CMs - DEPOSITS to reserve space - how much do you charge?

[looneytune]

Hi all

I've got lots of changes from next month thanks to the last of my 'babies' moving up to big school (it's doesn't seem that long ago I had 4 under 18 months old and now the last 2 are going to big school - how on earth did that happen?!!!). Anyway, I've got tons of admin to sort out this afternoon whilst hubby is in charge of the kiddies, one task is sorting out contracts for 5 new starters. We briefly talked about the deposit when we all met but now I'm trying to decide how much? This is just the reservation deposit which is deducted from actual care when it starts (non refundable if they don't end up taking up the space).

I can't remember what I charged when I last did this (5 years ago!). I thought I'd get a feel for what others usually charge.

FYI, the spaces are all very part time (1 x half day per week, 2 x 1 day per week, 1 x 2 days per week, 1 after school 2 days per week - 3 being TT only) so we're not talking a huge amount of money each for a deposit. These spaces are all starting either at the beginning of September or the last week of September. Part of me is happy not to bother with a deposit but the other part of me thinks I should just to in case.

Any thoughts please? :)

I always did and perhaps a month upfront? Good for you for filling your spaces as well.

I just wrote into my contracts that the parent was liable for September's fees if the child didn't start, so didn't take any money, but felt like I was covering myself. Obviously the amount would vary for each depending on their hours...

Thanks guys, I was never sure if a whole month was too much although not a large amount for just odd days like I have with most of these. Of course they also know I'll refund this if they start and decide to withdraw in the 4 week settling in period (4 weeks).

Thanks thebody. It's all a bit bitty and now means going from 6 children on my books to 11 so more admin, more filing space, learning journals etc. BUT they sort of slot in pretty well and I really liked these families. I still have a full time space on a Tuesday and Thursday and a short day space TT only on a Thursday but I think I'm now at the point where I've filled enough to cover what I loose in September from other spaces (including covering the money I'm used to getting on a Friday as I won't be working Fridays anymore). When I fill the others it will be bonus money that I've not been used to getting (as always had my own under 5 at home with me until Sept!)

Brilliant looney esp having Fridays off.. Gold..

Tell me about it! :) I've been building up to this day for ages and now it's happening! Next Friday is my last Friday!! It means I have 1 Friday with just my boys during school hols until my eldest goes back and my youngest starts! Then it'll be admin/coursework/housework/shopping on Fridays with a bit of 'lady of leisure' from time to time if I'm lucky

For now i've got what seems like a million and one things to do to catch up and get prepared thanks to all these changes. New calculations to do for the mindee starting school, settling in sessions to organise with 4 new 1/2 year olds, deposits etc. I've just ordered MM contracts and trying to decide whether to use up the last of the NCMA ones or hold fire and start a fresh with MM?

I charge 4 weeks

Cheers HSMM :)

I charge a month's fees or £100, whichever is less.

I've never charged a deposit but have recently got my fingers burned so will be introducing one!

I was supposed to have two full time pre-schoolers start. Paperwork filled in and signed three months ago. Invested a lot of time trying to organise a variation. Invested money in a new vehicle/car seats to accommodate them. They cancelled two weeks ago .

I've just been trying to work out what would be a reasonable amount. A month's fees would be £1000 and I'm not sure many families would want to pay that. However, I am considerably more out of pocket than £1,000 (does that even make sense?) and don't want to be in this position again.

I have never had my 4 week deposit queried by anyone. They've all been happy to pay it.

I seriously need to improve my business skills...I'm just glad my childcare skills are far better than the admin side of it!

I charge 2 weeks which is the same as my notice period and is credited towards last 2 weeks fees at the end of the contract (I am careful in the wording as if they are with me a long time fees will have gone up so deposit will no longer be equal to 2 weeks). It used to be four weeks but I had a couple of situations where I didn't want to be ties to a 4 week notice period so I shortened it. Has its pros & cons