Childminders Club - URGENT help with monthly fee.......

[HellyBelly]

Left this a bit late haven't I, got lady coming round in an hour.

Just wanting to make sure this sounds ok. If a customer pays monthly, is this the right way to work out the amount?

£weekly x 52 divided by 12 = monthly

Then any holiday - daily fee x number of days deducted from next bill.

Does that sound right?

Also, I'm worried this charge sounds too much, can you let me know what you think please:

My hourly rate is £3.50 (8am - 6pm) and £4 outside these hours.

Care from 6.45am - 6.30pm =

£35 (8am-6pm)
£ 4 (7-8am)
£ 2 (6-6.30pm)
£ 1 (6.45-7am)
£42 per day (£182 per month)

When I worked it out it sounded a lot - what do you think?

Hellybelly - it depends what the rate is in your area I think. I know the rate Im going to charge matches other CM's in my area and that can be up to 4.00 per hour.

I would work it out by taking your holidays out first so that might be 52 minus 4 weeks that leaves you 48 weeks over the year. So times your weekly rate by 48 then divide by 12.

I havent started childminding yet but im ok with figures and its something Ive been getting my head round before I do start.

When I got paid monthly by 1 of the parents it was always in advance and she worked it out by how many days her child was comming that month.
They came 2 days per week = Eg. mon & fri. So for 4 weeks it was 8 days and then if there was the 5 monday in the month that was added on, and the fri was added then to the next months pay.
EG. feb would be from fri 3rd-mon 27th.

Hope you understand that, if not I am sure you will get more advice.

The rate is standard in my area so the hourly rate I'm not worried about. Just wondering if I should offer a reduction as it's a 12 hour day almost.

As for the holiday bit. I've been childminding for nearly 7 months now and haven't taken any holiday yet (just when mindee has been off). I like your idea about the 48 weeks as then I'm being paid the same even when I'm on holiday so I don't have a big loss HOWEVER, I'm worried that if they were with you a short time and you took no holiday, you'd have been paid less. Probably swings and roundabouts but any other thoughts out there?

Thanks for your quick response btw!

Cheers mumlove. I could do this but I sort of want the same amount each month if possible to help with my monthly bills so I know where I stand (I'm the only income provider at the mo! )

anyone else?

I have a family with 2 children, one they pay weekly for, she is 19 months & one monthly, he is 7.5 years. For the monthly one I work out the fees for the term times, holidays, (school & mine) and divide the whole lot by 12. Sounds complicated but works really well for us.

Thanks.

So for the monthly one, do you just knock your holiday off the following months bill?

Due in 2 mins - wish I knew what she was paying current minder (who I know!)

After all that, we've agreed weekly . Still interested in opinions for next contract that's monthly!

Thanks

hellbelly- why dont you bill them monthly in advance ( any extras can be added on to the following months bill)put the money in a separate account but only work on spending the 52 weeks / 12 monthly amount then the extra left in will cover your hols.

Heres what i do
I have two girls who come, the youngest one i have two weeks ,mornings only, and then the other 2 wkks i have her in the morning and both in the afternoon

EG, WK 1 and 3 child a mrning only (8till12)
WK 2 and 4 child a in morning, A and B in afternoons.i charge the mother a set rate of £90 per week.which is £360 a month. This means that i get a lot more on weeks 1 and 3 compared to the hours i work, but i know i'm getting the same amount every month.I charge on a 4 week basis.

She pays me in advance, any changes (eg Kids being ill, holidays etc) are carried over to the next bill.

I also have another child whose mum pays me by my hourly rate, on a weekly basis, as her hours are never the same from one week to the next.

Does that make sense?

I wish i could charge £3.50 where i live. My rate is £2.75 per hour, which is pretty average for this area

Thanks again

Saltire - £3.50 is standard in my area, others charge £4+ We don't have many minders in our local villages though which may be why?

Hellybelly - no advice really on the monthly one as I charge a set amount daily x how ever many days, weekly in advance; any extra hours I work within that week is paid to me on the last day of that week. I think £42 sounds fine for a 12 hour day if your hourly rate is in line with others in your area iyswim - my hourly rate is quite a bit higher than yours but again it is in line with others in my area; some charge £1 lower, some £1 higher ph. As far as offering a reduction goes, a 12 hour day is a long day Helly, I am quite firm in this respect - I have often thought of lowering my fees or offering a reduction if I work an 11 or 12 hour day but I am trying to earn a living so I tend not to do this

Good luck with your new little one

Thanks Tan - she was happy with the full rate and so it's sorted. I must admit, I want to make it worth my while having an early start like that - normally still in bed then