Leaping from debt free to self employed

CreditCardJunkie

And we are officially and completely debt free 👏👏👏
I have £300 started in my emergency fund and hope to add an extra £250 in when I get paid at the end of the month... progress after that will be slow as my income will drop quite signicantly.
Here we go, a little excited and a little scared!!

southern_chick

That is amazing. Well done 👏👏👏👏 xx

Sarahwithlove

That's great news. At least you won't have it hanging over you going into 2021 👍

enthusiasticsaver

Fantastic.  Debt free to start a new year.  Well done.  Get yourself on that debt free roll of honour. 

CreditCardJunkie

Thank you all!
@enthusiasticsaver I forgot all about the roll of honour! Have done that too. Had a nice takeaway and a glass of my favourite tipple to celebrate this evening. Over Christmas/New Year we are going to work out some new savings goals for 2021...I definitely will start a Christmas fund and build on the EF. Struggling to find savings challenges on MSE?

enthusiasticsaver

There is a thread called saving £12k in a year (doesn't have to be £12k you just set whatever target you want) on the savings forum. 

CreditCardJunkie

Another £50 added to the EF bringing the total to £350...I think I'll only be able to add another £100 at the end of the month as I ordered myself some new trainers (my existing pair are seriously done) and we had another home improvement done last minute before Christmas as we've gone into full lockdown in Northern Ireland & we didn't want to wait until Feb!

The bad news is my new very part time job is closed and it doesn't look like I'm going to get furloughed as I wasn't on the payroll as of 30th October. I have enough savings to make up the shortfall for one or two months at a real push so here's hoping the lockdown doesn't last any longer.

I'm going to be using this time to recharge (although I do have to run the business at a few hours per week), I think I was pushing towards burnout.

CreditCardJunkie

Paid again and made the EF up to £500 as I received a small refund from student loan overpaid the year I was on maternity.

CreditCardJunkie

EF down to £450...I got absolutely drenched while out walking last week as I don't have a waterproof coat that fits me so I've bought a new one...maybe not an emergency but for me it is an essential and it will get plenty of use.

In other news didn't get furlough for my very part time job which has left my income for Jan less than my outgoings. Not good. I have applied for UC (which I very much doubt I will get) but I have my EF and DH should be able to cover more of the bills if required.

Otherwise enjoying self employed life and spending lots of quality time with my daughter! Ask me in 6months if I made the right move 🙈

Sarahwithlove

Oh no fingers crossed you might get some UC to help tide you over