Dreaming of that cottage by the sea

cottage_by_the_sea

Hi there,
I decided it’s time for a bit of MSE motivation.
The usual ‘bit about me’.

I’m self employed and have a couple of online shops on the bay and the river. Income therefore erratic but supplemented by the odd temp job and table top sale.
Currently renting but desperately want to buy. I’m fed up with putting up with other people’s colour scheme, the house being maintained ‘on the cheap’ and not being able to change fittings to a better quality, or even just to ones that work. Also, I’m mid 40s ‘cough’ and realised that I have less than 20 years to pay off a house and I need to be in a position where I’m not paying rent or a mortgage into my retirement.

In the past I had a corporate management job and got really stressed about the politics,back stabbing and having to do things acertain way, just because ‘rules are rules’ . I now spent my days pottering around auctions / boot sales /markets and doing voluntary work. I love my stress free life but it does have a knock-on effect financially. I just about earn enough to pay monthly bills but every couple of months get hit with one of the annual nasties and it goes on the credit card.

I received a 0% offer on an old unused card and every month moved the balance from my active card over to this one. Light bulb moment this month when I realised that I’ve filled up the card (huge limit), have only £500 till I reach my credit limit on my active card and this month the car needs it’s annual mot/service/car tax wallet busting combo.

So, MSEers…here I am, for this place to work it’s magic.

Aims for 2013:

Pay off active credit card – asap

Pay off 0% temptress credit card by August. The good news is that Ihave most of the money in a high int savings account. Just need to raise another £950 before August. The bad news is that this account is my house buying savings pot, so rather not see it disappear.

Aims for March are:
- Stop using the active credit card for everyday small purchases.
- Use cash for day to day stuff – this might make me think twice about everything I put in the supermarket basket.
- Pay off some of the active credit card to allow room for eye-watering garage bill.
- Take car in for mot/service and cross fingers. If small enough bill (who am I kidding?), put on debit card.
- Think of ways to boost income (e.g. explore other seller websites)
- Declutter house one room at a time . Rule: nothing to be in room that doesn’t belong in that room. This month’s room –upstairs landing, which has turned into a dumping ground. Should be clear, not full of boxes.

I also need to lose about a stone in weight but one miracle at a time.

Will update Monday, hopefully after a busy online sales weekend.
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Active credit card: £3250 at tpc%, Money need to pay off temptress cc in Aug £950, Day to day cash £64.41

cottage_by_the_sea

Hi there - hope everybody had a refreshing weekend.

Had a sluggish weekend sales wise (disappointed considering it’s end of month and people have just been paid) and just the absolute minimum spending with cash.

Nothing on the credit card. I did take out a new magazine subscription via DD but this will generate related income exceeding the spend, plus, cross fingers, I’ll get cash-back as well so was a calculated investment.

I've reduced the number of clutter in the hall to just 3 boxes, sorted out a pile of books for freecycle (somebody picking up today), identified a few things which will sell, and washed all the hall curtains. Looks so much better and motivates to tackle next room. Won't move on until I've found a home for those last 3 boxes.

Today requires a venture into the supermarket for essentials for the week –normally a danger point but hopefully being armed with a list and having to report back here will hold me in check. My other spend will be postage for weekend sales but I have enough stamps to cover all but one parcel so it should be low enough to use cash.

I had a bit of a light bulb moment at the petrol station on Friday. I was going to fill up the tank and put on the credit card. Then I realised that I’d be paying interest on petrol sitting in my tank for the next week or 2. I guess the same can be said for the £70 of bulk bought stamps sitting on my packing table. Neither of these items are cheaper when purchased in bulk, so whilst I’m paying credit card interest, it’s more cost effective to buy just what I need short term. So, on Friday I stopped the pump at £10 to get me through the weekend and paid in cash. The petrol station is on the way home from my daily post office run so won’t incur extra mileage.

My credit card statement production state is the 12th (only a week Tuesday), which doesn’t seem too long to be super strict. The only thing I might need to put on it is a business stock order but I only need to restock a couple of things so might be able to squeeze a minimum value order on my debit card.

Weekend sales – £ 59.71
Cash spent – £11.50. Table top sale admission, and pitch booking fee for an April sale
CC spend – 0, money sent to cc x 2 – 0

Off to list those items I found in the hall.
Have a good day everybody
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Active credit card: £3250 at tpc%, Money need to pay off temptress cc in Aug- £950,
Day to day cash pot £64.41

Anouchka

I would like to wish you the very best of luck. I will be following your journey with interest as I have recently taken the decision to start to move away from the rat race and try to find some quality of life by reducing the number of hours I work, doing some things that really interest me for a change and trying my best to live on less - that's the plan anyway.

cottage_by_the_sea

Hi there Anouchka -welcome to the down shift journey.

I realise that the quickest way to get back on the house buying ladder is to return to corporate / professional work but I just can't face the thought of it.

The past couple of years have been both relaxing, and fun. I've seen and done things that wouldn't have been possible if I was tied to a full time / full on job. I've stewarded at festivals and in the summer had an amazing, once in a lifetime experience volunteering at the Olympics. If anything happens in the family, I can chuck my stock and laptop/doggle in the car and go help out.

