Money Management Tools for Family Child Care

 

Practical information on money management and retirement planning.

The tools listed below will help you get a better handle on managing your money. Your first step is Setting Financial Goals. Then begin tracking your monthly expenses with the Fixed and Flexible Expenses Worksheet and Table. Before you hire an employee use the Cost/Benefit of Hiring Employee Worksheet to determine the true cost.

Cost/Benefit of Hiring an Employee Worksheet

A spreadsheet that will allow you to compare the total costs of hiring a new employee (federal and state payroll taxes and workers’ compensation insurance) with the amount of income you can expect to earn by caring for additional children. In general, the spreadsheet concludes that you will need to enroll approximately two additional full-time children to cover the costs of one full-time employee.
Download Cost/Benefit of Hiring an Employee Worksheet document

Fixed and Flexible Expenses Worksheet and Table

Use the Worksheet and Table to track your fixed and flexible expenses for one month. This exercise can be useful to help you reduce your expenses and meet your financial goals.
Download Fixed and Flexible Expenses Worksheet and Table document

Setting Financial Goals

This chart can be used to identify short/mid/long-term financial goals ultimately making it easier to meet them.
Download Setting Financial Goals document

 

Disclaimer: Materials and links provided by First Children’s Finance on this website do not constitute legal, accounting, tax or finance advice or professional services. Readers seeking professional advice about specific aspects of their business should consult a member of our staff or other qualified professional.em>