The six month challenge

bexster1975 · 31 August 2018 at 8:37AM

In terms of making the baking biz work full time, I would calculate your minimum earnings needed to pay essential bills. Be ruthless in cutting extras from the calculation, but realistic in terms of what you spend. It will be loads less than you currently need working full time. If you have a small emergency fund ( 3-6 months of essential bills in an account) that should cover any down time ( e.g January may not be your busiest cake baking month) and maybe diversify your at home income a bit ( baking blog, matched betting, survey sites, product testing) so it stays interesting, fills income gaps and keeps you occupied. Once the mortgage is gone, the main fear disappears I found.

Bexster

beanielou · 31 August 2018 at 8:59AM

If you were nearer I would have cake as I have one to book for the end of November.
Great totals

Autumn_Sun · 31 August 2018 at 1:37PM

bexster1975 wrote: »

Doing great Autumn Sun

Sorry I missed your early August posts ( and yours AFK, many thanks for the name check ).

You are doing incredibly, I do think that a goal makes a massive difference. Have you considered advertising for people that you can do their Macmillan bakes for the coffee morning at end of sept? Could offer to give % of profits from all sales to Macmillan for the event. Just a thought....

Bexster

What a great idea Bexter. I hadn’t considered that at all. I shall make plans :T:T

I have calculated my budget for when self employment kicks in. Getting rid of the mortgage makes a big difference. I’ll have some back up cash for the quiet months and I am planning to get back into matched betting. Did it a few years ago so have a fair idea of how it works

Autumn_Sun · 31 August 2018 at 1:39PM

beanielou wrote: »

If you were nearer I would have cake as I have one to book for the end of November.
Great totals

My cakes do not fair well in the post :rotfl::rotfl:

Autumn_Sun · 30 September 2018 at 7:48AM

One whole month since I have posted and it has been busy! Cakes are selling very well. Not enough time in the day at the moment which in some respects is great. There have been a fair few recommendations this last couple of weeks so word of mouth is definitely spreading. The downside is I seem to spend my life shopping. Need to get more organised with this.
The good news is that it has managed to increase my savings to a whopping £4,000 this month. Who knew that when you focus really hard on something that it becomes achievable :j . I contacted my mortgage provider during the month and although they can’t give me an exact figure to redeem in December it looks as though I would need to have total savings of £14,200 to pay it off. I’m now just £2,200 short of that so it is very doable, especially as I am hoping to take advantage of the Xmas fair season.