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Mizmir's 10 month challenge!
mizmir
Posts: 3,710 Forumite
Just posted on the main board but on reflection I think a diary is what I need to keep going.
A brief intro. I have been a member here now over 10 years. I became debt free back in 2014 clearing nearly £60K of (joint) debt with a house sale. Since then we have been doing OK - no house but cars paid for etc. and keeping on top of things - until we had a few pretty expensive and painful emergencies last year leaving us with some debt again.
Recently, my partner and I have decided to separate our finances, which is great in that it means I am completely in control of my spending but scary as I am self employed and now completely responsible for making the money I need! My money is variable and comes in daily which makes it a little harder to plan so
I have created a YNAB including goals for future spending needs. I'll have to run that for a month or two before I can see exactly what I have and what I spend - this is the first time in 18 years I have been the only one spending from the account!
So my debt is £6200 on 0% until May 2018 by which time I want to have paid it off. I will be taking my occupational pension early in April next year which will include a lump sum and I want to invest in a small house then - security for later full retirement. I will be able to clear any residual debt then but I would rather pay it off before so I have more for my house!
I am a sole trader and my income is around £1800-2000 a month gross and about £1000-1200 after business expenses, tax etc. Some of my "expenses" are included in those business expenses - e.g. part of my car, phone, internet are business use plus I claim home office against tax.
My current budget allows for £200 a month debt repayment - which is a third of what I need to clear the debt in 10 months. So I will be looking to minimise current expenditure, sell some stuff and increase income - to cover the extra.
This diary is where it will happen!
First steps:
YNAB budget set up and already helping. Done
Committed to 10 NSD in August - I suspect a lot goes through a couple of £ here and a fiver there. Done - just need the NSDs now!
Get my business tidied up and accounts in order - I have all the info but tend to compile it all for tax returns - now getting it into my books on a daily basis! In progress.
Aim is ultimately for one new customer or purchase every day! That will do most to increase my income. So longer term that is my plan.
A brief intro. I have been a member here now over 10 years. I became debt free back in 2014 clearing nearly £60K of (joint) debt with a house sale. Since then we have been doing OK - no house but cars paid for etc. and keeping on top of things - until we had a few pretty expensive and painful emergencies last year leaving us with some debt again.
Recently, my partner and I have decided to separate our finances, which is great in that it means I am completely in control of my spending but scary as I am self employed and now completely responsible for making the money I need! My money is variable and comes in daily which makes it a little harder to plan so
I have created a YNAB including goals for future spending needs. I'll have to run that for a month or two before I can see exactly what I have and what I spend - this is the first time in 18 years I have been the only one spending from the account!
So my debt is £6200 on 0% until May 2018 by which time I want to have paid it off. I will be taking my occupational pension early in April next year which will include a lump sum and I want to invest in a small house then - security for later full retirement. I will be able to clear any residual debt then but I would rather pay it off before so I have more for my house!
I am a sole trader and my income is around £1800-2000 a month gross and about £1000-1200 after business expenses, tax etc. Some of my "expenses" are included in those business expenses - e.g. part of my car, phone, internet are business use plus I claim home office against tax.
My current budget allows for £200 a month debt repayment - which is a third of what I need to clear the debt in 10 months. So I will be looking to minimise current expenditure, sell some stuff and increase income - to cover the extra.
This diary is where it will happen!
First steps:
YNAB budget set up and already helping. Done
Committed to 10 NSD in August - I suspect a lot goes through a couple of £ here and a fiver there. Done - just need the NSDs now!
Get my business tidied up and accounts in order - I have all the info but tend to compile it all for tax returns - now getting it into my books on a daily basis! In progress.
Aim is ultimately for one new customer or purchase every day! That will do most to increase my income. So longer term that is my plan.
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Comments
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Happy New Diary x0
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Good luck with your diary, they all sound like achievable goals and you seem determined.DEC GC £463.67/£450
EF- £110/COLOR]/£10000 -
Happy new diary
Look forward to following x0 -
Thank you all. Yes am feeling determined. I want to turn this round and prove that I can do it - get debt free again, start saving again and have a secure retirement when it comes round. Officially further and further away but I will be taking my pension next year and continuing with my business as well - but I want to get to the point of being able to live on my pension as soon as possible. Then I can decide when to wind down the business rather than having to keep going. I am loving it at the moment but I can imagine that might have changed in 10 years time!0
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Subscribed, and Happy New Diary! :T🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Well I used to find keep a daily list of goals helpful so here goes:
- [STRIKE]NSD no 1 - plenty of food in the house and no need to go anywhere so should be easy today.[/STRIKE]
- Finish off my 2016-2017 tax accounts so I have an exact figure for tax owed.
- Add recent business expenses to my ongoing books
- [STRIKE]Update YNAB and allocate yesterday's income.[/STRIKE]
- [STRIKE]Two hours min supporting current clients.[/STRIKE]
- [STRIKE]One hour min towards getting new clients[/STRIKE]
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So yesterday I did all of my tasks except the ones relating to the books - interesting - wonder if some avoidance there? I did however spend some time analysing where in my business my current income is coming from which is a good starting point for planning to increase it.
And a NSD - one down, nine to go. Am aiming for another today. Lots to do but all based at home so will hopefully avoid spending.
Goals today:- [STRIKE]Clean the house (visitors tomorrow)[/STRIKE]
- [STRIKE]Client report[/STRIKE]
- Video editing (for clients)
- Meal plan from fridge/freezer/cupboards
- [STRIKE]NSD[/STRIKE]
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So still loads to do from today's list. Realised I had to write something for my email subscribers (my business is largely internet based with some face to face workshops etc) so it was lunchtime before I got started on my list. Now off to start the cleaning!
On the DFW front I have made a list of some of the things that I will be able to sell over the next few months - some will be needed for a bit yet but should be able to go by Christmas. Which is good as I have just realised Christmas is not in my YNAB!
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New customer today! Not a lot of money up front but if they stay will be recurrent monthly. 0
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Your having a great day, well done on the new client DEC GC £463.67/£450
EF- £110/COLOR]/£10000
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