First Steps to Solvency

alt80

Nothing as sure in life as death and taxes ha. Dread to even think how much they’ve robbed from me over the years.

Main business is mainly service based yes - lot less cash hungry. 

Accountant has already started to help re wife allowances etc. 

Thanks for giving me some things to think about moving on from debt. Gives me something to focus on rather than finding stuff to buy. Distraction seems to be working well for the moment and if that results in being better for income generation then win win all round. 

Not getting to the point of being so angry I can’t see the wood for the trees definitely helping too. 

Had a small sale this morning (not the enquiry) but another £150 to clear off the M&S. Hoping that’ll be gone by end of year and looking at £25k left to clear. Think I’ll hit those 0% offers if I carry on like this. Am aware the lockdown is helping again, removes a lot of temptation.

mothsinmywallet_2

Lockdown definitely good for time to think and refocus. You're doing an excellent job. You seem to be taking every part of your life and holding it up to the light. It's such a hard thing to do.

alt80

Struggling to get out for a decent walk really getting to me now especially when we’re not meant to be going anywhere in the car either. Had son whilst wife did 10km run just played a few games and made him a hot chocolate. Nice to forget about finances/ business. 

FA on my mind a lot at the moment just want it through now and get the project done. Originally planned to sell as individual units hoping to be complete around February. Various !!!!!! ups mean I’ll probably only just break even after all fees etc and that’s if the market stays as it is. Seriously considering just refinancing onto BTL and review when refinance - going to struggle to get it down to 75LTV and 80 deals for ltd seem to be dwindling fast. Won’t see any income off it for quite a while - the income will have to pay ltd back but long term it’d be an easy block to manage, good demand from professional tenants, downside looking at 6% yield. One of those things I wish I’d not bothered with truth be told but have you even played the property game if everything has always gone swimmingly lol? 

@mothsinmywallet_2 thanks. agree re lockdown not a lot to do, nothing to buy and avoiding browsing online spending time with family so all good. Not easy though follow up with gp next week and everything all hinging on FA too. If I don’t move on with the life/ mindset stuff I’m going to get nowhere but back spending on cards.

QueenJess

getmore4less said:

TheAble said:

48, 50 tops for me. I only wish I'd been smarter with money when I was younger - could have been done by 30...

They recon with, spend 1/3, buy a house with 1/3, invest 1/3  you can do it in 20-25 years
A pot around 25 times spending needs 4% returns over inflation, without drawdown(tax can also mess it up a bit if you want high spends)

Is there a link for that?  I would be interested to take a look.

alt80

And wife sold two things to her mate - another £200. With the £150 sale from earlier and once we've actually been paid from her mate total stands at £29,850. Buzzing to be under £30k. Going to try to have a big push getting more things up for sale this week - well wife is. Sooner we can get the cards gone the better imo.

Been thinking about when we're done closing down card accounts to £50k available no more. Part of me wants to close everything apart from the amex and JL cards we use for everyday spends (and now clear) but I'm reluctant incase we need to put something on credit for whatever reason so cutting it to £50k available seems like a more sensible solution.

alt80

Going to try the daily / weekly goals again.

9/11/20:
1. X7 things up for sale.
2. X3 exercise ( just upper body x2 and something else x1 with foot issue wife will come up with something no doubt ha)
3. Update expenses/ cards spreadsheets.
4. Finish work 6.00pm and switch email off.
5. In bed for midnight.

alt80

Nothing spent over weekend hoping to not spend any money this coming weekend but be able to get out for a few good walks. Going mad being stuck inside lol. Not a good start to the week - wife’s mate now not buying. Didn’t clear the money off but did lose it with wife’s mate. Should have left it to wife but you don’t promise to buy something from a mate then go back on the deal and wife was too nice about it. 

FA val tomorrow so that’s all that’s currently on my mind. Know it should be fine but probably going to struggle with the sleep this week until I get an answer - really just need this one to happen and get the job completed. Can move on then and work on getting my personal finances in a better position. Feel sick thinking about the alternative - it’s not going to bankrupt me but I’ll be in a position of the personal debts rising rapidly, bad position with the cash flow in business until it’s done just generally rubbish all round. Need to stay calm it will come right. Big reminder about why I’m dealing with the spending now tbh. Not bothered about leverage when it’s used for the right reasons but don’t want everything in my life to be a massive house of cards stress not worth it to me anymore.

enthusiasticsaver

Sorry about  the bad start to the week but just take a deep breath and move on.  No point in spoiling your mood with things you cannot control.  As you say it is a pain your wifes mate did not buy but losing it was probably embarrassing for your wife. 

You need an FA to finish your development block do you?  Presumably that is why they are doing the valuation.   I guess it depends on the percentage of current lending against valuations.  Hopefully it will come right as I guess the last thing you want to do is increase the personal debt again. 

alt80

Yeah it’s not the end of my world but she needs to know you don’t agree to buy something then !!!!!! on the deal especially not when buying from a mate. Wife too aww that’s ok about it. Anyway she’s had a piece of my mind. 

Correct re FA. It’s a project I genuinely wish I’d never set eyes on haha. Will be very glad when it’s over. Whole issue with knowing I need the FA was one of the prompts to get the personal debt level down a bit - I was concerned I’d be adding to it big time if this doesn’t work out and have to own up to wife. She didn’t even know I’d got this project until about 2 weeks ago lol. Absolute best case all goes well and have cleared a lot off the card debt already, keep paying down and don’t use them again. Really don’t want to add to it pleased it’s going in the direction it is tbh.

alt80

Wife put one item up for sale. 

Another enquiry from person who enquired the other day. One £150 item sold. Something positive at least! 

Hoping we’ll be able to pay for corona vaccine Christmas time. Get it done and get the world back to normality.