misscousinitt's MF Diary

misscousinitt

Creeps in...has it really been that long since I've been on here...

It's been busy to say the least.

Holiday was glorious, good, weather, food and company - fab Yorkshire countryside and a good time had by the both of us (seems so far away now).

July was a very flat month moneywise. The heat put everyone off I think!

August, bit better and I am now supplying to a small restaurant in my home town every other week...a little icing on the top of the cake perhaps...

September, crazy! Did a big event down in London that was a complete flop financially, but good contacts made and lots of chutney stock produced. All the other markets I did were great, really can't complain.

Having a week off (what's that!) this week, sorting the house, paperwork and finances.

I miss coming on here, but I really haven't had the time...I really hope that everyone is well.

MCI

misscousinitt

OMG...is it really nearly a year since I came on here!

Business is growing, I don't regret leaving salaried employment at all - still not there yet.

Our mortgage is still going down and judging my recent sales of properties in the street where our rental is we could now be mortgage solvent ie if we sold the rental we would be able to pay this one off...it's quite good to know that.

We are still making OPs and we should be sub £80k by the end of the year.

At the moment I have another problem...debt!

My 0% deal on my 30 month CC is coming to an end and I'm getting in a bit of a tizz what to do about it. I have been very lax over getting the balance down really and now the deadline is looming and I'm worried about potential interest payments.

I have about £7k debt. I have spoken to DH about it and he's on side...but I can't just take money from our joint finances to pay my debt.

I've got a bit of a plan and hopefully I will be able to sort it out.

First step was finally getting our PPI claims in...so I'm hoping that something will come of that.

Secondly, selling surplus stock. Some of the debt is due to poor purchases of gift packaging and stock that I haven't managed to resell (some of it I've had for 2 years now since setting up the business). It's time for this to go.

Thirdly, utilise what I've got. There are a few items that I need to buy (DH has kindly given me a couple of hundred pounds to buy future stock and manage it on a cash basis from now on), but I must use what I've got too and think up imaginative ideas of using it.

Next is the dreaded ebay...I still don't know what I'm doing with it. At the moment I am selling surplus stock on my bigger market stalls.

I have the chance of a 0% balance transfer for 12 months, but it's only £4k and I'm really not sure when my existing 0% is up could be anytime now. I am thinking that I take the risk and transfer £4k now and then work on getting the remaining balance down while I am looking for alternatives. I am struggling to get another 0% card as my income is really quite low now in comparison to what it was and as I am self-employed that makes me a bigger risk. There was an option some time ago of a low interest rate transfer on one of my existing cards...I must look into that as it might well be my only remaining option. I am not keen on asking DH to take a card out for me.

My mind has really been up and down over the last month about the debt, but I seem to be stuck and need some motivation to get started on it...one minute I feel fine about it and the next minute I start to panic.

I know it's a drop in the ocean, but I made £8.50 from the sale of surplus stock last week.

I do hope you are all well.

I really need to take comfort in the fact that we are now mortgage neutral.

Cheers

MCI

Karmacat

Well, first things first, you're mortgage neutral, yes! That's a big deal! And a second property being part of that gives you the chance to grow capital even more in the future. You remember that awful French apartment of mine? The mortgage was finally paid off last year, so no more sending £3k a year out to France. Yes, it *cost* me £3k a year, thats how dumb a move it was. Anyway, since the mortgage has gone, there's 5,000 euros sitting in my French current account! Thats how a second property, even a badly financed one like mine, can really work in your favour, eventually, so stay with it

Secondly, get that BT done quick! Martin always says if you let them start charging interest, you lose all the advantage of having had the 0% deal in the first place. So go for it!


As for poor purchases - well, when you bought them, you were still learning your market, and even terribly successful businesses hold sales. Why not you? You're fine! Though I do agree with your idea of trying to use that stock in different ways, maybe in different proportions?

And £8.50 ... self employment is made of small sales £8.50 is more than a week's water rates for me - why don't you find a comparison like that that's helpful?

HTH.

misscousinitt

Thank you so much KC.

Just the reassurance I need.

Feel a little better today and once I've finished sorting Virgin out (long story), I'm going to get going and get some chutney made.

I am still paying for my disastrous Hampton Court fair last year...still about £200 to pay off that. I think I just need to look at it as a whole and not business or personal spending and just do what I can to get it down.

As for the £8.50...every little helps as they say.

MCI

misscousinitt

Well, I've done the balance transfer...

I had more room on the card than I thought so transferred £5.5k - it's cost me 3%, but that will be much less than the interest I'd be paying on it.

Now to chip away at the other balance until my 30 month 0% is up so I've got as little interest to pay as possible.

£40 paid for July/August petrol this morning.

MCI

misscousinitt

Signature updated...

Wow! £8500 OPed!!!

MCI

Karmacat

That's great! You're all fired up again

misscousinitt

I think that one of the reasons the cc got so big and not just with business expenses is when people ask me to get things for them like mum or friend on bed rest and I forget to pay the money off...I've got a notebook now to keep better track and small purchases are now being made using our joint account so the the money can just get paid back in.

£22.50 paid this morning for weddng present DH asked me to get and
£45.96 paid for an internet purchase made for my friend-she had given me the money, I'd put it in the joint a/c then forgotten to pay it off - but now it's done.

It's a start at least!

Oh and I managed to save us £17 on our virgin bill whilst chasing up the new broadband hub!

And £4 made from sale of excess stock.

Once everything has been paid out of the joint account I can look at another OP this month as we are on catch up...had a few issues with the rental this year, so OPs have been held back a little in case we had a big bill!

All this is very well, but it's not getting my chutney made!

MCI

misscousinitt

I've also been particularly bad at keeping up with paying for any food I've bought using the cc.

Rectified a little bit by paying £94 off today.

Absolutely determined to get this figure down to minimise interest payments.

MCI

misscousinitt

Happy Monday.

Just come back from organising a community lunch and my yoga class.

Washing on, stall booked for 21st September, a Christmas market booking form filled out and now I am about to tidy up the kitchen from my chutney making yesterday!

I put 18 white latte mugs on Facebook selling...hopefully the lady interested will pick them up this evening - that will be £18...plus a friend of mine had 4 of them - so £22 total!

What can I sell next!

Wish this was going towards the mortgage and not my debt...oh well...one day!

MCI