First Steps to Solvency

Naomim

alt80 said:

@Naomim thanks for the input on the soa. It's work in progress.

Presents are a bit of a cut down from what's been spent in the past. I hadn't considered perhaps less for birthdays though I think someone mentioned so on here. I suppose I'm hoping the £1k total would cover any kids parties and inevitable presents also but no parties for the foreseeable so not getting too worried about that for now.

The £10/w is put into his bank account. I've told him if he saves the money (given him that since birth and planned to revise up to £20/w at 10 and £40/w at 16 until 21), we'll go and buy him his first property when he graduates and I'll fund its refurbishment. Whilst he doesn't really understand now so he doesn't actually get to spend the pocket money when he's older I will give him an informed choice of whether to spend it on games or phones etc or whether to wait for Christmas etc for those things and the opportunity to top it up with doing work for me in the business. Don't want him to struggle to get on the ladder, I had the advantage of 100%LTV he won't get that opportunity but he needs to know if you want anything in life you need to work for it. Ideal world he'll decide he wants to come into my business and he'll become my succession plan but that's up to him. Oh and when he's older if he breaks things he'll do without or pay half - I'm not that much of a soft touch lol.

Sensible plan I also put a little into their savings accounts every month separately, hoping it will at least fund first car and insurance.  Their pocket money is to spend on what they wish. 15yo's is usually food! Nando's, Tortilla, Subway and Starbucks.  10yo is often a comic, sweets and stationery.  I also have a day's out pot in my Monzo account so cinema trips etc are covered.

Keep up the good work! 

Naomim

alt80

@Mrs_F_2017 yeah I think I've managed to calm down a bit lol. 

Thanks, certainly trying always a lot harder to sort out the personal life than the business though. The 'but I wants' don't really come into business can be objective about it. Thing is I'm pushing 40 now and can't keep going on as I was. 

alt80

@Naomim Thanks. Sounds like a good plan with your kids. Hoping the car etc will be funded by him working either for me or some other weekend job. Didn't do me any harm and I wasn't one of those kids who kept crashing cars through sixth form. I don't mind funding him getting his licence but if he's not going to work he won't be getting a car out of the bank of mum and dad. Some might say this is a bit harsh but he needs to learn life isn't a free ride when he's a bit older.

QueenJess

alt80 said:

@Naomim Thanks. Sounds like a good plan with your kids. Hoping the car etc will be funded by him working either for me or some other weekend job. Didn't do me any harm and I wasn't one of those kids who kept crashing cars through sixth form. I don't mind funding him getting his licence but if he's not going to work he won't be getting a car out of the bank of mum and dad. Some might say this is a bit harsh but he needs to learn life isn't a free ride when he's a bit older.

It's not harsh.  I knew hardly anyone who had a car bought for them, they had to work and earn it for themselves.  It's very sensible, otherwise they'll think they will always be able to fall back and get what they want from you and that isn't how life works.

I put £50 a month into an ISA for my son (he's 3 so obviously doesn't know).  When he is 18 I'll hand it over for him to use on University, house deposit etc.  Hopefully something sensible!

alt80

Just checked Yolt app. Finding this is becoming an easier habit to form and even though it's not making for amazing reading at the moment having a bit of control over knowing where it's going rather than just ignoring it is helping. Can also keep track of wife - £140 yesterday on stuff she didn't tell me about fml.

alt80

@QueenJess my parents had a pub in the middle of nowhere so a lot of kids at my school got cars bought for them/ insurance funded again and again lol - think they were fed up ferrying kids about tbf. 

QueenJess

alt80 said:

@QueenJess my parents had a pub in the middle of nowhere so a lot of kids at my school got cars bought for them/ insurance funded again and again lol - think they were fed up ferrying kids about tbf. 

Actually I knew someone at work that insured their son on their car, but only because they wanted to go out drinking and could then get their teenage son to give them a lift home    I think it was payback for all the years of taxing he did for his son.  Hilarious though!

RelievedSheff

alt80 said:

Just checked Yolt app. Finding this is becoming an easier habit to form and even though it's not making for amazing reading at the moment having a bit of control over knowing where it's going rather than just ignoring it is helping. Can also keep track of wife - £140 yesterday on stuff she didn't tell me about fml.

When you get home ask her what it was and why she needed it. She has to realise that spending like that can not carry on. If she realises you are keeping such a close eye on the spends she might be tempted to put the brakes on the spending.

You have to get through to her that you all have to cut down the spending!!

alt80

@QueenJess haha doesn't surprise me. 

@RelievedSheffI know what she spent the money on because I know what she goes there for (beauty treatments).  Working from home today; both staff and I will be for the foreseeable after Boris' latest. Genuinely think he's not going to be happy until he's destroyed the economy completely and we're all f**ked for the sake of a few poor souls who've probably not got many laps around the sun anyway. Well that's my unpopular opinion out for the day lol.

RelievedSheff

You have got to tell her to stop it with the spending. Have you laid out in black and white what will happen if you don't both stop the spending?

Maybe she has been too sheltered to realise just how bad a situation you will both be in unless you both change your ways. Maybe she does just need it pointing out what will happen if she carries on spending on stuff that is not needed.