hi everyone

taxi73

Hi everyone,
I have been mulling around this site for a few weeks now and think you are all wonderful.I hope I am posting in the right place as I'm a debt free wannabee.I know you all reccommend doing a SOA but mine is very difficult...I and my husband are self-employed...running a taxi we don't have a load of seperate accounts...we just use my main current account for everything...including business...our income varies week by week and so do the expenses on the taxi...so I will do what I can here...I apologise in advance if this is long...
OUTGOINGS HOUSE

COUNCIL TAX----£86.00
MY 02 PHONE

---

£22.45(will use it less)
OH 02 PHONE.....£18.99
INSURANCE....£57.15(to cover ritical illness and mortgage in event of death)
B/C INSURANCE...£38.05
BOILER ETC CONTRACT..£35.37...GOING TO SEE WHAT i CAN DO WITH THAT
BT RENTAL...£11.00
PHONE CALLS..£6.26..varies due to usage (talk talk)
TISCALI....£14.99 (was £17.99)
MORTGAGE...£328.12
ELECTRIC...£47 (WAS £32)
GAS....£25 guess that will go up to
WATER...£16.79
TV LICENCE...£11.37
GYM...£46( in contract will cancel when I can)

well thats the household bills done!!!!!
THE TAXI
INSURANCE...£1,600 per year
BADGES...£160 per year
Repairs are done as and when need doing...fuel etc all big variants...luckily I have a £5000 overdraft available on my account plus credit cards available

Now for the debts!!!!
HALIFAX PERSONAL LOAN....£10,000...5 YRS AT £196.60
HALIFAX PERSONAL LOAN....£9,000...5 YRS AT £186.01
(BOTH ARE QUITE NEW)
OVERDRAFT.....£818.08 (VARIES DEPENDING ON TOM)...£5,000 AVAILABLE
MORGAN STANLEY....£2,125.42...15.9%..£3600 AVAILABLE
MBNA...£2400 %...TILL SEPT...£5000 AVAILABLE
HALIFAX CREDIT CARD....0...THEY ARE JUST BEING CHANGED TO MASTERCARD SO ARE GIVING ME 9 MONTHS INT. FREE SO WILL PUT ALL MY MORGAN STANLEY BAL ON THAT...THEN WILL USE MORGAN STANLEY FOR ALL PURCHASES CLEARING IT AT END OF MONTH FOR CASHBACK
TAX...£2000 TO BE PAID BY JANUARY...WILL USE OVERDAFT IF I HAVE TO
AND WILL BE SETTING UP A SAVINGS ACCOUNT FOR TAX STRAIGHT AFTER PAYING THAT ONE
TAX CREDITS ...£4,600 TO BE PAID BACK AT £10 PER MONTH..WILL INCREASE THIS WHEN SORTED
SOFA...£2000 INT FREE TILL MAY

SORRY ABOUT THE LENGTH OF THIS POST

I pay our national insurance and subs etc...it is complicated I have also just had 3 months off work due to an operation.We have already paid for our holiday in january...so will be going on that..
I have done christmas...after tips on here I got a boots card and went to the special night and have earnt £132 worth of points..which I will use in January for next years pressies...I am also going to make hampers up as suggested on here.I overbought as usual...but I have my grandsons birthday and christmas presents for next year..
I have £60 to come back from morgan stanley
i've joined Quidco...£13 so far
I am going to live out of my cupboards and freezer until they are empty
I will now use any tesco vouchers for deals instead of shopping
I do smoke but hubby says I've not got to give up until we get back fom holiday...then when I get back that money will be paid off the credit cards every week
also set up dd for credit cards so that the bills will get paid while we,re away
THANKS FOR LISTENING...I HOPE I HAVEN'T BORED YOU

CLAPTON

because your income and costs are so variable is absolutely essential you work out the average income and average costs that go with the business, otherwise you have absolutely no idea whether you are breaking even, running at a profit or a loss.

so work out the averages say over the last 3,6, 12 months

also add all the missing items like food, clothes, holidays, going out or whatever....with yearly or one offs divide by 12 to get a monthly figure so
you can get a 'average monthly income ' and an 'average monthly spending'.

also you say you have recently taken out two new loans..what was the money for?

taxi73

Hi C lapton,
Thanks for the reply...you have valid points there ...the loans were
to consolidate some debts and to reduce some outgoings...as prior to that I had some depreesion and stupidly started gambling on line...I lost about £8,000 ..I am ashamed of that...this is no longer a problem...thankfully...the damage is done..
It is now winter for me..so income will be less...I am consevatively say £2000 income per month...it won't be less but maybe more..
I take your point about food...but for the next few months will only need milk,bread and toilet rolls..I have 2 massive freezers full of food and all the kitchen cupboards full..my cleaning stuff i have a lot of and toilettries also
my holiday is paid for and spending money saved..i'm not having another holiday for 2 years
as for clothes I have quite a lot and will make do
my biggest expense with the business is the insurance which i save for and pay in a lump sum as it costs 10% extra to pay monthly
getting through from now till easter is the hardest part...so I guess the only way to tackle these debts is to really tighten our belts
luckily we don't go out as we both drive for a living and i drive 6 days a week so can't afford to lose my licence...last month we took £3,200
Sorry I am a little vague..and thankyou for your post...I am going to do a list of income and business expenses starting from this week to see if I can work a pattern out for the month and take it from there..