Big changes Small income!

Penny2myName
Penny2myName Posts: 1,605
First Anniversary Combo Breaker
Forumite
edited 23 January 2015 at 2:44PM in Debt free diaries
OK, so I still have loads of debt, so most people would think taking a cut in hours at work is ludicrous. The fact is I am starting my own business, and therefor am unable to commit to a 30 hour week with my employer since my contract has me working 8 day and 7 day weeks. (8 on 2 off 7 on 4 off) over a three week period. Starting on January 5th my hours will be cut to 15, this allows me to then have 5hours a day with my own business, manufacturing and selling alternative children's wear. I intend to still do overtime each week, by doing 12hr shifts over 2 sundays and 1 saturday rota. This should hopefully keep me to what my basic wage is now without overtime.

Due to starting my own business it has meant I have taken on a second rent in the form of workshop. I have animals at home and for a professional finish I can not risk a stray cat or dog hair going onto the fabric.

so roughly mynew financial outgoing are going to be from January 2015
£496.55 basic wage
£200.00 board from partner
£281.12 Tax Credit
£82 CBH
£1059.67 Total Income

Household Costs
£250 Rent
£41Gas
£40 Electric
£28.90 Water
£67 Council Tax
£6 Netflix
£13.90 Insurance
£35 TalkTalk
£42.00 Vodafone
£523.80 Total

Debts
£1230.95 Capital One £100.00 Monthly 30.340% apr £44.01
£3384.65 Barclay Card £150.00 Monthly 29.9% apr £150.00
£602 Barclay Finance £42.58 Monthly
£1177.80 Bedroom finance £26.85 Monthly £1150.95
£-1,890.00 Student Overdraft £0000 Monthly £33 interest per month
£-342.00 Graduate Overdraft £171.00 Monthly Ends December 24th/29th (normally paid on 25th but lots of closed banking days) PAID OFF :T
£ 418 Npower final bill when it arrives.
Total regular payment £263.44 on Average
£787.24 Grand Total of Monthly expenses.


Leaving £272.43

Business
£270 Rent
£30.00 website
£300 Total

As you can see, this is why I have to work the overtime to cover the costs of the business whilst I am manufacturing enough stock to make an e-shop viable. As well as being able to feed myself and family.

I have 1 dog 2 cats and 1 teenagers, partner & myself


I know the next 6 months are going to be a major struggle, whilst I am manufacturing the clothes ready to sell.

For christmas next year I have just started on a site called Swag Bucks, so hopefully I can do a free christmas through using my points for amazon vouchers and get my gifts that way.

oh yeah 2015 I have the following birthdays
youngest son 16 April
mum 70 in August
Eldest Son 18 in August
Sister 50 in September
Daughter 21 in October

Big birthdays:eek:, no money:( god help me:A
19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
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Comments

  • I apologies for posting twice, not quite sure what I did, but can not delete other post
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
  • Only £200 contribution from your partner, why?
    If you go down to the woods today you better not go alone.
  • He only earns £95 a week, so quite simply he is paying me over half his income, plus he has only just moved in. Also you have to consider all the debts are MINE, the business is MINE, I would not expect him to pay towards either of those.
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
  • Yesterday I finally made use of working for NHS and joined the Company Shop, where I did a £72 shop which gave me plenty of fresh meat including a beef joint for £2.26 and a gammon joint for £5.85, these have gone straight into the freezer for Christmas Dinner. I was also lucky to drop onto the fact that there was an extra 25% off everything at the store yesterday, saving me an extra £24.05 yesterday.
    Today I have finished my Christmas shopping making use of the Amazon Black Friday Deals, and got a box set for my OH which he believes we missed out on as even though he hit the button as soon as it became available, he was 94th in the waiting list. I was just lucky that I happened to be purchasing him a different box set at the time when the window popped up to give us a second chance to purchase it, so now the box set he really really wants is coming to us for a grand total of £23.99. This will be our first Christmas together so I can not wait to see his face when he opens it.
    Now back to no spending and seriously sorting my debts out.
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
  • Well I just need to get my younger brother his xmas gift, and then that is all my xmas shopping sorted. Did myself some bulk cooking yesterday to use up the veg i have had in for the past month and so that I am sorted for meals now I am back at work today, something a bit more substantial than the cup a soup and crumpets I was having daily before my week off. Now I can have vegetable saag masala, and vegetable stew, plus some egg muffin things I saw on FB for when I do doubles, so I have them ready for my breakfast.
    So glad this is my final month that I have a large debt payment go out.
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
  • Glad that the last of my old O/D with Lloyd's is finally paid off. That is £171 less a month to go out.

