A Leap of Faith

somerandom · 2 October 2015 at 8:24AM

... with £8k of debt strapped to my back....:eek:

I’m newly self-employed - and when I say “newly” I mean brand spanking new! Yesterday was my first day of being fully self-employed! For over a year I’ve been partially self-employed alongside working part time in paid employment. I’ve been squirrelling away money so that I’ve got some savings to act as a buffer for the early months of this venture. (I raised a significant part of that through the MSE £10 a day challenge so thanks to all the folk on that thread who have been a great support.)

I have around £8,000 of debt - £3,000 on a 0% interest credit card which expires in in 22 months & the rest is a loan which has 3 years left to run. Both debts were taken out to pay for training courses etc. so that I could set up and develop my business – so an investment (I think this counts as “good debt”) - but still a debt!.) At the moment I only earn the equivalent of around a third of my previous take home salary through my self-employed work so I need to up my game sharpish (definitely in the next 6 months after which my buffer will be gone!).

What else do you need to know …? I’m the lone parent of a teenage son, I’m no spring-chicken. Oh & I’ve got an elderly boiler that is on the blink and is causing me much anxiety – it’ll seriously eat into my buffer if it breaks down…

So this is a diary about living frugally but well, working hard but smart, busting those debts (no matter how “good” they are) and most of all, about taking a leap of faith to follow my dreams ….

I’ve never done an online diary before; this is the sort of thing I’d normally journal about privately. But since I anticipate that my biggest challenge will be holding my nerve, I figure that I need to go public - so any support and tips would be greatly appreciated.

Thank You

somerandom · 2 October 2015 at 5:51PM

So its the end of the second day of my new life - have earned only a tiny amount in that time which is only to be expected - Rome wasn't built in a day & I have my buffer. <lots of self-talk happening at the moment>. I did some invoicing for work I did in September which is a fairly decent amount so that made me feel better. Next week is looking reasonably busy. Spent some time organising my office today - it's looking quite pleasant now. I'd started to just dump stuff in there in recent months because I was so busy between work and my business - just one of the bad habits I'd got into.

I've been thinking through what I can cut out of my expenditure - so far it's been just my Union membership which is no longer relevant to me. Also I will cancel my direct debit scheme for contact lenses at the end of the month as I won't be wearing them every day - will wear specs when I'm home. I've also contacted Tax Credits as I may be entitled to some money now my income has reduced. I've also made the effort to go to Lidl for my shopping. In recent months I'd started to get my food from Tesco Metro and the like - another bad habit resulting from being busy.

I plan to do some eBay listing over the weekend - as, you've guessed it, I've been too busy to do that recently - no excuses now!

It's been very strange not rushing around - quite an adjustment albeit a very welcome one. Biggest difference so far is not checking my emails work emails (I used to do that even when I was off). I keep thinking that I've forgotten to do something :rotfl:

LittleMissDetermined · 2 October 2015 at 7:52PM

Congratulations on taking the step to self-employment, many people would love to do this but don't take the leap.

I hope the diary will keep you focused and motivated, I have never known a place which offers more support to it's forum members.

I too have to list lots of stuff on eBay this weekend, do you fancy a little challenge to see who can generate most cash? :rotfl: The eBay app is brilliant for listing and I have loads of stuff I need to get rid of, apparently I'm a hoarder... and an aggressive driver but that's another story!

I digress... I wish you masses of luck and success with your business venture, make sure you keep us updated, I'll be subscribing to hear more!

LMD x

somerandom · 2 October 2015 at 8:27PM

Hi LMD - thanks so much for posting- so nice to have a visitor

. Yes I'd be up for an eBay challenge - although quite frankly listing anything will be a challenge for me :rotfl:

LittleMissDetermined · 2 October 2015 at 8:31PM

Let's be positive! Part of throwing down the gauntlet with a challenge is to make sure I actually sort stuff and get it on there haha!

I'm very easily distracted by reading in the garden when it's sunny and a little bird told me the weekend will be sunny in the afternoons :dance:

eBay mornings it is then!

LMD x

somerandom · 2 October 2015 at 9:05PM

It's a deal

- enjoy your garden time

LittleMissDetermined · 2 October 2015 at 9:29PM

Don't encourage me! haha!

somerandom · 4 October 2015 at 7:36PM

Well LMD unless you didn't list anything at all this weekend - my guess is that you will win our eBay challenge. I've listed 11 items - seemed to take forever - have yet to upload the photos. I find eBay listing a real faff - perhaps it'll get easier when I'm back into the groove. Anyway thanks LMD - without you I wouldn't have listed anything - I appreciate the encouragement

LittleMissDetermined · 4 October 2015 at 7:46PM

Well done on what you did get posted in EBay, I managed to get 21 items listed before I realised my free listings were over haha... Still have more to list but that'll have to wait until next month.

Just had my first bid, only 99p but it's a start!

Keep smiling sweets

LMD x

somerandom · 4 October 2015 at 8:16PM

Well done - 21 is impressive !

LittleMissDetermined · 4 October 2015 at 8:43PM

Let's just hope they sell haha!

A Leap of Faith

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