The flexibility to say 'yes' to interesting opportunities / invites from friends without having to 'ask permission' for time off is priceless. I would certainly recommend it if you can find a way to support yourself.

cottage_by_the_sea

I’ve done well today.

Managed to shop at the supermarket – spent only £15 in cash. Just bought the things on my list. It took all my will-power to resist the attempts of evil supermarket to tempt me into buying the bargain 50p hot cross buns, amongst other things.

I also selected the cheaper options of the items of the list. The £1 basic Ryvitas, rather than the much tastier sunflower seed version at £1.59. I did go for the 2 for £3.50 on the cheese but it was only fractionally more expensive than a block of my favoured Cath*dral type and you get twice as much, so allowed myself that one.

Plus, I actually remembered to take and use my brand match voucher, rather than leaving it to expire on the kitchen worktop. That was another £1.50 off the bill.
And (feeling very smug now), as soon as I got home, I uploaded the barcodes and receipt to shop and scan. Normally I put this off until Sunday (just before the weekly deadline) and then can’t find the receipts.

Post office spend - £3.90
So overall cash spend today - £18.90, Amount spent on credit card - 0

Tomorrow should be a low spend day …just post office run planned.

Best get back to work and see if I can list a few things on the bay before tea.

Update on sales in the Morning.

cottage_by_the_sea

Welcome Tuesday morning.

Worrying news last night. Another seller on the river has started selling one my best selling items and is offering free delivery (fulfilment by Amaz*n). It’s part of a range of a dozen books so I suspect if they are successful with this one, they might do it for all.

Many people will choose an item ‘fulfilled by amaz*n’ over private sellers so this line might slow to a halt. However saying that, later on in the evening, I sold one, so perhaps not everybody thinks that way.

What do other people think? Do you favour things shipped by the river themselves or those by private sellers. His is a penny cheaper but I ship same day 1st class.

Which would you choose?

It has given me the extra motivation to investigate additional platforms so I’m going to concentrate on that this morning.

Sent to cc fund £10.00
Day to day cash pot - £45

Spending plans for today : post office but have enough stamps to cover current sales. Possibility of a no spend day.

Have a good day folks…
Cottie

cottage_by_the_sea

Well that discovery last night motivated me to create a shop on Et*y and get my best sellers listed. It’s not free to list and I don’t think things sell quickly on there, so I won’t go crazy and list all my stock range. Folk*y will be next.

I did a review of my prices and found that I’m 20p cheaper that the next business competitor on the bay – so have put my prices up. Had 3 sales since so doesn’t seem to be putting people off. Every little helps so they say.

Also, when researching, I found a competitor who had copied the text on one of my listings word for word. It took me quite some time of writing and repeatedly tweaking to get the text just right. I don’t mind people ‘borrowing’ the photos but the text is just not on.

It wasn’t a no spend day in the end – 2 heavier parcels that I couldn’t use stamps on, but only a £4.40 cash spend.
Another no spend day on the credit card.
Did some financial moving around. Managed to move my savings to a higher rate account and opened one of the new 5% interest NW current accounts.

Tomorrow should be another low spend day, again just postage and no plans to put anything on the credit card. I’m going to try and cope without placing a stock order before next credit card statement date (12th). There’s just one item that I may run out of but we will see how we go.

Another gorgeous day weather-wise. Much easier to stay motivated and positive when it’s sunny. Makes me think that summer is just round the corner and of all the interesting things I will be doing. However, I hear the rain is forecast to return tomorrow. Boo Hoo.

Day to day cash pot - £40

cazmanian_minx

I switched to Fulfilled by Ama*on for my account on the River and it does seem to make a big difference to sales.

Hello, by the way Fellow self-employed online seller of things here

*subscribes*

cottage_by_the_sea

Welcome to summary of cloudy Wednesday and downpour Thursday. The weather is reflecting my financial progress at the moment.

Wednesday quite a low spend day – just £6.60 on parcels, no spend on CC

Thursday was going to be a low spend day with just one parcel to pay for, then I remember Mother’s day. So ended up spending £34.80 – a big bite out of my day to day cash fund, but Mum definitely needs a treat, so worth every penny. I have added it as a listed item in my spreadsheet so I won’t forget to plan for it next year.

Well, that was an essential spend but what happened later probably wasn’t. I received an email from a supplier with a bargain I just couldn’t pass by. Result? £100 order placed on the debit card. I was determined not to put it on my credit card. A) because of my no cc spend goal until the 12th and I realised that a bargain isn’t a bargain if it’s going to cost you interest to pay for it. I’ll be able to resell the bulk of it by the end of the month, so hopefully a quick turn-around.

Overnight I sold the last of my low stock items, so really need to place at least another £100 order with my main supplier. I’m determined to wait until Tuesday though. I’m so close that I’m sure a couple more days won’t hurt. I’m going to use it as motivation to sell as much as I can over the weekend.

