Help needed please, worrying about money

lessonlearned

Summerdaze wrote: »

I have been busy.

I've spoken to sky, I tried to cancel the tv package which would have brought the bill down to £30 a month. They offered me a deal of £29.50 a month to keep everything the same for 6 months so I said yes.

Spoken to my credit card company, they have reduced my payments form £50 to £20 a month for the next 3 months so that will give me some breathing room.

Dp is a sole trader.

That is a great start.....

Next it's time to get down to the nitty gritty.

The best place to start is with a spending diary. Keep all receipts and note down everying you spend - every single penny for at least a month. In fact I'm now debt free but I still keep a spending diary, it keeps me on track.

You will soon see where you can make some savings.

Next pop over to the Old Style board. You should be able to shave off at least £50 from your food bill, maybe more. Look at your food stocks and have a use up month, put what you save towards the rent.

Next have a massive declutter, and get selling. For quick results try and do a car boot sale this weekend.

My OH and I used to do a car boot sale once a month throughout the summer. It saved our bacon more than once, it's instant cash.

I bet your parents, and family will have loads of stuff they would be happy to give you for your stall. You could do a series of car boots over the next few months and build up a bit of a cash reserve for when your partnerS income falls short. My family were only too glad to give me the stuff just to get rid of it.

Your budget shortfall really doesn't look too bad. I reckon that by reducing your food bill, and by selling stuff you could easily make up the balance.

However, the real problem is your partners variable income and the fact that he doesn't always receive it in time for the rent.

You really need to try and build up a contingency fund for this asap.

If you look at the make £10 a day challenge you will get lots of ideas on how to make a little bit of extra income.

As a matter of interest what is your partners business. Is there any way he can make it more profitable. If you let us know what it is i'm sure you will receive lots of ideas as to how he can "add value" and make more money. Or perhaps use the main business as a launching pad for a sideline business to give more scope.

I would also suggest that you start reading some simpleliving/frugal living blogs. Also stick around these debt boards, the old style boards and the boost your income boards. You will get lots of support and encouragement.

Well done on grasping the nettle before it's too late. I think your situation isnt too bad at the moment, you just need to keep tweaking.

Ebe_Scrooge

Nancy Jones, I doubt very much that the OP is your "buddy", nor that they're interested in buying your spam.

greensalad

Can you get your CT spread over 12 months?

Most councils put you on a 10 month payment plan, but it was as easy as me requesting over email to change my payment plan to 12 months instead of 10. It makes it easier for us budget wise and dropped our monthly repayment by £30, which really helped.

sugarcube84

Summerdaze wrote: »

I'm trying to talk to him now via text, he's just saying he can't get a proper job, he will be paid peanuts and hate it and we will be worse off. I've shown him the numbers. he's just saying he will move out then, because that's really helpful with a baby on the way.

My hubby was bit like this when the business wasn't doing too well, not through lack of work coming in or hard work on his part, but from people not paying. He was adamant he couldn't/wouldn't get a job as it would be detrimental to his business in the end we compromised and he took a job 2 nights a week as a night porter at a hotel. It was the best thing he could have done, it took the pressure off as they was a guaranteed amount coming in each month yet didn't impact on the business. Plus if work slowed he could pick up a couple of extra shifts as cover.


Why don't you suggest a part time job? Put is this way 2 night shifts per week added up to about £400 a month for us. That's 2/3 of the amount you need from him leaving just £200 to earn from being self employed if he can't earn £50 /week then he needs to seriously re consider the business.


On another note my hubby ended up winding his business up due to repeat non payment from customers so I know what its like and he was stubborn and soldiered on another 12 months after he should have wound it up.

sugarcube84

Sorry just re read it's not £50/week it's £50 plus his other bills, even so my comment still stands he should be able to easily cover this through the business if not it need a re think.

LannieDuck

Will the childcare bill drop when you go on mat leave? Would your work allow you to get an evening/weekend job while on mat leave?

I agree with the others - you and OH need to do a proper mat-leave budget to see where you stand. If his £600/mth is essential, he needs to find a way to guarantee it. That may mean a part-time job alongside the self-employment.

debbie_debt

I'm on maternity leave too - it's only once I've got further into my leave that I've realised how much of a hit our finances have taken. Wouldn't change our situation for the world, but it can kill your monthly budget. You're not allowed to do any paid employment whilst off on mat leave, but you can do self-employed work. Is there anything you could do occasionally once you've recovered from the birth (or before if you're finishing quite early) to bring in some cash?

I'd agree with pooling resources with your oh. Everyone works their finances differently as a couple, but I just find that separate money only leads to resentment and arguments.

I can also sympathise with you and your oh being on different pages when it comes to money. With the best relationship in the world, trying to tell someone what to do with their career can be tricky. Equally, some people just don't open up well about money. But are you sure that's all it is? Do you trust completely that he's not frittering money away? A really honest face-to-face discussion about everything should help him understand that you need to sort this out.

Other than that, get some quick cash in by selling everything you can asap. Do you have everything you need for the impending arrival?

xx

sharkei

I would recommend contacting your local Citizens Advice Bureau debt team. They will definitely be able to help you manage your debts and make sure that your income is maximised.