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

*snow*white*

GeorgianaCavendish wrote: »

That's good to know! Does it then tell you when the price on that item is cheaper in another shop, or is it tied to a particular supermarket?

I'm not sure to be honest if it is just a price alert for that shop or the item in general. I checked my email and have definitely received price alert emails though. :rotfl:

Gemsy81

There is an app called 'Hootsuite' which allows you to schedule posts on Twitter, Facebook and Instagram. There is a cost attached, but I don't think its huge, and if the time you save is time you could spend with clients actually earning more money then it is worth it.

You can also schedule in posts on Facebook, which you probably know already but thought I would mention it!

Treadingonplaymobil

Week 70: Day 5

Goodness, how is it Friday? A definite under-achiever week (apart from not killing my mum, which I'm classing as a big achievement this week).

Issues with the school are still rumbling on in the background and taking up too much headspace. I have a phone call with the chair of the governing board today (amazing what a hysterical ranting email can accomplish), which will no doubt eat my headspace for today too, so it will be difficult to get anything significant done. I am hoping for some time sitting with DC3 on the sofa while she stares at the TV and I get some emails and things done though.

thegirlinthegreenscarf are you wanting clients to be able to book an appointment with you online without going through a messaging system? I don't actually use it, but I was really impressed by Acuity, which I got free with my squarespace website.

And on the life coaching - I don't pay, as my closest friend (the only one who knows about the debt) and I were both feeling like we needed some coaching to help us get ourselves together. She saw a life coach for a while and found it really helpful, but couldn't justify the money to do so again, so we've tried to set up a similar system. Basically we're meeting once a month and both setting three goals for the coming month (mine were all habit-forming ones this month, like getting back into a regular yoga practice, dividing my work into specific days etc), checking in once a week with an update on how we're getting on, then at the end of the month talking through what worked and what didn't, and setting goals for the coming month. It works because we're close enough to be stern with each other if we need it, and to make suggestions that might be a bit uncomfortable. I can't think of anyone else I would have been able to do it with, so I'm lucky that we both needed the same thing at the same time.

I just can't believe how bad the budgets are looking this month. It's ridiculous. DC2's school trousers were suddenly flapping round his ankles after a growth spurt, so I've ordered him some more, which has taken the DCs' clothing spend for the month up to ridiculous levels. The only savings pot left unmolested is the extension one! Amazing how a few big expenses have completely changed things from a positive picture last month to a barren financial wasteland this month. I'm going to rejig my income division, because saving for things like paying annual insurances in advance is a bit silly when I've decimated the birthday and Christmas pots. I'm going to shift it to:
5% biz account savings pots
20% future months in biz account
25% extension
10% debt overpayments
10% house stuff
10% Christmas
10% emergency fund
5% DC1 tutor
5% food/household bulk supplies
I may shift that around further at some stage, but that seems more sensible at the moment. As we've discussed so many times, the real problem I'm facing is trying to balance a budget that doesn't really balance, but at the moment I need to settle for the fact that the debt is going down, not up, and even if I end up adding to it with birthdays or Christmas later in the year, the net effect is still going to be down for the year. I know we have discussed the total horror of accepting Christmas going on the CC when we're still in June, but I know that it's better for me to do that than to accept a little spend on the CC each month to make the budget balance - as soon as I get into that then the 'little spend' will get bigger and bigger each month until I'm not paying anything off at all. Easier to give any CC spending a 'boundary' of being only for Christmas, if it becomes necessary towards the end of the year.

Of course, DH's overtime cash injection will help a little, but it won't be a life changing sum - I think he'll only have one day's worth in this month's pay packet, and 2-3 days worth in next month's. If they keep offering overtime I think he'll keep doing it though, he isn't finding it particularly exhausting even though it's a lot of days at work on the trot (he does like his job, which helps!).

I think something I do need to do is go back over the past 4-5 months and do another accurate SOA (not a wishful thinking one), averaging the spends on things like DCs' clothes over that period. It will be really easy to be accurate as it's all laid out in YNAB, rather than having to fish through bank statements. I think looking at 4-5 months rather than one 'good' month in isolation might help get a clearer handle on things. I think at that stage I need to assess whether I need to up my basic earnings goal each month (I could absolutely do this - I am earning significantly more than the £250 that the budget asks me to each month, it would just mean using it as straightforward income rather than 'additional earnings' to be divided up as above, so less pleasing but more realistic), in order to create a genuinely balanced budget.