Looking on the positive side:

Had a lovely day out yesterday, despite the rain. I’d remembered to take a packed lunch but ended up being treated to lunch so had the roll for tea.

Checked the savings account I moved earlier on in the week and it’s showing the higher interest rate plus they have deposited the interest payment from the old account as well.

Saw an interesting part time temp job advertised today. It’s only for 3 months so won’t stray into the fun summer months and will give finances a boost. It’s for a charity and pays more than the minimum wage, so I’m going to give it a go.

No table top event to sell at this weekend and friends are busy. I’m starting to get twitchy for something interesting to do. Possibly a danger point as I can feel the urge to shop or book up a trip.

Thanks for your comment cazmanian_minx. I don’t really want to switch over to ‘fulfilment by Amaz*n’ myself as I like to be in charge of the shipping/customer service aspect of selling. Also,I sell across 5 platforms, so I'm constantly adjusting stock levels from a slow selling site to a faster one, reducing online inventory to take to table top sales and increasing again afterwards. Lovely to hear from another online seller - it's quite a lonely existence working from home.

cottage_by_the_sea

Sunny Saturday – it’s lovely to see the sun again.

Spends yesterday just £4.40 at the post office, nothing on CC.

Spends today - £5.30 at post office and £10 in corner shop on essentials. Some branded items were no doubt more expensive than at the supermarket in town but I bought a few budget brands which will even things out. It was a damage limitation exercise as I know if I went to town, I’d potter round the market / charity shops and be tempted to spend more. I was in that kind of mood.

Feeling a bit down that I’ve only got £17 in my day to day cash pot and I’m getting a bit low on petrol. However, I keep reminding myself that I’ve not added anything to the active credit card debt in the past 2 weeks and the past few months my spending on it has been hitting £600-700 a month.

Before 2 weeks ago, my aim was no cash withdrawals, and to use credit card for everything. This would have been a good MSE strategy if I’d been clearing it off every month and if I had been spending conservatively. Neither happened which has resulted in the current situation.

The new statement is generated on Tuesday. No spends on Mon/Tues, then I’ll have to put a stock order on it on Wednesday. I’ve just done a stock audit and realistically it’s going to be just shy of £300. I could get away with £150 but it’s silly to restrict stock if that’s where I’m getting my income from. I will limit it to items I know are hot and only buy a small amount of new / unknown lines.

Buying stock is definitely a balancing act. I do love buying new stock but can get carried away buying lines that I haven’t fully researched first. Today, I’ve spent a few hours creating a list of interesting items only to find that competitors are selling them at below my wholesale price.

Regarding credit card use going forward, I think I’ll continue with the ‘pay with cash’ policy for as long as my pot allows. I have another 4 table top sales in March so providing I do well at those, it should just about be possible.
Back to listing for another hour then pizza and relax in front of a film.

Hope you all have a relaxing weekend.

Cottie

cottage_by_the_sea

Weather is really freaky at the moment. Lovely sunny day on Saturday, dafs out and thoughts of spring just around the corner.

Snow today with whistling wind for company. I might dash out in a bit and rescue some of the dafs to have a cheery vase on my desk, before they are battered to bits.

Unavoidable spends today. Needed to post 3 parcels and finally run out of stamps for my small items, so a £10 post office bill. My petrol warning light came on so a £20 top-up (just enough for a week). Also, I had to buy some alternative coffee. Budget coffee I bought on Saturday is vile so is going to be confined to the back of the cupboard for emergency use only.

I just couldn’t force myself to pay £3.50 for a small jar of branded stuff at the corner shop, so went to the supermarket today. On the plus side, the £1 for 4 budget loo rolls are fine. Ok they are not the same as the usual higher end branded ones I prefer but needs must. I did try extreme budget ones and they fell apart before use. These are the ‘luxury’ budget version on special offer so I’ll continue with these whilst the offer continues. I guess you have to try these things.

The bargain stock I bought last week has arrived. You can tell that it’s low end so I’ll knock it out cheap at table top sales and should get a quick turn around and still make £50 on the deal. I’ve sold £10 this afternoon already.

My current account has been upgraded to the 5% interest version, so I’m going to rethink my account strategy to maximise the time money stays in the account. During the process, I discovered that I have over £3000 overdraft facility across my accounts, which is interest free for 12 months as part of the upgrade. Now, I’ve always viewed using overdrafts as absolute last resort. However, just realised that I’ve got over £3200 on my credit card costing me huge amounts of interest when I’ve got £3000 worth of potentially free money available to pay it off and a year to pay it back. I need to get my head around the best way to do this; minimising interest paid to the bank and maximising the interest paid to me.

I almost made it to statement date on my credit card. My Mum asked me to order something for her yesterday and I had to oblige. She wouldn’t understand my little target. If I told her I didn’t want to spend on it for a few days, I’d find a cheque winging it’s way over to me to pay it off. I don’t want to go there. It was only £60 and she insists on paying me back, so I cracked and put it on my card. I’ll get 75p cashback on the purchase from Qco - every little helps as they say.

Anyway, head down…I’ve got to raise £400 in just over a week to pay the rent and am starting to get twitchy about it.

Cottie