Unit 79 Ccld3 - Demonstrate Financial Planning for Own Homebased Service

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1.5 -Demonstrate financial planning for own home based service It can be quite difficult to have any ‘sound’ financial planning whilst you are a child minder as the childminding world can be very fickle with regard to how long you may have a child/contract for. In this current climate, one of the first things a family look at when having to tighten their purse strings is the cost of their childcare and often look to family & friends to help out. However, there are things that I have done over the last six years to ensure that I have been able to replace toys when they have become broken or to buy new activities for the garden as well as regular kits for our arts & crafts sessions. When we have the school holidays coming up, some of the school age children are on a higher daily rate as they are with me from 08:30-17:00 during the holidays instead of before & after school. I use that extra money to put to one side, to purchase new items or when I am doing a plan for outings etc. For example, the extra money I get paid in advance of the Easter Holidays goes to one side, ready for the Whitsun holidays and the extra money for Whitsun will go into the pot towards the summer. Any overtime hours paid also get taken out of my regular monies. Sometimes, I might even sit down with the Children and we all discuss anything we might like to play with so they all feel part of the choices on offer. Summer 2014 I was able to purchase a bouncy castle for the children to play on whilst in the garden & it was a huge success! On the flip side of that, a week later, when we had the really hot weather, I couldn’t have known that the paddling pool would develop a puncture after just day one of full usage, but luckily I had made any purchases wisely & have money left to put towards a new one within 48 hrs. The children were also part of the discussion as to

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