before and after school. I think the secret is to be business minded when you charge and not let people walk all over you (like I have done in the past , but not anymore) The choice is yours

[tracyj78]

Hi, thanks for your replies. I know a few childminders in the area, some are full and having loads of enquiries and some have places left and are getting no enquiries! The childminder I spoke to recently said in our area the average rate is £3.00 to £3.50 p/h. If I was earning around £500 p/m we should be ok if I didn't have any earnings for a month but after that it would be difficult. At the moment I'm on unpaid leave from work and am about to apply for a further 6 months off because my mum who I rely on for childcare is having a big op next year so will be unable to look after my Lo and as we don't get any help financially now with childcare it would take most of my wage to pay for childcare. If they refuse then I have no choice but to go with childminding but if they agree I still have the choice. We have managed to budget until Sept next year without my wage but I need to be earning after that. So I could potentially get registered and have mindees ready to start by then, am I right in thinking this? Also do you all work all of the school holidays or have some time just with your own children in the hols? I ask because at the moment I work in a school so will be giving up my school holidays if I go ahead with this! Also I only work part time and this may be reduced to 2 days p/w and the rest of the time I'll be with lo. Do you think I'd be mad to give this up for childminding? I'm in two minds, I'd love to mind as I get to choose how I implement the eyfs and would be with my Lo not having to rely on my mum, but at least with my school job I work until 4.30 at the latest, I get the school hols off, and for the other 3 days of the working week I'll be at home just with my own Lo. I know I have to make the decision myself but any views given my situation?

[guest3]

I earn 700 a month from one baby two and a half days a week.
I will be starting a boy on just Mondays from next week and that will bring in an additional 240 a month.

What is your hourly or daily rate Rayberrys? £700 from 1 child 2 and a half days sounds an awful lot!
At my daily rate, I'd earn less than £400 a month

[devoncm]

I have a shift workerand lo comes different days weekends and overnight, this brings in roughly 800 a month, mum having a baby so great for me-IF she doesnt get posted somewhere else (she a marine nurse)

you could keep your 2 days working in the school and advertise the 3 other days so that if you do get quiet times you still have a wage coming in, may even get business from the school as they know you already

[tracyj78]

Hi thanks, yea have thought about doing both but I think id only do that once Lo is at school IF I do go back to my school job. If I do have to give up work do you think I could make enough money from childminding alone?

[candy cat]

If you work in a school then thats great advert to potential mums/teachers who need childcare.....you can choose to do termtime only and could either pro rata the fees so you still have same income when it's holiday time.....some of us charge a 50% retainer to teachers to keep places open in hols, but they may want to use you a few times etc.

I needed roughly about £500 quid each month when I started and I earn a lot more than that now.

I put away 20% each month,but due to starting up costs doubt I owe any tax for first year and you can write off quite a lot of expenditure.

IT IS A GREAT JOB AND YOU GET TO BE WITH YOUR CHILDREN

[Tatjana]

What is your hourly or daily rate Rayberrys? £700 from 1 child 2 and a half days sounds an awful lot!
At my daily rate, I'd earn less than £400 a month

I was thinking the same lol!!

[stardust]

I was thinking the same lol!!

For a child 8 days a month (2 per week) from 8 till 6 is £360 per month and I charge £4.50per hour.
Maybe she is in London as their daily rates are quite high go if her daily rate was £9 per hour she could earn £720 for 2 full days per week.

My earning potential is

under 1 - NIL (my son takes this place)
1 x 1-5 yr old - per day based on 8 sociable hours = £36
Per week based on 5 days of 8 hours per day = £180
Per month based of 5 x 8 hours day per week = £720 (4 week month)

1 x 1-5 yr old - per day based on 8 sociable hours = £36
Per week based on 5 days of 8 hours per day = £180
Per month based of 5 x 8 hours day per week = £720 (4 week month)

So my 2 under 5 places earning potential is £1440 per month (more if a 5 week month, unsocialble hours ect)

1 x 5-8 yr old based on a 7.30 till 9.00 = £9 charge per hour
3.00 till 6.00 = £13.50

I can fill 3 of these spaces so if i was at full 5-8 capacity I can earn
per day based on 3 schoolies = £67.50
per week based on 3 schoolies = £337.50
Per month = £1350 based on a 4 week month.

So if I was full my term time earning potential would be £2790 a month
however I can have over 8's aswell so it could be higher and then inset days ect.

Half term (this is where you can get excited)

£360 for my 2 under 5's
plus 3 schoolies all day @ £36 per child = £108
and for 1 week (half term holidays) = £324

In total for 2 under 5's and 3 5-8's for 1 week during the half term holidays my earning potential could be £684

For the 6 weeks holidays it could be £4104 for the 6 weeks.

However you need to think about your expenses, food, trips, craft materials ect
Plus tax and NI ect.

What I earn is
1 x 1-5 x 5 days a week @ £180
1 x 1-5 x 2 days a week @ £72
1 x 5-8 11 hours per week @ £49.50

Totaling £301.50 - £1206 a month.

I put £204 away for tax and £15 for NI a month (in an ISA account) which leaves me with £987 a month, I just buy shopping ect out of that and then at the end of the tax year and i've put all my expenses through i will be left with every thing i have put away for tax (£1224 from oct-march) as i haven't been minding long and my expenses will take away most of my profit to bring me under the threshold. And then I will use the £1224 for expenses for the following year plus my lovely intrest on the amount in my ISA account

In about 10 years i should have enough for a deposit to buy my own house and enough to put a deposit on a second property to expand my business xx