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Budgeting advice irregular income
gentlewomanprefersbonds
Posts: 5 Forumite
Hello, I hope I'm posting in the right place.
I have a quandary and I'm wondering if I can have some suggestions please. I was made redundant from a much loved job in February after almost 4 years. I was given enhanced terms which was great as it means I'm now debt free. However I've not found alternative employment and I'm freelancing as a web designer and graphic designer. What income I have got so far (between £40 - £300 a month) has gone on business cards and a membership to a training site so I can improve my skills. My bank account is rapidly decreasing despite the redundancy.
My husband is retired but has a good pension. His account is in five figures and I think I'd say he is careful not tight!
At the moment if I need to get the food shop (as the cook it's mostly my job and he'll do the odd emergency biscuit shop thing) he'll give me some notes, it's all very laid back. I've moved over things like the phone to his account so the only regular outgoing from mine is the mobile bill. But I'm not happy with the ad-hoc arrangement.
Has anyone else got a similar situation and how do they manage it? I was thinking I'd suggest that I get a 'house keeping' allowance. I know I need £200 to cover my outgoings each month - that's mobile, critical illness, pension sum and costs for our dog.
I have a lot of issues over fear of being in debt, I have been since my 20's and I'm now 43. If I hadn't met my OH I'd never got this house so I feel indebted to him already (all me not him) and I'm utterly unused to not having an income and being freelance and what to do. I actually feel physically ill logging onto my account.:o
With thanks in advance
I have a quandary and I'm wondering if I can have some suggestions please. I was made redundant from a much loved job in February after almost 4 years. I was given enhanced terms which was great as it means I'm now debt free. However I've not found alternative employment and I'm freelancing as a web designer and graphic designer. What income I have got so far (between £40 - £300 a month) has gone on business cards and a membership to a training site so I can improve my skills. My bank account is rapidly decreasing despite the redundancy.
My husband is retired but has a good pension. His account is in five figures and I think I'd say he is careful not tight!
At the moment if I need to get the food shop (as the cook it's mostly my job and he'll do the odd emergency biscuit shop thing) he'll give me some notes, it's all very laid back. I've moved over things like the phone to his account so the only regular outgoing from mine is the mobile bill. But I'm not happy with the ad-hoc arrangement.
Has anyone else got a similar situation and how do they manage it? I was thinking I'd suggest that I get a 'house keeping' allowance. I know I need £200 to cover my outgoings each month - that's mobile, critical illness, pension sum and costs for our dog.
I have a lot of issues over fear of being in debt, I have been since my 20's and I'm now 43. If I hadn't met my OH I'd never got this house so I feel indebted to him already (all me not him) and I'm utterly unused to not having an income and being freelance and what to do. I actually feel physically ill logging onto my account.:o
With thanks in advance
0
Comments
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Have you registered as self employed with HMRC and sorted out your NI? http://www.hmrc.gov.uk/working/intro/selfemployed.htm
Open an account into which your husband can pay the housekeeping money? Perhaps the Nationwide flex direct might suit. If he were to credit it with £2500 and then pay in £1000 a month, you could move money round to suit? http://www.nationwide.co.uk/current_account/flexdirect/default.htm?intcmp=Intcmp_18310 -
I think a housekeeping allowance only seems fair - as a married couple you're in this together "for better, for worse" and all that. In my opinion it would be perfectly reasonable to ask for that amount. Have a proper sit down and discuss the finances together and come to a mutual agreement on what is best.
Also look at ways you could lower that £200 if possible. Obviously I don't know your situation, and it might not be feasible, but it is always worth checking.
In terms of the HMRC stuff, as someone who has also recently gone self-employed (of sorts - it's a long story explained more in my bio) I'd recommend attending their webinars - explains the necessary steps very well and was extremely helpful for me - as a new user I'm not allowed to post links, but just add /webinars/ to the end of the HMRC homepage and you should find it.
Good luck with your new business and hope all the finances work out!March 2013: £10
Presently: £3,7382.32 (All without a job)0 -
We don't have quite the same problem - are incomes are regular - but do have quite unequal incomes. Our solution was to open a joint account (as well as our individual ones) and each pay in a proportion of our income each month (so one of us pays in quite a bit more than the other, as they earn a lot more). Joint expenses such as utilitiy bills etc are paid from the account by DD, and we'll also pay for food shopping etc using the debit card associated with it.
one proviso - you say you have been in debt in the past. If you and your husband aren't financially linked at present, then opening a joint account would link your records, which could have the effect of reducing the good rating of one credit record by linking it with a worse one.0
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