Paying Monthly

[cara041083]

Ok so I got this off of another post and wanted to find out how it works. I saw in a post that some providers have the parents may monthly? How does that work? Is it a monthly rate that is the same each month, or what? The reason I ask is because im interested in doing this, However, I don't want to sound bad but some months have 5 weeks in them while others have 4. So don't you loose money if you do it monthly?

[JoseyJo]

Most of my parents pay monthly by choice. (I require payment in advance but they can pay the friday before for the next weeks care)

Monthly parents here pay on/before the 1st Monday of the month for all the weeks until the 1st monday of the next month. So sometimes they pay for 4 weeks and sometimes 5...

[Meeko]

If your weekly rate is $100...you multiply it by the number of weeks in a year.

52 weeks x $100 is $5200. That is the annual amount owed.

For a monthly payment, you divide that $5200 by 12.

Monthly fee is $433.33 (I would round down if it was an odd amount)

[snbauser]

4 of my 5 kids are monthly payers. My payday is Friday. If they want to pay monthly they count up the number of Friday's in the month and multiply by their weekly rate. Money is due by the first Friday of the month.

[cara041083]

Ok that makes more sense now that I see it. Thanks ladies!

[BrooklynM]

I offer weekly at the beginning of the week or monthly at the beginning of the month. I send out a text at the end of the month for the next month with the amount. I charge $55 a day, so there are 23 days in October, so it would be $1265 for October.

[TwinKristi]

Hmmm, I charge a daily rate and bill monthly. But right now I have 3 families and only 1 actually pays monthly. I just add up how many days of care, some months are more than others, and multiply by my daily rate. (Ex- 19 days x $45) One mom makes 2 payments, another is an hourly after school thing but her regular rate was calculated to a weekly rate, though she's 4 days late pre-paying!

[KDC]

I have a daily rate, it's multiplied by the amount of days they're there for the month and is due end of month prior (nov check due oct. 31st). Just for customers who prefer monthly. Keep it simple. If there are any late fees it's due upon pick-up. Any vacation days are usually known prior and sick days are taken out of future months if I use my 2 paid days.

[daycare]

If your weekly rate is $100...you multiply it by the number of weeks in a year.

52 weeks x $100 is $5200. That is the annual amount owed.

For a monthly payment, you divide that $5200 by 12.

Monthly fee is $433.33 (I would round down if it was an odd amount)

this is also how I do it. for full time


if they are part time, I then take the daily rate and multiply it but the number of days that they will scheduled and bill them one month in advance. All of my invoices go out on the 10th of each month.

[Sunchimes]

I just have 1 that pays monthly. She gets paid on the 18th of each month. About a week in advance, I print out a 2 month calendar from printfree.com. Then, I use a Sharpie and number the days the kids will be here from the 18th until the 17th of the next month. I multiply that by their daily rate and give it to mom. On the 18th, she pays me that amount. It is different nearly every month depending on when the 18th falls. It's pretty primitive, but it works well for us.

[wdmmom]

I offer a monthly pay discount and all but one of my families pay this way. It makes for less trips to the bank and saves me money and the wear and tear on my car.

[daycare]

I offer a monthly pay discount and all but one of my families pay this way. It makes for less trips to the bank and saves me money and the wear and tear on my car.

Maybe think about using a bank that has mobile band deposit using a smart phone
When I did this it saved me so much time and getting to keep the decks is nice for tracking purposes.

[smb757]

I have one family that pays me monthly. They just pay however many weeks in advance and write the date range in the memo section for me.