£67,031.92 is a frightening number indeed....

[Deleted User]

Treadingonplaymobil wrote: »

No, the extra is being used to save for the extension. The parent in question is constantly trying to loan us more money (to do extension sooner), and knows we are saving for the extension rather than paying them, and is happy with that.

The parent in question has no idea about our debts. She is not desperate for the money back and isn't charging us interest, but has asked us to save £150-200 every month into a savings account and then once we've saved a decent sum to either repay them or 'reborrow' it for work on the house

Hello. Love reading your diary as it is really interesting seeing how you manage money as I think it is how lots of people approach the first steps of moving to a new way of spending. I haven’t seen your new SOA but have you been saving the £200 you were asked to, towards the extension, or has that ended up as your living money? I know you don’t think they want to be paid back but do they know you that you haven’t got the money saved? Could you have a frank conversation with them, as there are conflicting agreements here and you both need to know where you both stand financially when it is such a big sum :undecided.

Good luck with your journey and thanks for being so honest in your diary :beer:

warby68

Oh dear, someone's not quite getting what a budget is lol

He does seem to be the budget breaker more often than you - simple suggestion, draw out cash for shopping and then he can't (though controlling, I know)

Freeze his card in a big block of ice - by the time its thawed he will have time to ponder that magazine etc (only partly tongue in cheek )

Suffolk_lass

warby68 wrote: »

Oh dear, someone's not quite getting what a budget is lol

He does seem to be the budget breaker more often than you - simple suggestion, draw out cash for shopping and then he can't (though controlling, I know)

Freeze his card in a big block of ice - by the time its thawed he will have time to ponder that magazine etc (only partly tongue in cheek )

I am loving those suggestions warby68! My DH knows it's a tough month, so when he paid for the new crash helmet that apparently could not wait until next week (even though his motorcycles are both hunkered down for winter) he paid with Paypal - which took it out of the current account leaving £68 for over two weeks. I can tell you I wanted to freeze something in a block of ice and I promise it was not his CC - it was much more important to him than that(!) :eek:

Silver_Queen

Suffolk lass :rotfl::rotfl::rotfl:

Treadingonplaymobil

Well the good thing about a busy day with clients is that at least I don’t spend any money!

Suffolk lass that made me laugh!! :rotfl:

It’s true that DH is often the weak spot in the budget. I am trying to think of a way to get him more involved so he is more aware of the impact of random extra spends - cash, at least for the entertainment kitty, might actually be a really good solution to part of that problem. Definitely something to ponder. We did used to sit down once a week and look at the budgets which also helped, maybe I should reinstigate that. Another thing that gave way in the face of Not Enough Time and is costing us money as a result.

Savings/Spends:
- January 'rounding down' overpayment pot = £2.11/£8 (£30 per month pro rata for the rest of Jan )
- 2018 debt repayment goal = £656.48/£5,000

To do today
1. Finish getting house ready for client. Done.
2. Pack overnight bag for staying with friends tonight - I have a client two hours away tomorrow and friends who live near there. Done.
3. Try to find something to take as a thank you to friends - I think I might have a spare candle kicking around - rather than buying something. Done, had some biscuits and a candle to take.
4. Organise DC for cubs/beavers trip tonight before I leave. Done.

To do this week
1. Mega decluttering - stuff needs to leave the house, as it's at the stage it's hard to get tidy.
2. Start brainstorming ideas for the architect - I want to be really clear what we want by the time he next comes in March, as each revision once the initial drawings are done after that will cost about £300.
3. Plan any handmade gifts for birthdays/Christmas 2018 so I can ensure they are done well in advance. Made a start.
4. Plan and book some campsites for summer hols.
5. Check the un-allocated spends with DH and find out what they were. Done.

To do in January
1. Review 2017 spending and try to improve 2018 plans by being more prepared - plan big spends like holidays and Christmas now and be realistic about the cost. Done with DH before doing SOA.
2. Redo SOA once the remortgage is through. Done.
3. Make a 2018 business plan that is less frenetic than originally (I think I had too high expectations of myself, leading to much stress in Nov/Dec). Done.