To do yesterday
1. Life coaching weekly check in with friend.
2. Stock order.
3. Social media post.
4. Clean dining room before it disintegrates again!
5. Clear emails.
6. Make food with the defrosted bits and bobs lurking in the fridge, or chuck them out (I defrosted some leftovers, some cooked veg and a few other things, and I think they're past it, but need to check)
7. Finish contract work for next week.
8. DH book wildlife survey.
9. Book asbestos survey

OK, so yesterday was a bit of an achieving-things washout, as I knew it would be. Hopefully today will be vaguely OK.

To do today
1. BOOK ASBESTOS SURVEY.
2. BOOK WILDLIFE SURVEY.
3. Check through contract work for next week.
4. Phone call with school person.
5. Make mackerel curry for dinner.
6. Package the remaining order for smaller business.
7. Post the little pile of orders for smaller business.
8. Do some cleaning to minimise cleaning required for clients on Sunday.

Mini goals:
- £16.98/30 June rounding down pot.
- £2,787.85/£5,000 2018 debt repayment goal.
- £25.82 daily earning goal.

warby68

I think you're spot on with that plan ToPM, a realistic budget and a realistic income need from you to meet the reasonable living requirements. You do NEED to earn a certain quite chunky amount way above that £250 each and every month it seems. An unrealistic budget makes everything seem like a fail when really it was just a bit ... well.... unrealistic. I know you wanted the pressure to be off yourself to earn and to feel like your income was 'free' to do other things with but not actually essential if you didn't do it. Trying that out for a few months has shown how much your family needs your money for regular expenses. Hopefully you won't feel so guilty about work time versus family time when you know how non-negotiable it really is.

Hope you can do this rebudget and keep the positive mindset

enthusiasticsaver

Redoing an soa every so often makes sense and I think Warby is right in that you need to set an earnings target above £250 a month to come even close to balancing your budget. Can the overtime be set aside for Christmas? On the plus side the debt is still coming down and you know that your income is insufficient for all your expenditure based on you raiding the savings pots.

Glad you didn't kill your mum this week. I have my mum down staying for the last week visiting my new DGD2 and her DGGD2 so I have spent a lot of time explaining that bringing babies up in the 21st century is a lot different to bringing them up in the 1960s and 1970s. For anyone who has kids "cry it out" seemed to have been prevalent then and seems very cruel now. It also may amuse you to know I have completely blown my eating out budget this week too!!:)

Treadingonplaymobil

The ultimate SOA

Right. I have created possibly the most accurate SOA I have ever done. It is based on five months worth of budgeting (although the Christmas cost is based on last year's spend, as obviously we haven't spent anything on it over the past six months). We have never kept such a tight record of our budget as we have since January this year, and it's been a good spread of birthday, holiday spends etc, so it feels fairly 'true' to have based all the numbers below on an average of all our YNAB figures for the period 1 Jan to 31 May...

I'm going to politely request that you be gentle. This is not a hypothetical budget or one I think I 'deserve', this is a genuine record of our spends so far this year, and feels a very vulnerable and honest thing to post even this far into my MSE journey. There is, as you'll see, a massive shortfall, which I'll discuss below. Notes in pink where necessary.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2893
Partners monthly income after tax....... 250 This is up for discussion. My post tax income for 2016/17 averages at c.£700pm. I haven't finalised 17/18 yet but it is definitely higher, looking more like £775pm on average
Benefits................................ 192
Other income............................ 0
Total monthly income.................... 3335

