9 Pays until Xmas...£10k to save.

YoungBusinessman

So here we go. Only included stuff i have to pay out between now and xmas...

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 600
Total monthly income.................... 3200

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 40
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 435


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Business debts.................0.........800.......0
Total unsecured debts..........0.........800.......-


Monthly Budget Summary
Total monthly income.................... 3,200
Expenses (including HP & secured debts). 435
Available for debt repayments........... 2,765
Monthly UNsecured debt repayments....... 800
Amount left after debt repayments....... 1,965

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.[/font

This is just to keep track...hopefully get first 4 figure sum put away this Friday!

ffacoffipawb

Are you paid fortnightly? There are only 4 paydays (maybe 5) to Christmas if you are paid monthly. To save £10k in that time would need pretty much all your income by the looks of it.

YoungBusinessman

Yep i am paid fortnightly, starting from this Friday, income should be around £1300 a fortnight with other work on top adding £600 net, could be more could be less, this is the deciding factor in hitting £10k or not!

ffacoffipawb

YoungBusinessman wrote: »

Yep i am paid fortnightly, starting from this Friday, income should be around £1300 a fortnight with other work on top adding £600 net, could be more could be less, this is the deciding factor in hitting £10k or not!

Well, it's a bit tight, good luck!

YoungBusinessman

A bit?? Its allowing for no slip ups what so ever...hopefully can take home at least the £600 extra the rest of this month + next, make a good start to it.

YoungBusinessman

Well i was paid for a job yesterday at £250 net. Today was paid from main employer at £1,413.91 net for the fortnight. So with next pay landing on 31st of August(and i work 4 weeks in advance), next pay should be around the same as this one. So earnings for month are at about £3,050 net....with a payday tomorrow aswel will bring it up above £3,200 already.

Hopefully get another job on and finished between now and the end of the month so it will give me a bit extra so will get off to a good start. Confident with the way things are going that i will have £10k in the bank on xmas day.

JustinCredibleGillespie

Good for you YBM

You can do it, I'll be subcribing.

JCG

xx

YoungBusinessman

Thought I would go get mysElf an early night but no...here I lie, thinking non stop of this challenge I have set. Look forward to a good nights rest and maybe a day off when I hit that magic £10k milestone by Xmas. Gf is already there so I'm Playing catch uP then we are taking the plunge.

YoungBusinessman

Currently sitting at £1,878.01 5 days after starting. Hopefully i can step it up and hit over £5,500 by end of September. Roll on the end of the year. Right now I'm doing 80+ hours a week, at the end of the year it comes down to under 50 yet my pay stays the same. Even though I'm being paid around 1400 net a fortnight I'm actually making around 1800 net. Hold back work for when weather is not so good as in a weather depending job.

Got a good feeling if I give this a right go and keep business expenses down I could hit the £10k in November. Trying not to get ahead of myself and keep the goals short term do I don't lose sight.

YoungBusinessman

Worked a half day today until the rain came on at lunchtime. Was quite glad seeing as this is meant to be first weekend off in 6 weeks....and wont get another for god knows how long. Stepping up the advertising to keep the work coming, aiming to keep continuous income from employer at £1,400 net a fortnight aswel as my own £300+ from elsewhere so total income is £3,400 net a month.

Another few hundred odd quid hit the fund, it is now at just over £2,000. August target of £2,000 = ACHIEVED

And i still have payday on Friday the 31st to come yet, that should add another £1,400...

Invoiced a nice little earner job at just over £9,000. Client is over the moon with this saying others quoting him nearer £14,000 :eek: There is about £4,000 of that as my labour costs(gross) and it shouldnt take me more than a couple evenings and 2 weekends. Bring on the work :cool:

YoungBusinessman

Will have to rustle up a forecast budget for September this weekend. Some of the costs in the construction industry is eye watering. Even now and then it makes you think someone, somewhere is sat on their backside earning alot of money...