Price Increase for the New Year & More

[MissLisa08]

How much of a price increase is good for the upcoming year? Everything is getting more expensive and minimum wage will be going up in January. I also was wondering what you give parents at the end of year for their taxes? Does anyone have an example to share?

[Michael]

Welcome to the forum. Here are more threads on rate increase: https://forum.daycare.com/search?sea...rease%22%5D%7D

[Cat Herder]

I went up $10 in 2018, then another $10 in 2020 (in preparation for what was coming) and do increases every two years, typically $2 - $5.

At the end of the year I print off a statement of account and give them their W-10 form with their total on it so they can't claim more than they paid.

It is much easier to do if you use a program like Kidkare that invoices automatically and keeps all the records for you. If not for the attendance and other time time/space calculations program I know I'd mess up my write offs every year.

[MissLisa08]

I tried kidkare but it was too complicated for me. I tried setting up automatic invoices and it seemed like a hassle. Maybe I will try again. As for the statement at end of year, do you just make up your own? This is my first year as a provider so I'm new to the tax thing.

[GirlMomma]

I increased my base rate $10 for new families coming in back in August that didn’t effect my current families. I have two new families and the extra income is nice!

I had one family that was on a reallllllly low rate that I had to increase to $25. That’s an extra $100 a month!

I would increase it to whatever you need. If they don’t like it, replace them.

[Annalee]

Good for you! I raised $10 for all effective Jan 1 but I'm telling new callers my rates are $10 more than that amount ....I have a plan where I want to be by end of 2022 as I have several aging out to school and the time is right....covid times or not, it is TIME for me to take care of ME and my family!

[GirlMomma]

Annalee YES!!!

[Blackcat31]

I increase my weekly rate by about $10 every year but only new children enrolling are given the new rate.
New children may already have siblings in attendance at the old rate.
Children are given a rate upon enrollment and have the same rate the entire time they are here.
Fees are due 52 weeks a year regardless of absences, closures or time used.
That's my "compromise" to families in regards to having to pay 52 weeks/year and not having the rate raised per child.
I only accept kids until age 5/Kindy and I am already on the higher side of what other area providers charge so it works great for me!

[Annalee]

I haven't raised anything the last two years so I am playing catch-up!