Monthly Expense Details
Mortgage................................ 709
Council tax............................. 147
Electricity............................. 100 Gas and electricity. Was £50 until this month but we have a shortfall
Water rates............................. 75 South West Water, meter. Say no more.
Mobile phone............................ 70.94
TV Licence.............................. 12.37
Internet Services....................... 18.99 Phone and internet
Groceries etc. ......................... 460 I'm shocked this isn't higher, even with the £40 on bulk below
Household/bulk supplies................. 40
Petrol/diesel........................... 260 We budget £225
Road tax................................ 16.62
Car Insurance........................... 32.74
Car maintenance (including MOT)......... 97 We budget £40
Car parking............................. 0
Other travel............................ 57 We budget £50
Buildings insurance..................... 31.84 building and contents
Life assurance ......................... 16.26
Haircuts................................ 26
Entertainment........................... 150 Astonishingly we come in bang on budget for this
Holiday................................. 92 We budget £75
National Trust.......................... 10
Christmas............................... 100
Tutor................................... 17.5
Emergency fund.......................... 50
Extension savings....................... 289 I have left this at the bare minimum level we previously budgeted - this is not enough to hit £5k by the end of the year.
YNAB subscription....................... 3
Dentist................................. 5
Birthdays............................... 180 We budget £60
Music lessons........................... 15
Sticker subscription.................... 20 I could stop this, but the DC love it. I only promised them six months worth for Christmas, but I know they will be disappointed when it stops.
Pocket money............................ 5
School trips............................ 10
House stuff/maintenance................. 160 Ahem. We budget £15. this is partly so high because it has been included in the 'extra earnings division' so extra money has been spent because it was there, rather than because it was essential, but that doesn't account for all of it by any means.
Children's clothes...................... 120 We budget £60, so this is a 100% overspend. I don't feel we are indulgent with the DCs' clothes, but DC1 in particular is growing so fast, and there always seems to be something big like two new pairs of shoes or, as next month, an entire set of school uniform to buy.
DH kitty................................ 40
My ktty................................. 16 We budget £20, I may go wild and continue to give myself £20
iCloud.................................. 2.49
Netflix................................. 5.99
Swimming................................ 34
Cubs and beavers........................ 30
Total monthly expenses.................. 3525.74


Assets
Cash.................................... 1600 This is mostly the buffer in my business account so isn't really available.
House value (Gross)..................... 225000
Shares and bonds........................ 1700 This is just a way of differentiating the cash for the extension held in premium bonds
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 228800


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 191971...(709)......2.25
Total secured & HP debts...... 191971....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................10541.....244.......0 We currently pay £288 per month rather than the minimum.
Virgin.........................2753......28........0
Parental loan..................20000.....0.........0
Total unsecured debts..........33294.....272.......-


Monthly Budget Summary
Total monthly income.................... 3,335
Expenses (including HP & secured debts). 3,525.74
Available for debt repayments........... -190.74
Monthly UNsecured debt repayments....... 272
Amount short for making debt repayments. -462.74

Personal Balance Sheet Summary
Total assets (things you own)........... 228,800
Total HP & Secured debt................. -191,971
Total Unsecured debt.................... -33,294
Net Assets.............................. 3,335

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Clearly there's a teeny weeny issue here. A £462.74 per month issue, to be precise.

I know there are massive cuts that should be made in certain areas (birthdays, Christmas, house stuff/maintenance), but my main reservation with changing the SOA above to a planned budget is that it won't be realistic and we won't balance it any more than we are now. So the next logical step is to look at upping my income.

The biggest problems with upping my income are:
a) I won't be able to develop a bigger safety net (currently have three months expenses plus salary of £250pm). I would feel more comfortable with six months in hand before we start building the extension.
b) I won't be able to add extra to the extension pot with my 'extra' income. Ideally we need to be putting £600pm by, so an extra £300 on top of what we currently put by.
c) I won't be able to bodge the numbers when we screw up by transferring some spare cash over from my business account.

I am too tired to really think this through now, but my initial thought is that we do something like this:
1) Increase my income to £650pm (an increase of £400pm) which would cut the shortfall to £63.
2) Alter the SOA to make a functioning budget with that increased income - I suspect I could make that cut solely from the household 'stuff' spend (which was partly on essentials like floor and tile paint to cover the disgusting tatty mess till we extend and a £200 boiler repair, but also largely on indulgent things like nice mugs and picture frames).
3) Increase the basic savings rate for the extension by finding cuts elsewhere. I'm not sure where, but it would reduce the panic caused by no longer having much prospect of earning significant'extra' income.

I'm going to bed now and will pop back in the morning with more ideas and energy, but welcome any thoughts!

Suffolk_lass

Maybe a parent would like to fund the tutor for DC1, or sponsor their swimming lessons?

I have been known to share my Son's netflix if I have ever wanted to watch something but I don't often have time. I always have loads of cheap DVDs, but then I have room to store them so maybe not...

You could use my supermarket alerts so you only buy your bulk stuff when it is on offer

I'm not feeling great (popped a rib cartilage last weekend and now have the inevitable cough so really uncomfortable) so not my best thoughts. I will have a think too

wishingthemortgaheaway

The sticker subscription may need discussing before a Christmas, if they want it to continue, then it's part of their Christmas spends this year, they don't get 'normal' Christmas spends, plus stickers. It has to include stickers for 2019.