Suffolk_lass

A lot of people find that dividing their monthly disposable budgets into physical cash helps them monitor and maintain. It works fine for going out, entertaining, and lunch pots but only in extremis for fuel and food over here (cash at the moment is the Christmas money our Son received that he passed over in lieu of the ski gear I paid on the CC). Just as well, as no other money without OD being used here! - You could try that with your DH

Treadingonplaymobil

Week 50: Day 4

Morning! Raging wind where I'm staying, but I slept like a log. The friends I'm staying with have a temporary kitchen (their old kitchen units neatened up a bit against a wall, basically) and it works so well - it's made me realise we could probably cope with a temporary kitchen situation for a year or two when we do the extension, which would enable us to save a bit of money at the build point and pay off some more debt before we install a pricey kitchen.

Hoping for another no or low-spend day today - might have to stop and grab some food on the way home from my client's house, as it's a two hour drive and I don't think I'll get fed between lunch and when I leave at 6pm.

The budget for the rest of the month is looking so tight. We have £50 for food, £50 for diesel, £20 for DH's train fares while I'm away working and £26 in the entertainment kitty, with a planned day out with friends on the weekend for DH and the DCs (which I'm hoping will come within that, as they are paying for entry and we have promised to buy coffees and cake so there can be a sit down in a cafe at some point. Two adults and five children).

My business account continues to look good though - another small payment in, so I have been able to make a start on Aprils expenses/salary saving. Only £50 towards it so far, but every little helps. My end of month invoicing should get me the rest of the way there (although then I will obviously pay myself February's pot, so will still only be two months ahead). Am so booked up with work already that I'm having to book dates in March, which is good (in that I'm getting lots of money in) and bad (in that I'm being paid so far in advance and can't continue to book every further and further ahead).

Savings/Spends:
- January 'rounding down' overpayment pot = £2.52/£8 (£30 per month pro rata for the rest of Jan )
- 2018 debt repayment goal = £656.48/£5,000

To do today
1. Try to scavenge some snacks from friends house for the journey home so I don't end up stopping and spending a fiver.
2. Work efficiently today so I'm not home tooooooo late.
3. Collapse in a heap of exhaustion. My work can be very emotionally draining as I have to support clients a fair bit through what we do, so I'm often a bit wrung out by the end of the day!

To do this week
1. Mega decluttering - stuff needs to leave the house, as it's at the stage it's hard to get tidy.
2. Start brainstorming ideas for the architect - I want to be really clear what we want by the time he next comes in March, as each revision once the initial drawings are done after that will cost about £300.
3. Plan any handmade gifts for birthdays/Christmas 2018 so I can ensure they are done well in advance. Made a start.
4. Plan and book some campsites for summer hols.
5. Check the un-allocated spends with DH and find out what they were. Done.

To do in January
1. Review 2017 spending and try to improve 2018 plans by being more prepared - plan big spends like holidays and Christmas now and be realistic about the cost. Done with DH before doing SOA.
2. Redo SOA once the remortgage is through. Done.
3. Make a 2018 business plan that is less frenetic than originally (I think I had too high expectations of myself, leading to much stress in Nov/Dec). Done.

JoJoC

Just an observation from me TOP - I know that you've planned out your working pattern for this year and you're trying to minimise your time spent working, but if you're really busy right now and struggling with how far in advance you're having to book people, is it not worth increasing your working hours over the next few weeks while it's busy so that you can make the most of the busy times? You said that your quiet time is approaching so you can drop your hours down again then, but by then you might have built up a nice tidy sum in your business account?

I'm not sure what you do or if that would work, i'm just thinking that if I was booking a service from someone and couldn't get an appointment until March/ April then I might be a bit miffed and not bother going ahead! Difficult to say for sure without context, of course, but just putting it out there as a consideration, although I'm sure it's already crossed your busy mind!

