FAMILY CHILDCARE BUDGET
As with any business it is important that you carefully keep a financial record of your business. This will help you when planning to expand, purchase new equipment, add to or cut back your hours, taxes, and the over financial health of your business.
What should a budget look like?
The first items on your budget should be a list of your income.
SAMPLE INCOME:
• Payments from Parents
• State or childcare system payments
• CACFP Food Program payments
• Other income
Total up your income
The next step is to make a list as completely as you can of your expenses.
SAMPLE EXPENSES:
• Food
• Gas and/or mileage if you transport any of the children to and from school or activities
• Childcare supplies * (see supplies list)
• Office supplies- folders, file cabinet, printer, paper, stamps, ledgers etc.
• Utilities- talk with your tax accountant to see what time, space formula is used to determine how much of your utility bill is attributed to the childcare.
• Marketing and promotions
• Insurance
• Accounting and legal
• Repairs and maintenance
• Printing
• Rent or Mortgage interest- talk with your tax accountant
• Training – CPR, childcare conferences and training
• License fee
• Depreciation of any large equipment
• Miscellaneous
*Childcare supplies can be an extensive list. Here are somethings to consider putting on the list:
• paper towels
• toilet paper
• paper cups or plates
• cleaning supplies specifically used in the childcare area
• laundry detergent used to clean towels, aprons, etc.
• furniture- child size chairs, tables, bookshelves, cots, sleeping mats,
• rugs, specifically used in your childcare area
• craft supplies
• art supplies
• toys, puzzles, books, musical instruments, games, etc
• outdoor play equipment and contractual safety products for under the equipment
• radiator covers
• gates
• Other – anything you purchase that is necessary for running your business
• Taxes
• Payroll for an assistant(s)
• Training for assistant(s)
Total your expenses
The difference between your income and expenses will be your profit or loss. Because you use your home for your childcare, it is advised that you talk with a tax accountant who is experienced in the laws pertaining to tax deductions to get an accurate figure of expenses that are computed using percentages of the time and space parts of your home are used for childcare.