Birthdays, I think it's the party 'extras' that mean this is over budget isn't it? I know you bought lots of reusable things this year, straws, cups etc. so, it has to be cheaper next year, and you may have to reduce what the children expect. Maybe just a birthday tea, at home with a couple of friends, not a 'proper' party. You will not be the only parent saying this.

Gas & electric: change suppliers? And get the children to be 'eco warriors' turning off switches, all the usual jazz, you will have more ideas than me. Also, remember, you are coming out of winter and into summer, so monthly averages should be dropping significantly at the moment.

Holiday budget, again, does this include spends for holidays already had, and therefore, the first half of the year is a higher monthly spend and it will reduce as the year goes on?

Tutor: have you seen the BBC documentary on grammar schools (I believe that's why you feel your child needs a tutor) of the four children in year 6 they followed, in episode 1, three had a tutor and those three didn't meet the selective school standard. I thought it was interesting. Familiarization with the type of questions being asked will help to a point, but the assessments are attempting to be 'tot or proof' so perhaps not the best use of time/ money. Get the example books (clearly shown on the documentary several times) see how child does on those, then make a more informed decision about the benefits of a tutor.

Mobile phone..... where are you up to on this? When will you have paid off the handset on your contract? I know you use your phone camera for business, but that doesn't mean you need to upgrade your phone once the handset loan is paid off. Also, if it really is for business, then the business needs to pay for it (same if that's what iCloud is for)

Finally, and I hope I've been gentle as requested but, even with no credit card or parental debt this SOA would still be around £200 a month short (unless you up your income) so, paying off your debt isn't actually going to allow you to live as you want, especially if you are going to take on more debt for the extension that many question whether you can afford. I know part of the extension plan is to borrow from family. Is this the same family who have already loaned you the £20k you are meant to be paying back? Because what if they say 'yes, we'll lend you another £20k, but you've already got £5k of it saved up to repay the last loan we gave you, haven't you? So, I'll just transfer £15k, and use the othe £5k you've got saved to pay me back' - this would scupper plans even more.

Honeysucklelou2

You have allowed £10 for school trips...I'm not sure how old your oldest is but one thing that I have learned as a parent is that children become more expensive as they get older!! My DD is moving up to secondary school this year and I will have paid over £200 for her Y6 camp ( by July), have her new uniform to pay for and a further camp fee for a Y7 camp that she will have to go on early into the new academic year. I know that you can argue that camps aren't compulsory but they are a rich learning experience. What I'm trying to say is that as your DCs get older that £10 a month may well need adjusting.

There are lots of SATS practice materials available that may well help before needing to go down the tutor route. Some schools do SATS clubs to give extra time to preparing children for the Y6 SATS. Some schools also subscribe to various educational sites such as My Maths or Sumdog. Children have access to logins that can be used at home. This would allow practice of learning objectives.

Treadingonplaymobil

Week 70: Day 6

Woohoo, it's Saturday! The closest I have to a quiet day this week. DH is doing overtime, but the DC and I have nowhere to be, so we can have a fairly relaxed day. Still loads of things I want to get done, of course, and I need to get ready for clients tomorrow, but at least I don't have to rush around to any appointments today.

I ended up with 40 things on my to do list yesterday. Didn't complete it, but did get 24 things done, including a couple of big ones.

I have had a decent sleep and have woken up with a few ideas with the SOA. I will respond to all your posts and add my own thoughts in a moment.

To do yesterday
1. BOOK ASBESTOS SURVEY. Waiting for the chap to get back to me after contacting him.
2. BOOK WILDLIFE SURVEY. DH has several quotes now, so we need to pick one today and arrange it.
3. Check through contract work for next week.
4. Phone call with school person.
5. Make mackerel curry for dinner.
6. Package the remaining order for smaller business.
7. Post the little pile of orders for smaller business.
8. Do some cleaning to minimise cleaning required for clients on Sunday.


To do today
1. Prep studio for clients.
2. Package order for smaller business.
3. Post orders for smaller business.
4. Make soup for clients.
5. Bake biscuits for clients.
6. Clear laundry and ironing before it mounts up.
7. Tackle SOA and turn it into a functioning budget.

Mini goals:
- £17.57/30 June rounding down pot.
- £2,787.85/£5,000 2018 debt repayment goal.
- £25.95 daily earning goal.