Live on £4000 for a year - Part 3

1274

Hi gang. I'm after your views. I have an opportunity to shift to being self-employed which pays (on an hourly basis) twice as much as my employment but obviously there is some uncertainty about getting the work in. I don't particularly like my current employment and would like self-employment better. I have worked out that I will need £6K to live on (oops) as I will need to count C Tax and travel as well as all other spends but thanks to this challenge my discretionary spending on food etc. is down a lot from last year, although there is still lots of room for improvement. Add to this a further £12K for mortgage repayments, making an after tax total of £18K, which means I would have to have 1 days work in 2 or 50% over the year. I'm worried about this, but am seriously thinking of giving it a go. I have to make my mind up in the next week as I have to hand my notice in before end August to start £5K worth of self-employed work which has just come in. Any thoughts?

dfw844

1274 I have to say go for it! I know there will be people out there who are more cautious, but life is for living, you don't know what's around the corner (and other naff sayings).

Truly, I've done some crazy things in my life (moved continents, moved back, quit a good job for a temping gig so I could be near my boyfriend) and every time someone said 'don't! What if it all goes wrong?' And I sat down and thought 'what if it all goes wrong', and worked out a kind of get-out plan in case it did (usually starting with 'I'll give it three months'). But anyway, it never came to that, because I was always so enthusiastic for the change -and so determined to make it work- that it did.

Sure I've been lucky, and I was young at the time, and I didn't have a mortgage then, but I look back now at how things used to be, and I'm so glad I said 'hmmm, I'll give it a go'.

As long as it's not a change you can never go back on, I can't see the harm in trying. Plan well, have a plan B, and, knowing that it has to work, you will make it work. I have faith.

People are so scared to fail, they never try. And that's really sad. Yes it may go wrong, but isn't there something to learn from that too?

Honestly answer (to yourself) this one question - what's the worst that can happen? And if you can cope with that, go for it, because in my experience if you really want it and are prepared to work hard to get it, it won't come to that.

xx
PS Nyk can probably be a lot of help on the highs and lows of self-employment.

sophiesmum_2

Good morning frunchkins:D

Off to Wales thiis morning with my oldies, lunch in a pub/restaurant and then off for an hours ride on a steam train round one of the lakes near Snowdon, then afternoon tea and home again.

Last year the coach cost us £400 this year it has cost us £575:eek: :eek: :eek: which is the knock on effect of the diesel price increases etc. At that rate we won't be having many day trips the rest of the year. Add to that 35 meals at £9.75 and 35 train rides at £5.50 and 35 lots of tea and biscuits and it is an expensive day:eek: Just hope they all enjoy it:D

Janey51

1274 I would echo what dfw says and go for it. No-one knows what is round the corner. Since DH died, I am determined to pack everything into whatever time I have left.

sophiesmum hope you and the oldies anjoy the day and its not as wet as it is here.

I feel very good with myself as I got the grass cut yesterday afternoon. I was just cutting the last little bit when the heavens opened :j
My new (empty) greenhouse seems to be leakproof so far. I have some greenhouse staging which I might go out and construct later.
I have been invited to tea at SIL's this afternoon so I will combine the trip with a visit to a friend and a visit to Mum in hospital.
I cannot get motivated to do anything at the moment. I ran around like a lunatic for the first couple of weeks after DH died but have now swung the other way and I want to sleep. But I can't sleep in bed, just on the settee with the cats :rolleyes: And only for short bursts.

I am still eating out of the freezer but there is still a lot left. Made shepherd's pie last night which will probably last me a couple of days. It's so strange cooking for one little appetite.
I only need to get strawberries for the dinner party on Saturday. I bought wine yesterday....loads was half price in the local Co-op.
Off for a walk in the rain

mumzyof2

Hello everyone,
Is everyone ok? I have still been budgeting and taking advice from here and the Grocery Challenge. Im cat sitting in Blackpool till Sunday as my sister has gone on holiday to my Mum's. So i have not had to buy any food My milk/fruit/veg tokens have now stopped for my son as he is now 4 (i thought they stopped at 5) so now i only get 4 tokens per month for my daughter. But im still going to have to buy the same amount of food, but im not bothered as fruit/veg is good for them

My fun nights out are over now as everyone who babysat has gone back now Looks like my next night out will be next year on my bday lol. Im trying to look for a babysitter but i did think about putting a ad in local shop but dont think i will be able to trust them. Maybe i could ask my gran to watch them once a month.

Frugaldom

Good morning frugalites!

:j It's Cattle Show day today! Highlight of the year and a reflection on how different rural life is to the big city (I think - have never lived in the big city ). DGD has been here since just after 9am chattering away about cowboys and horses and wanting a pony. :rotfl: DD isn't finishing work until 12 then we're taking our sannies and walking to the showfield in the rain. It rains every first Wednesday in August and has done for the last few years I can remember but we normally get some sun in the afternoon just in time for the main parade & entertainment shows - fingers crossed.

