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We did an apples to apples comparison yesterday and I wasn't a bit surprised to see that fiscally I make more doing home child care than I did working outside. After all, I ran the numbers before starting and I realized if we filled to a certain capacity this career could be very lucrative. However, when DH added in the vacation time, benefits, etc., even the shorter days I realized I'm really taking a loss. This is especially true because our insurance is changing and we will be paying astronomical premiums. I may need a part time job just to absorb the blow. That was never a consideration when my employer provided the health and dental. What about you ladies? Are you better off financially doing your home child care business than you were when you worked outside the home?
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yes and no. I made more money outside. But, I spent more also. Clothes, car, gas,childcare etc. And there are things that can't be measured monetarily. I got to raise (and homeschool) my kids. The love from the little ones some days is better than any monetary compensation. I once watched the little ones of someone battling cancer. If I hadn't been here, who would have gotten to love on her kidos when she couldn't.
I am much happier and content at home than I ever was working outside and that can't be measured by income. -
Currently I am making a little more than when I worked outside of the home. If I was full, I would be making quite a bit more, but that's just taking what I would gross working 35-40 hours outside of the home (at my old job). Now I work around 50 or so hours so there goes that little bit more that I make kwim? I haven't done taxes or anything to see if I have an actual loss or anything. There's definitely so much more to owning your own business than just working for someone else and getting a pay check!
As far as insurance, I was on my dh's at my other job anyways so that doesn't affect anything financially.
As far as days off and vacations, my families pay me for those so that doesn't affect me either.
And I have a 1 yr. ds that I would have to pay dc for if I did work outside of the home so all in all I think that we are coming out a little ahead than if I were to work outside of the home. (I worked at a daycare before opening if that makes a difference)Comment
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yes and no...
besides Mrs. S's considerations, I also consider the depreciation factor and all the things I buy for my home; heat, electricity, etc, that I can write-off. So, on paper I make way less than my other job, but the "net" is almost the same.
I work more hours, but those are the hours I'd be driving back-and-forth to work if I worked outside.
So, basically it's a wash to me.
We are fortunate, though; dh's employer offers health insurance. We pay a premium, but it's reasonable.Comment
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My happiness level is definitely not dependent solely on income.
The pros and cons of this job are different for everyone.
Some years I make more than I felt I put into this and other years I feel as though I hit the jackpot.
The perks for being a child care provider may not be the same as the perks you get from big businesses and all but they are definitely not comparable for me anyways.
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I make considerably less when you factor in health care, pension etc but its worth it as I didn't want to put my DS into daycare. Plus my stress levels are a lot lower as my boss isn't as demanding
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Yes and no. I was a store manager and made more money then I am making now. But I had to pay for gas, and daycare for 2 kids, lunch's and most of the time by the time I got home and settled I didn't feel like cooking so I ordered out. Now that I do daycare, I make alot less, but we have more money at the end of the month due to the fact that I now don't have to pay for the things mentioned above. Now once my kids are in school full time, then I will decide if I still want to do daycare, or go back to work.Comment
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Not sure if I am better off in the things you mentioned, but am POSITIVE I am better as a person....I love being my own boss...I like being close to my own kiddos daily....I like the business aspect of my job/crunching numbers.....I like making a difference in the lives of children.....I like the challenge of meeting the needs of diversified learners....I like using emergent curriculum.....I like making my OWN choices for the most part without dictation from others....so I would have to say YES, THE DIVIDENDS I REAP FROM HOME CHILDCARE IS WORTH MORE THAN ANY JOB OUTSIDE THE HOME...FOR ME!!!!! happyfaceComment
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I do make more doing daycare.Comment
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I make more doing daycare than I did working outside the home but I have several children who would need after school care plus summers would be outrageous. I made $17/hr before I left to stay home back in 2005 and while I don't made that hourly NOW, I don't have daycare to pay for which would be over half my paycheck for my youngest alone. Add to that paying DC sick days I don't get paid for, the gas and wear & tear on my car, etc. and I wouldn't make anything! If I had more DC kids it would be a LOT more than I made working elsewhere.Comment
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I make about the same currently but that is being open all the time. I have overnight kids, evening kids, weekend kids
That is changing in January.
But, as others mentioned, I have 3 kids who I was paying hundred of dollars a week in daycare for so even when I lose some hours I will be fine.
I was incredibly unhappy with my management and the crazy hours and forced overtime I had to work. Plus I had to work holidays and things. Setting my own hours and making my own rules has made me so much happier and has been a huge benefit to my kids.Comment
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I make a lot more doing DC. The last couple years I was in the mid-high 30's and this year I'll be over 40. The perks make it even more worthwhile (not paying for day care, having a professional wardrobe, gas, meals out, tax deductions, etc.)
At the risk of offending I will say that I could NEVER do this job without the fact DH has a very steady job with excellent health insurance. There is just too much of a "feast or famine" aspect to this business for me to be comfortable. And yes, I've planned for the "what if's" and know that should something happen I would get a job outside the home with bennies.Comment
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No, I made more in my old job. I have thoroughly enjoyed being home with my son and having the other children here though. I will miss it and maybe I'll re-open one day.
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