Budget Wars - A New Hope (with apologies to George Lucas)

crazy_cat_lady

Busy as ever Bob - I'm exhausted just reading that...
Pleased that the plumbing is sorted. Long may it continue.

LauraB89

Glad the plumbing is sorted - sorry to hear people have cancelled, it must be very frustrating!

xx

Bobarella

LauraB89 wrote: »

Glad the plumbing is sorted - sorry to hear people have cancelled, it must be very frustrating!

xx

Thanks on both counts :T

It is annoying. But more annoying is the fact I cant seem to think of a bullet proof way around it. I feel like other businesses must do it better. But then I remind myself I've only been doing this particular business since September. And I'm just about managing to pay the premises overheads plus pay us something too. So I must be doing something right. I'm not leaving it as long on chasing people up for payment now, if they want to book then 2 or 3 days max is long enough to get the money together.

Bobarella

JWPopps wrote: »

Glad to hear the boiler situation is looking better!

Hope you have a fab weekend - try not to let the 'lost' money get to you, although I know that's easier said than done. Just remember it's not your fault people are flakes!!!

Thank you. The control freak in me needs to remember I can't control others. Only me

crazy_cat_lady wrote: »

Busy as ever Bob - I'm exhausted just reading that...
Pleased that the plumbing is sorted. Long may it continue.

I'm sure you do just as much in a day Cat, :T

Bobarella

Hi All

Mini drama unfolding. Had popped over to check out the issues at the business this morning. OH told me that it would be super easy to check on something, and gave me the tool for the job. I did exactly what he said but somehow it's all gone wrong and I'm sitting here feeling like what happened!!! Waiting for him to arrive.

More news as it happens....

Bob

sashybo

Hope everything works out ok Bob, sending positive thoughts your way.

[Deleted User]

Oh dear! Hope everything gets sorted ok xx

Bobarella

sashybo wrote: »

Hope everything works out ok Bob, sending positive thoughts your way.

Thank you much appreciated:o

Deleted_User wrote: »

Oh dear! Hope everything gets sorted ok xx

Thanks hon.

Bobarella

And breathe!

OH came we managed to stop the issue and also got on top of the stress inducing situation from the other evening.

I still feel absolutely awful to be honest, it's that horrible feeling where you are flooded with stress endorphins and afterwards feel utterly wrung out. But I am starting to feel back to myself because at the end of the day we didn't have to call a professional in, and I am now feeling a lot more confident about the event on tomorrow because I won't be stressing about walking into trouble then.

Anyway. I would really appreciate some advice actually if anyone cares to wade in.

As I have mentioned before, I have my accountants bill coming up in March which is £800. I also have the annoying situation that my landlord insists on the buildings insurance being paid in a lump sum in February. It's normally about £400. I don't know why he won't do it by installment but it's his decision not mine.

I should be in the clover right now as I have no rent to pay this month or next, again landlord insists on rent over 10 months not 12. But I 'lost' £600 this month due to cancellations. So effectively I am not sitting on my usual rent amount like I'd hoped. Sorry this is a bit rambly but I am trying to set the scene.

I have an expensive piece of equipment to sell, which was only suggested to me by a mutual party I wouldn't have thought of it as we still use the item. However it was pointed out that I could very easily downgrade the item, buy another for between £150 and £300, & sell my old one for around £2,500.

In people's opinions should I:

A) Keep banking as much as I can before March in the hope that my business cash flow will deliver around £1200 straight up. I do have my own insurance ending in Feb so that is £89 per month towards it in March & April.

If I pull our belt in to the max, I can put £636 towards my needed £1200 from our side. Adding in the £89 insurance payment saving that means I'd need £475 out of cash flow between now and March. Which should be easy.

C) Borrow £1200 on a 0% deal and repay it over the next year. Or even until the big kit sells, when I could immediately clear the amount. The item I have is a top named item and they are like a Rolls Royce of that machinery class so I can't really see it not selling within say 3 to 6 months.

I would need to pull my finger out and then save £66 per month to actually have my £800 by the time next March rolls around. Plus £33 to cover the insurance. £99 per month.

Sorry this is a bit of a brain dump.

I am scared really of using a 0% card because in the past I have had situations like, takings go to rock bottom for a week or so, but you still have to pay your bills. So let's use the card.....That is where I was around 2 years ago. It was terrifying and I felt like I was being dragged along behind a fast car that wouldn't slow down for a moment to let me get off.

So debt scares me. It was only a few months ago when I had to pay out a large sum to have various bits of equipment fixed. What if I borrow for the planned expenses and then have something go wrong?

Ok. Stopping now....I do feel so in need of advice at times. That is the worst thing of being your own boss as there is no one to talk to really.....

Bob

JWPopps

Hmmm... that's tricky, and I don't have any particular advice, but my gut feelings are:

- Is there any chance that getting a cheaper alternative of that item will backfire on you? You know, is it a situation where you've paid for the quality because cheaper versions are known to break and therefore doing this would be a false economy? If that's the case, then I'd be really wary of selling it. You must have bought the best of the best for a reason when you did. There again, if genuinely a cheaper version will make little to no difference, then that could be a great answer.

But - what happens next time when there's no expensive thing to sell? You don't want to keep reducing down and reducing down... your life is not a soup!

- I'd also be wary of a credit card, even a 0%. On one hand, it can really, really help you manage the cost of something and from your diary it seems clear that you would be totally on top of repayments and stuff, you're super organised. However, as you say, paying it off that way reduces your monthly budget, so I guess you need to decide by how much and what impact that's likely to have on your life. I keep thinking about my credit card, I'm going to be so happy when it's all paid off because even though I'm paying back what I originally spent so in that way it's not like I have nothing to show for it, my life will be so much nicer when I'm not flinging £150 at a credit card bill every month!!

- In an ideal world, I think the belt-pulling would be the best solution. BUT it might very well be that this will also make you miserable in the short term, as you'll feel you've had to do without a lot in order to get there.

Like I said, absolutely no answers - but if this was my situation those would be the questions I'd ask myself... I empathise, it must get quite stressful at times.