Big Decision

[DBug]

Would you quit home daycare if you didn't technically NEED the money any more?

I'm in a position to do just that. I have a way to work from home with flexible hours to make the amount of money that we do need to cover bills, so that we could survive without daycare. I'd be able to stay home with my own SA kids and be here before and after school, on school closure days, etc, and still cover the bills and necessities. AND we'd have our house back .

My only hesitation is the luxury of having more than enough right now -- I hate to give that up. We are able to order out, do last-minute car maintainence, pay for school trips, have lots of of "mad money", etc., right now with daycare. My main concern is giving up that freedom. We'd still have wiggle room, but not nearly as much.

Would you ladies do it? I could close for the end of December. I'm thinking that the benefits of having our tiny house back to ourselves, being able to help at school, taking kids to appointments, etc., is worth losing the luxuries -- and I think I'm hoping you guys will say the same thing .

BUT, is it a wise decision? What would you guys do?

[Cat Herder]

Personally, I'd continue working and put as much as I can in an IRA and educational IRA's for my kids.

Lifes circumstances change in an instant and rarely come with warning.

[DBug]

Personally, I'd continue working and put as much as I can in an IRA and educational IRA's for my kids.

Lifes circumstances change in an instant and rarely come with warning.

Yeah, that was a thought that occurred to us. We've got RRSP's and RESP's going with hubby's paycheck, but obviously we could always be contributing more. My thought was that I could be working hard now and putting money away for the kids' school (which is our primary concern) and miss the time with them while they're still here, or I could work my butt off when they're older and about to leave for school (in about 6 years).

FTR, we live in an area where I could go back to daycare and probably fill all my spots (max. is 5) within 2 months, if something terrible happened or if it just wasn't working out. I would be selling all of my daycare stuff though, so I'd have to do without or restock if I had to go back to doing it.

Hubby's job is relatively secure (but of course, that's never carved in stone) -- he has great benefits and gets a huge amount of severance (a year, I believe?) if he was ever let go. And of course, we live in Canada, so if something medical came up, it wouldn't bankrupt us .

But then, maybe I'm just trying to justify quitting?

[DaisyMamma]

Perhaps you can just downsize the daycare and only take a couple of teacher's children? That way you have that extra income and alone time with your kids.
But, would you be able to do the work at home job with 2 dck?

Hard choice. I'm all for more time with your own kids though.

[My3cents]

I think I would keep on doing it. Maybe hire someone for days that I wanted off and extra help.

I like doing what I do. I like having a self purpose. I like the money.

If I was burned out, yes I would quit. I might have crummy days here and there but I am not burned out and like doing what I do.

[seebachers]

I think i would just back off on the number of kids I was taking, be selective about who I wanted to keep and continue to bring in the "extra" income to be safe.

[bunnyslippers]

I would close my daycare in a HEARTBEAT. If we could swing it financially, this place would be closed!!!!!!!

[dave4him]

My wife would love to have the house back and me just be at home with the kids, we just have way to much we have to pay off and its going to take all the daycare income i can get.

[e.j.]

I would close my daycare in a HEARTBEAT. If we could swing it financially, this place would be closed!!!!!!!

Same here. I love the kids and families I have. Compared to many of you, I've been very lucky over the years and have had relatively few "problem" clients. I'm just tired of dealing with state regulations, paperwork, unannounced inspections, etc. It would be great to have my home back, though, and I know my kids would be thrilled! They're older now but still ask me to stop doing day care so I'd love to do that for their sakes.

[DBug]

I would close my daycare in a HEARTBEAT. If we could swing it financially, this place would be closed!!!!!!!

If anyone else had asked the same question, that's what my answer would be too!

This is a great gig, but I'm doing it for the $$, not as a career. If I don't need the $$ anymore, what's left? Except for a huge imposition on our space and time .

[wahmof3]

I would close down too!

I dearly love all of my kids & have finally worked out all of the issues with the family I have been struggling with, but given the opportunity I would close.

I would find a part time job if needed, but you wouldn't have to ask me twice.

[countrymom]

I wouldn't close yet, maybe try the other job too. See if you like it. I'm assuming that your own kids are younger. well let me tell you, your going to want the other income. I find its the stupid stuff that is costing me money. Also do your children take activities, maybe use the extra cash for activities.

[SquirrellyMama]

I would say to close down and take a break. If you can fill spots quickly then maybe restart in a year or two.

I also think the idea of reducing your numbers would be a another good option.

K

[DBug]

I wouldn't close yet, maybe try the other job too. See if you like it. I'm assuming that your own kids are younger. well let me tell you, your going to want the other income. I find its the stupid stuff that is costing me money. Also do your children take activities, maybe use the extra cash for activities.

It's a business that I ran before daycare, and I would have to make sure it'll make as much money as I need it to, of course. I really enjoy it, and I believe there's a market for it in our town.

My youngest is 5, in school full-time, which would allow me the kid-free time I need to really work hard, advertise and meet with clients for this other business.

Our kids' extra-curriculars are only $150/year total, which is quite affordable. The extras (school hot lunches, trips, etc.) have always been covered by my husband's paycheck.

[littlemissmuffet]

I love what I do, but I think the primary reason for that is because I get to be home. If I could successfully run another business from home that was less hours, less stressful and covered necessities, I would close my daycare in a heartbeat.

I have one bit of advice - don't sell your daycare stuff until your other business is off the ground, and you've been doing it awhile. This way, if you do need to go back to daycare, you'll still have your old stock.