Treadingonplaymobil

Week 50: Day 5

Ooooh, I got paid for yet ANOTHER booking enquiry last night, so I now have almost all of April’s business expenses covered. So my end of month invoices to should cover the rest of April’s expenses/salary and a little bit of May’s. I WILL get three months ahead at some stage in February I think.

JoJoC it’s a good plan, and I actually already do it as much as I am able - I am set to work around 100 hours in Jan and 88 hours in Feb, compared to 50 in April and only 20 in August. I can’t up Jan/Feb any more as I don’t have the childcare to take on any more work. I hope people continue to be prepared to book reasonably far ahead, but I am at the upper limit of my working hour potential at the moment. It’s a good idea to think about in advance for next year though - I could probably have arranged an extra bit of parental childcare if I’d planned it in advance enough.

Have managed to lose a rather paltry 1lb, but it’s a start. Must stick with it, as I really don’t feel very healthy at the moment.

Savings/Spends:
- January 'rounding down' overpayment pot = £3.79/£8 (£30 per month pro rata for the rest of Jan )
- 2018 debt repayment goal = £656.48/£5,000
- £6.10 on M&S food on the way home last night. Bit indulgent but I was knackered and starving.

To do today
1. Laundry.
2. Clear work emails - another couple of booking enquiries.
3. Pack orders for smaller business.
4. Try to schedule in time to make candles next week some time - I have run out! Might need to order oils/wax.
5. Make something for packed lunches for next week - we are away over the weekend.
6. Try to schedule in marmalade making - I’m thinking about breakfast hampers for Christmas ‘18, with marmalade, jam, hm granola etc.
7. Find some work to take to DC1’s swim club, as it’s 45 mins and I can’t take my phone to do emails or anything as they aren’t allowed poolside.

To do this week
1. Mega decluttering - stuff needs to leave the house, as it's at the stage it's hard to get tidy.
2. Start brainstorming ideas for the architect - I want to be really clear what we want by the time he next comes in March, as each revision once the initial drawings are done after that will cost about £300.
3. Plan any handmade gifts for birthdays/Christmas 2018 so I can ensure they are done well in advance. Made a start.
4. Plan and book some campsites for summer hols.
5. Check the un-allocated spends with DH and find out what they were. Done.

To do in January
1. Review 2017 spending and try to improve 2018 plans by being more prepared - plan big spends like holidays and Christmas now and be realistic about the cost. Done with DH before doing SOA.
2. Redo SOA once the remortgage is through. Done.
3. Make a 2018 business plan that is less frenetic than originally (I think I had too high expectations of myself, leading to much stress in Nov/Dec). Done.

warby68

Morning ToPM

My thought with your business is that it worries me a little that you 'count' income before you have done the work. When it comes to considering how much of a buffer to have I don't think you should include income for work not yet done at all. Perhaps a separate account? My reasoning is that if you ever need that buffer, then its quite possible you wouldn't be able to fulfill the forward bookings - I presume you would have to refund in those circumstances.

I do think it distorts your earnings a little also as you are seeing a 'boost' in January but not able to actually earn it until March or April. That means its impossible to actually earn again in March say as that time is already booked.

Not sure if this would be a 'safer' way to view things in your mind and not feel quite as 'rich' ( and therefore tempted to spend) when you have a raft of payments in advance.

Not that you have to disclose, but now that Jan and Feb are fully booked, do you know what your actual earnings in those months are as in work paid for AND done compared to your bottom line of £200 and also how much your planned hours would have earned compared to actual (harder I know).

I'm also confused by the childcare issue - I thought you worked evenings and weekends to avoid that and the weekday work was at home? Childcare was the reason you said an outside job wouldn't work. Is it that you can manage your 17h average without childcare but any extra is childcare dependent?

Sorry, that ended up a bit long-winded but there was something rumbling away in my mind about the feast/famine nature of your work and need to keep a cautious mindset to avoid 'dipping' in when the money is not yet actually earned.