Peonie's journey to smart money management

coldcazzie

Hmmm. I understand the worries... but if he's been working in that area for a while then he'll have some good resources to draw upon in the event he were to set up by himself.

A friend of ours did business analysis for the company he worked for and then got fed up with them, and set up as a self employed analyst a couple of years back and he's had great success and is really enjoying it. I think it can be really successful, although obviously it depends on the job and the potential client base available to him.

He would need a good war chest... especially if he wanted to take a half decent amount of paternity leave if/when it came to sproglets, but I think you've obviously got a good attitude to saving and despite your comment about him never having had an ISA in his life you might be surprised how much of your attitude has rubbed off on him. I guess all you can do is discuss any concerns you have.

*hugs*

Peonie

coldcazzie wrote: »

Hmmm. I understand the worries... but if he's been working in that area for a while then he'll have some good resources to draw upon in the event he were to set up by himself.

A friend of ours did business analysis for the company he worked for and then got fed up with them, and set up as a self employed analyst a couple of years back and he's had great success and is really enjoying it. I think it can be really successful, although obviously it depends on the job and the potential client base available to him.

He would need a good war chest... especially if he wanted to take a half decent amount of paternity leave if/when it came to sproglets, but I think you've obviously got a good attitude to saving and despite your comment about him never having had an ISA in his life you might be surprised how much of your attitude has rubbed off on him. I guess all you can do is discuss any concerns you have.

*hugs*

Hi Caz and thanks for your message. You have a good memory to recall my ISA comment.

He has worked in the industry for over 15 years and is as high as he can get in that company without becoming a partner, which is not an option.

I do believe he would not steal clients from his employer so he would need to start from scratch. He has a couple of contacts but they would only bring in a little bit of work if that and could not be relied upon to cover the bills.

I do believe in him but there's so much about being self-employed that I don't know about. The other concern is actually getting paid; my dad is self-employed and he's owed thousands even from people who employed him over a year ago.

Although we are in a recession I do think if he's going to go self-employed he should do it now before we have a family.

When you say getting together a war chest for paternity leave what do you mean? Dads normally get 2 weeks don't they (and I'm not sure how that works). Of course I would need to save money to cover my maternity leave, plus more.

Maybe this is just a fleeting idea of his; today he's been looking at cars on the internet. Apparently you get a BMW for £5000!

coldcazzie

Because statutory paternity pay is peanuts, and as you say, is only 2 weeks.

I don't want to get into a big thing about my opinions on parenting and how society influences new parents down a particular route, but those first few weeks are SO important, and the more time he can take off for the three of you to spend together the better. Both practically and emotionally.

With self employment there's no option for the company paternity pay to be higher than stat pay, or to take extra time off in addition to the statutory two weeks... unless he's got a good amount of savings. I'm using war chest as another way of describing your emergency funds, that's all

Of course you're right that working with individuals is a lot different than working with national companies. And maybe it is a fleeting thing, but my guess is he'll still be thinking about it, even if he's not talking about it.

Peonie

Thanks, what you've told me is really helpful.

I'm hoping any money for maternity or paternity would be saved separately rather than coming from the rainy day fund. But I'm getting sick of just saving and not hitting my targets when something new comes along such as the fact we've been told our flat roof needs re-roofing.

I understand what you are saying about bonding and support time; but I know what he's like; if he had a job to finish he would finish it. At least if he's at home working he could be flexible with his support and would be there when other fathers go back to work.

For anyone reading this post without the ones before - I AM NOT PREGNANT.

Peonie

There's now a Mr T's across from my office. I have been in twice now and picked up some real bargains. In total I spent £10.11 but it should have cost £25.67. There were a few cakes on sale today but I resisted temptation and bought celery instead.

I've changed the route I walk to work so I now go by a street fruit and veg stall. I'll pick up a few items from there every week as well.

So far this week I took 4 packed lunches at work plus we've stopped buying each other hot drinks. Today I did not finish the pasta so I'll take some tomatoes and chicken (was £1.12 should have been £4.47) with me tomorrow to make it a little bit more exciting.

I'm really going to cut our food budget. Can't wait.

Peonie

Ooo, I forgot to say I bought £30 of first and second class stamps to save money when the prices rise.

I made another batch of spag bol - it's now in the freezer, plus I have been chopping vegetables and freezing them.

Freezing the food in glass jars is going relatively well. I've only had one jar break on me but it had my yummy meat and potato pie filling in it.

I'm still working through my stash of moisturisers and body washes but I desperately need to get some shampoo.

coldcazzie

Peonie wrote: »

I'm hoping any money for maternity or paternity would be saved separately rather than coming from the rainy day fund.

Yes that makes sense.

Peonie wrote: »

But I'm getting sick of just saving and not hitting my targets when something new comes along such as the fact we've been told our flat roof needs re-roofing.

Oh no! it's so demotivating when something blindsides you like that.

Peonie wrote: »

I understand what you are saying about bonding and support time; but I know what he's like; if he had a job to finish he would finish it. At least if he's at home working he could be flexible with his support and would be there when other fathers go back to work.

Yeah I know that type the advantage of course of working for yourself is that you can pick and choose which work you take on or reject. So if he wanted to take it easy for a couple of months, he could simply choose not to take on some of the work available.

Peonie wrote: »

For anyone reading this post without the ones before - I AM NOT PREGNANT.

:rotfl::rotfl::rotfl:

Peonie

Well, I went to Mr Ts again and there were no discounts to be found. I was very disappointed.

I don't know how the next thing happened. Somehow I got on the train, sat down, opened my book and it took me a whole 20 minutes to realise I was on the wrong train. It took me an hour and a half to get home. Urgh.

My lunch today was lovely.

Peonie

I have courgette and tomato seedlings :T The other seeds have not come up yet. If it does not rain I shall be back in the garden again sieving compost.

For lunch we will have gammon from the freezer on sandwiches.

And Mr P is at work again today - unpaid. He has holidays he needs to use up by the end of April but when I mentioned it he looked stressed straight away. I've suggested he sees if he can get paid for the days or get them transferred into next years allowance. We'll see.

shala_moo

Hi Peonie.. just catching up..

I'm definitely not an expert on gardening but if you've got seedlings outside i'd find something to cover them with to protect them next week as we are predicted bad weather.

I know some people on the gardening threads have pea seedlings outside already and they have covered them with fleeces. Mine are still tucked up in the greenhouse.

Re: Mr P - do you have a certain time scale for having children? Does he have enough time now to try and go self employed and build up a good client base before you decide to have them? If it doesn't work out then he still has time to find a job again before you go off on maternity.