Were you shocked re outgoings

[Jo Hadfield]

I was really shocked how much my outgoings added up throughout the year.I do a 14 miles a day school run plus other outings but it all adds up.It makes me wonder wether or not it is worth it.

Your thoughts please!
Jo

[crazyhazy]

I have been surprised how things add up but I don't drive so no car exepenses etc, plus my own children are only 2 and 4y so most of the things I'm doing with my mindees I'd be doing with them. So, for me the fact I earn anything while still getting to be at home with my own kids is the big bonus. Things like toddler groups, craft supplies etc I'd be paying for anyway.

[singingcactus]

I was shocked last year, after taking my outgoings into consideration I'd earned next to nothing. But on reflection my own son benefited greatly from all the money I spent on childminding too. So I felt it balanced out in the end.
This year though I have determined to spend less - I have so many resources anyway, and when I moved I got rid of a garage full of kit that I rarely if ever used but had spent my money on.
I have had a few additional outgoing this year because of having to get the new house ready for the new children, but again I have decided that each time I sign on a new child, their first months fees will go to purchasing equipment specific for them and that will be my only outgoing for those children. Other than that I will have my routine outgoings of new necessary resources only.
I rarely use my car, I don't provide food, or nappies etc, I am not registered with ICO as I don't store data, I have just made a conscious effort to pare down my outgoings so that I can work fewer hours and still have some extra cash coming in.

[jane5]

I have only just started and my set up fee's seem very high.

When I work out how much (or little ) I will earn in the first couple of years I add in the amount of money I have saved by not having to pay out for full time child care for my own dd and that makes a big difference.

[ajs]

oooh i hadn't realised i was doing this job to make money eeek must stop buying toys

I have a playroom bursting with toys but when we do a craft activity we never seem to have the right thing so i am always having to buy more

[sillysausage]

Yes the outgoings do seem to add up so that overall the net income for tax seems quite small, so you need to think a little differently...
Did you have enough money to do the things you wanted to do? If the answer is yes then stop worrying.
Also some of the allowable expenses are quite generous eg gas and electicity. Whilst I know my electricity bill will be higher because I am at home I certainly don't use any more gas for heating etc than I would if I was out working. Council tax and water rates- these wouldn't be allowable if I was out working. The 10% wear and tear - I know I don't use that much of my income to actually replace/repair/clean things within my home.

If you need any help cutting other expenses it can be worth visiting this site
http://forums.moneysavingexpert.com/index.php and look at the Old style moneysaving posts/tips.

[MrAnchovy]

The 10% wear and tear - I know I don't use that much of my income to actually replace/repair/clean things within my home.

The 10% is only to cover replacement and repair - you can claim for cleaning costs incurred because of childminding on top!

[miffy]

oooh i hadn't realised i was doing this job to make money eeek must stop buying toys

I have a playroom bursting with toys but when we do a craft activity we never seem to have the right thing so i am always having to buy more

You've most likely got the craft stuff somewhere but can't find it - that's what happens to me!

Miffy xx

[Jo Hadfield]

Thanks for your replies.

Both my children are in fulltime education,so am luckily enough to have 3 small ones during the day, plus extra one for school run.I know what you mean re toys etc I seem to go through stages of spending ,depending on the resources I already have from the stock I have from my children!The petrol is the main one for me.We live in a rural area and try to go to activities at least twice a week to prevent cabin fever, if not its country walks and visits to the local church.

Hey ho at least I am full and able to pick up my children from school.
JO

[Chatterbox Childcare]

Have a look at your expenses and take off what you are allowed to claim but they were already there (gas/elec/petrol/rates/running own children to school/not paying out childcare costs), if you were working work clothes/makeup/hair do's etc...

At the end of the day you don't actually have left over after you take profit - expenses, we just claim everything so that we keep our tax liability down

[Chell]

Have a look at your expenses and take off what you are allowed to claim but they were already there (gas/elec/petrol/rates/running own children to school/not paying out childcare costs), if you were working work clothes/makeup/hair do's etc...

At the end of the day you don't actually have left over after you take profit - expenses, we just claim everything so that we keep our tax liability down

I meet two of the children I mind at school as the time I get there suits their Mums better and saves the such a long journey to my house. I then do additional mileage to other places. I added my miles at 40p a mile the other night, one month it is £170 alone! I was so pleased as I was worried that my income would mean I'd need to pay tax. I am now quite sure that with expenses I'll be below the threshold. Meals and snacks are included in the fee I charge. I'll have to take the cost of those out of my earnings.

[Jo Hadfield]

Thanks Chell,
glad its not just me with the travelling.My mindee gets dropped here at 7.50 for school run,and because I am a mug,I pick up one child after the school run or she wouldnt be able to come to me!
My meals are included in my fee too.I claim £1.50 for each meal plus snack.

Jo