Where do I start?

dottyanne

Hi, I'm a newbie on this forum, i dont really know where to start, OH leaves me to deal with all the bills side of things which has ok when we both had good jobs and a resoanble income between us, since OH was made redundant and we went into business together its got REALLY HARD.... still have same outgoings and debts as before but lots less cash! make saving wherever possible.....its really stressing me out now - dread postman and telephone - anyone got any ideas how to start???

scheming_gypsy

you need to do your SOA like This one then everybody can see the bits you've overlooked and help you to cut down even further.

dottyanne

Hi, thanks for the advice, just even more confused as i do have some set income. i.e. child benefit, tax credits, income from a 2nd cleaning job, however the income from my husband and own self employment is never set especially at this time of year - seem to be really struggling at the moment???

nearlyrich

BG Note

I have split off dottyanne's post into a thread of it's own

As has been suggested a SOA is a good place to start, if your income is not set perhaps you can show the lowest it ever is ?

Have you read the article by Martin ? it's up at the top of the board along with the budget planner which will help you to do your SOA.

dottyanne

Hi nearly rich, im so c**p with money - i feel such a failiure, its a constant juggle to meet the mortgage etc, and both myself and Oh have kids from previous marraiges, 6 between us to be precise so theres always somewhere for the money to go!!

The hard part for me to wrk out is what amount i can take out per week - i can pay my OH a set wage but as for myself i can only pay what the business can afford to pay me and thats not much at this time of year!

Any suggestions?

dottyanne

Also...sorry whats the £2 club and 20p club?? I've also got martin book at home and have been reading avidly but the fact is ive left it too late i should have been thinking about money before i had problems, not when i am up to my neck in it!!! i cant do a budget as i dont know how much i can take out each week the only way i could do it is to work out tax credits, child benefit, other income and OH income but then what - as im not sure what i pay myself to be honest - my personal and business money is all intermixed and in such a state??

Lucifer

The first thing you need to do is calm down and have a nice cup of tea. Then tomorrow you need to open another bank account, in order to keep your business and personal accounts separate. Then pay yourself a wage. Keep your wage payment to the same amount each month, even if the the business is doing well. That way it is easier to budget, and produce your accounts for the business.

Welcome to DFW!!

Then sit down and write down your income, outgoings and debts (going through your bank statements will help remind you). Post your SOA here. There are shed loads of fantastic people who use this site and their talents will help you as they have many before you.

You have made a fantastic step forward, just by posting and acknowledging a problem.

dottyanne

Thanks Lucifer, i do have separate accounts but the point im trying to make is i pay in just enough to cover business direct debits, cheques etc, then have to juggle the rest of the paper business bills with trying to make enough to cover personal d/d's each month and then personal paper bills (i.e those that dont automaticcaly get paid from my bank) i have loads of debts, personally and business but at the mo business is not as bad as personal.....need some kind of structure but unsure where to start?? , thanks for your time in replying to me - the point that i have someone to talk to is a really big help - you have no idea.

D&DD

Hi Dotty welcome to DFW and I just wanted to add it's never too late!!! I'm a bit of a novice myself when it comes to this moneysaving lark but after 3 months at it I'm finally starting to sort out my budget now...and stick to it!
It did take me about three attempts to get it right as the money just kept disappearing somewhere..
I found the best thing was to start a spending diary,note down every penny religiously where it goes on what then you can start to plug the leaks

dottyanne

hi D&DD, thanks for your advice......just seems such a huge task..wouldnt be too bad if i had a figure that was exact each month that was coming in - but i havent so its like trying to find your way in the dark??? really gonna try but not sure where the starting point is??

D&DD

I know what you mean at one point I was self employed with no idea if I had work the next week or not and at the same time hubbys employer had a habit of writing rubber cheques..not a great combo
Makes it hard to plan for anything...
You say hubby gets paid a wage and you get the tax credit etc coming in so for a starting point I would add these up and use them for your budget then your income could be added as and when..
Does this cover all your outgoings(without your wages) or not?