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Income Advice


zoeandreae
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Hello,

 

I am new to the site and am not sure whether this is an appropriate topic for this forum, so please forgive me if it isn't. I have been childminding for 3 years part time in East Cheshire working from my mum's home. However I am intending moving out and renting a property from which to work full time. I need to have some idea as to whether I am likely to have enough income to afford the rents round here. I know that I have had many requests for full time in the past which i have had to turn down so I'm anticipating that I will have significantly more children to look after but I would be grateful if anyone could give me a rough idea as to how many 'children hours'/week based on their own experience I might expect to have, working full time. I know that conditions will vary (and therefore demand) across the country but would welcome any information from anyone working in a comparable area.

 

Thanks

 

Zoe A

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Hi Zoe,

 

The big bonus of childminding is that we do it in the place that we are already paying to live in. Expenses are higher but well covered by income. Your situation is a bit different as you are looking to take on a much bigger expense. The way I think, I would try to maximise the earnings from the investment. I only work part time, but having calculated how much I could earn IF I worked full time and IF had all my places filled, I think I could afford a MUCH bigger house.

 

I know a childminder who is also a Foster Carer - I don't like to ask but the suggestion is that they do very well financially (the children also benefit as they really are part of her family). Offering overnight care would also improve earnings.

 

But, can you fill all your places? Your local Families Information Service (Council) have information on the numbers of places available in your area. You also need to consider the ages and needs of your own family. My income has increased as my own children stopped taking up Early Years places. I also make a good part of my income from 'After School' care - having eight minded children for two hours in the evening really adds up.

 

So, your Cost/Benefit Analysis should include -

 

Potential earnings multiplied by Likely Occupancy Rate, minus Rents and Expenses

 

You should also consider that there is a recession on and people are losing their jobs (looking after their own children).

 

Very Best of luck

 

Honey

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Hi Zoe,

 

The big bonus of childminding is that we do it in the place that we are already paying to live in. Expenses are higher but well covered by income. Your situation is a bit different as you are looking to take on a much bigger expense. The way I think, I would try to maximise the earnings from the investment. I only work part time, but having calculated how much I could earn IF I worked full time and IF had all my places filled, I think I could afford a MUCH bigger house.

 

I know a childminder who is also a Foster Carer - I don't like to ask but the suggestion is that they do very well financially (the children also benefit as they really are part of her family). Offering overnight care would also improve earnings.

 

But, can you fill all your places? Your local Families Information Service (Council) have information on the numbers of places available in your area. You also need to consider the ages and needs of your own family. My income has increased as my own children stopped taking up Early Years places. I also make a good part of my income from 'After School' care - having eight minded children for two hours in the evening really adds up.

 

So, your Cost/Benefit Analysis should include -

 

Potential earnings multiplied by Likely Occupancy Rate, minus Rents and Expenses

 

You should also consider that there is a recession on and people are losing their jobs (looking after their own children).

 

Very Best of luck

 

Honey

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