    Well I have decided I do not want my xmas shopping to non-household adults to go above £50 next year, so today I spent £36 on 'gift' baubles for the females of the family, from Boots (socks/body butter/lip salve) two shower sets one each for my brothers and some handkerchiefs for partner's grandad. I also bough last week £10 worth of xmas mugs from the pound shop so I can make my own coffee/hot chocolate sets. That leaves me £4 for Coffee/Hot Chocolate sachets.
    My Family
    1 Mum
    2 Sister
    3 Older Brother
    4 Younger Brother
    5 Sister in Law
    6 Niece
    7 Niece's Partner

    Partner's Family
    8 Mum
    9 Dad
    10 Sister
    11 Sister's Partner
    12 Grandad
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
  • Penny2myName
    Penny2myName Posts: 1,605
    First Anniversary Combo Breaker
    Forumite
    well just checked my bank account, and all bills and debts (min payments) have come out barring one, which is due out on the 8th. I will have around £40 in, so only need to move £230 from Savings account into bank account for Business in two weeks time. I decided to place all my overtime pay into savings account and use this for business costs til I am ready to start selling my products.
    Due to all costs being covered this means each week I should have £70 from my tax credits that I can use on debts, and just use partner's board for shopping. Any Cash I have remaining when he pays me the following weeks board I am going to stick into my sealed pot. He got paid early this week so gave me his new board when he got in from work at 2 this morning. So my first £15 is going into the pot, have kept £2 aside for milk and bread, as want to keep to the Saturday board payment/shopping etc routine.
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
  • Penny2myName
    Penny2myName Posts: 1,605
    First Anniversary Combo Breaker
    Forumite
    edited 10 January 2015 at 7:54PM
    Totally failed last year, but have decided to take my budget from the 2009 £4000 a year challenge and update it to changes that have happened since. I am not including my Debts, Council Tax or my Rent for either house or business.

    £89.49 Balance 1st January First Direct
    £1841.74 O/D 1st January Halifax

    Projected Normal monthly income is
    £218.12 Child & Working Tax credits (This may change next week)
    £82.00 Child Benefit
    £498.55 Basic Wage
    £200.00 Partner's Board
    £998.67 Grand Total

    Each month I have

    Utility DD's £1800/£150.00
    Household Insurance - £100.92/£8.41
    Internet + Telephone access - £360/£30.00
    Water - £246.80/£28.90
    Mobile phone - £258.00/£21.50 (son's til contract runs out)

    Leaving £1234.28 for
    Animals - £00.00/£2.29
    Groceries - £800.00/£60.88
    Travel - £00.00/£2.00
    Toiletries-£50.00/£00.00
    Cleaning - £50.00/£1.99
    Clothing - £00.00
    Gifts - £00.00
    First Aid - £00.00/ £5.17
    Everything else - £00.00/£26.05

    £4000.00

    Any savings made from groceries will go into the everything else pot.
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
  • Penny2myName
    Penny2myName Posts: 1,605
    First Anniversary Combo Breaker
    Forumite
    Spent 45 minutes on the phone yesterday waiting for Tax Credits to answer, left me in a real foul mood as I was thinking that is roughly £4.05p per minute to let them know that my income is going down before they even answered. Then afterwards I remembered I had changed my subscription to include all calls just two weeks ago. Relief was definitely felt.
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
  • I am in one of those moods when I just want to go out and spend, I am not into retail therapy, but sometimes an urge comes over me and I just want to spend and spend and spend.

    I just need to hold off for 48hrs then I can have a 'splurge' on a sun holiday.
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
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