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My Thoughts On Having A Daycare At Home Part 2

It is funny to think that I am currently dead tired but I still wanted to write another post before closing my computer simply because I am thinking of my wife at work and I really want this to stop. Last week, I discuss the pros of having a daycare at home [1]. Today, we are looking at the other side to make sure this project is a good idea. I would say upfront that our decision is not taken yet and that we are still debating on the topic.


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Still less money in our pockets

Even though I said in my previous post that this project was viable, it is still creating less cash flow than my wifeโ€™s regular job. Since she would only take four kids (counting that we already have 2) and charge about $22 per day per kid, she would be getting a maximum of $440 a week. This sounds like a good income, but we have to deduct expenses such as food (yes, we have to feed the kids while they are at the daycare ๐Ÿ˜‰ ), toys and other stuff for activities (papers, pencils, stickers, etc.). The good news is you can register your daycare through the government system. Once registered, you get $27 per kid from the government and parents are paying you another $7. That would make the whole thing very interesting. However, we have no clue how long it could take to get approved.

More hours

My wife is presently working 35 hours over four days. Daycares usually open at 7AM and close around 5PM; that makes 10 hours per day, five days a week. Depending on days, she would be able to take a break when kids are sleeping during the afternoon. Hopefully she could be lucky enough and they will sleep 2 hours in a row ๐Ÿ˜‰

Added tasks

There are tasks that need to be added such as cleaning and disinfection along with cooking. You need to be able to offer balanced meals every day to these little angels. That will definitely added more โ€œoff hoursโ€ since she canโ€™t really cook while children are there.

Dealing with our children

The final obstacle is to deal with our children. They are lucky enough to have a play room in the basement. This play room would actually be modified to become the daycare. They would also have to learn to share some of their toys as we wonโ€™t transfer everything in their bedroom (only their favourite). This might be a challenge to make them understand what is going on. On the other, I would love to see my children sharing with other kids. This is definitely an important value.

So this is where we are; still thinking about the pros and cons of having a daycare at home. If we ever make a decision, Iโ€™ll let you know ๐Ÿ˜‰

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4 Comments (Open | Close)

4 Comments To "My Thoughts On Having A Daycare At Home Part 2"

#1 Comment By MoneyGrubbingLawyer On October 27, 2008 @ 9:31 am

Tough decision, FB. I’ve heard a number of friends talking about doing this, so I’m interested to see what you decide. ๐Ÿ™‚

Don’t forget that you’ll be taxed on the income earned from the daycare, although you’ll also get to deduct a number of expenses.

How does the daycare system work in QC? Parents pay $7 a day, and then the gov’t pays another $27? If that’s the case, why wouldn’t you register, and why would parents pay any more than $7 to a non-registered daycare?

#2 Comment By The Financial Blogger On October 27, 2008 @ 4:49 pm

MGL,
I ‘ll have another post with our final decision ๐Ÿ˜‰
We won’t get taxed too much since it’s quite easy to find for 16K of expenses for a daycare (only food is 6K per year!)

Gov pay around 23$ per kid and you get 7$ from the parents. However, there are a ton of rules to follow… rather get $25 from the parents and go private ๐Ÿ˜‰

cheers,

FB

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