1274 - Self employment should you, shouldn't you dilemma - the (wo)man from Del Fruga, (s)he say YES! :rotfl: It isn't as if you can become un-self-employed if work dries up, it just means you are self-employed with some employment running alongside to help pay the bills during times of dire need. I first became self-employed in 1985 and, despite having had a few jobs in between, I could never give up the self-employment now as it so, sooooooo suits my lifestyle. Basically, if I earn enough to live then I'm happy. If I don't, then I take on enough extra (employed) work to cover. If you only need £15k per year and the majority of that is profit then you'll probably be able to do your own accounts and submit tax returns online. Just remember to inform the tax office and National Insurance. Apart from anything else, you could find yourself with a lovely tax rebate next year. And if all goes well, you'll be able to suit yourself, do exactly as you want and spend time with whomsoever you want, doing whatever takes your fancy - like picnicing in the rain at an agricultural show. It's called 'networking', alright?! :rotfl:

Sophiesmum, have a great time in Wales - you could always pay a surprise visit to Ddraig for tea - I'm sure she'd do the teas much more frugally priced :rotfl:

Mumzy, glad you are OK. How are things progressing with your college applications?

DGD is asking for lunch now! Doh! :rolleyes: Like we don't know she thinks she gets to go to the show as soon as lunch is ready!

Edited in - 1274, I was supposed to give you some lows as well - I'm pretty much always skint but I make that fun, too, by inventing daft challenges and roping loads of others into believing that it's fun to be skint, especially when it's helping you become (or remain, depending on how long you've been doing this type of challenge) debt-free. :beer:

bails

dfw844 wrote: »

1274 I have to say go for it! I know there will be people out there who are more cautious, but life is for living, you don't know what's around the corner (and other naff sayings).

Truly, I've done some crazy things in my life (moved continents, moved back, quit a good job for a temping gig so I could be near my boyfriend) and every time someone said 'don't! What if it all goes wrong?' And I sat down and thought 'what if it all goes wrong', and worked out a kind of get-out plan in case it did (usually starting with 'I'll give it three months'). But anyway, it never came to that, because I was always so enthusiastic for the change -and so determined to make it work- that it did.

Sure I've been lucky, and I was young at the time, and I didn't have a mortgage then, but I look back now at how things used to be, and I'm so glad I said 'hmmm, I'll give it a go'.

As long as it's not a change you can never go back on, I can't see the harm in trying. Plan well, have a plan B, and, knowing that it has to work, you will make it work. I have faith.

People are so scared to fail, they never try. And that's really sad. Yes it may go wrong, but isn't there something to learn from that too?

Honestly answer (to yourself) this one question - what's the worst that can happen? And if you can cope with that, go for it, because in my experience if you really want it and are prepared to work hard to get it, it won't come to that.

xx
PS Nyk can probably be a lot of help on the highs and lows of self-employment.

This is awesome advice and exactly what I would have said (albeit it far more eloquently put than I could've managed!) :T Go for it 1274! :j:j
Nyk, I had a look at the link for the cowboys the other day, they look fab, I'd love to see them; have a great time! Hope the trip to Snowdon goes well Sophiesmum. A lot of my pre-illness time was spent around there walking, climbing and moutain biking so it has a very special place in my heart - send the big mountain my love
Hi Mumzy, nice to see you! I think getting a babysitter is really important, having spent time with Marru and her DD, so I'll get my thinking cap on and see if there's a cunning plan to help both of you. I'm full of admiration for both of you x
I've just spent more than an hour on the phone to the person I bought this house from! getting info about the garden and where to source a new damson tree to replace the diseased one (£9.50 for a new one, result!) We're going to go to hers one weekend for a cuppa and then go to the garden centre with her -OMG, after decades of ridiculing my mum and her garden centres, I am turning into her :eek::rotfl:
Despite a full on day yesterday at Marru's, I've had two pretty good night's sleep recently so am just about managing. I might go and see if I can pick some more wild raspberries :j Have a great day all xx

shaz_mum_of__2

whowants2brich wrote: »

If it's just two of you, and he's classed as a student, then you'll be effectively living on your own for council tax purposes and so get the single person's discount of 25%.

You'll just have to show he's signed up on the course and attending and yeah, it'll save you £300. And cost you a heck of a lot more in uni fees :)

bit of confusion me thinks :rolleyes:

I am the student.....................my son is joining the army(16 yo) ,hubby works full time

Shaz

mumzyof2

college is ok.. i dont think i can go.. the times that they start are so stupid

9.15am-12.15 (i cant do as i have to get my son in school for 8.50, dd nursey and then get to college.
12.15-3.15 i have to pick ds up from schoo 3.20 so cant do that
6pm-9pm cant do that as ds at school morning after and unfair for my friend to babysit untill 9pm on a school night

noone to look after them in those times.. or take ds to school as my friend has to get her daughter to a diff school by the same time as he starts school.
so dont think its going to be happending and also they will make a application for free childcare but prob wont get it they say.#

makes me mad as goverment want people to come off benifits but when they try they make it as hard as possible for people who have not got good grades in GCSE and need to go college.

rant over!!

shaz_mum_of__2

1274 go for it but be aware of the risks

My business went bust last year and my hubby nearly had to give half the equity of his house to the reciever

And please make sur you pay the right kind of NI i got bad advice and was unable to claim jobseekers whilst looking for a job

on the whole i would do it again but only if it was the type of business where theres no risk/personal outlay(i did catering and had a cafe,you have to spend upfront and don't always sell itand obviously it's perishable)

It didn't help that i was too nice to my staff either !! although don't think i could be any different really

Shaz