First Steps to Solvency

Onebrokelady

RelievedSheff said:

Onebrokelady said:

alt80 said:

@Onebrokelady I’d say it’s worth it tbh could be just that I’m clumsy but it does last well imo.

Another note noticed my ipad making me look illiterate. 😆 CBA to go right through the post either ridiculously tired this evening work day tomorrow too. 

I am too accident prone to buy Denby, I know it's hard wearing but it wouldn't last five minutes with me, I get through dinner plates like they are disposable 😂

Saves having to wash them

This is true 😂😂

alt80

So much for chill week ha stopped working 8.30pm after son in bed now can’t switch off. Didn’t even leave office for lunch 10 min job and back to it no breaks. Yes I’m an idiot, couldn’t keep away. Start seeing one thing then the next and the next can’t leave it, annoys wife but probably am addicted to the job lol. Well better that than being back on the other stuff. She’s !!!!!! off with me, meant to be coming home to relax early etc. FML ha.

@ladyholly yeah you’re probably right re wife she did have a nice time yesterday but def needs to get off IG. Been nagged about the bag tonight but nothing gone up for sale so told her not happening. 

@getmore4less Santorini is nice tbf mate I’ve been a few times over the years, would recommend. Come for half term you can buy me a drink lol. Seriously, you def get better value when no half terms. I’ve told wife to compare the weeks when we have extra hols for future ref - pay for the school and more hols haha never got that one. 

Wife did suggest booking a package and just not using the hotel for some of the nights when we visit parents. Don’t think that’s too bad sent her the link on the email to check out thanks mate. Leave on 15th so could work out. She needs to update the sheet into an easier to read format and I’ll make my mind up over this week. Keeps her out of trouble for some of the day.

We’re def happy with just a basic room, it’s Greece. Parents are used to it, sent us a link yesterday to a couple of hotels ‘looks amazing’, really wasn’t I send back FML you’ve been living there too long lol. 

Anyway if you’ve been to Greece before you’ll know what to expect lovely country, lovely people but very basic in ‘real’ Greece.

@Sun_Addict thank you. I am looking forward to it in some ways def still think 14 nights too long but we’ll see.

@warby68 thank you.

Ha you’re telling me to spend money again re holiday. Tbf probably will book this week. 

@theoretica Tbh I think I’m doing him a favour letting him drive me in the Range bit of a treat really for him. You possibly think I’m just being a !!!!!! for the sake of it idk. Wife and I not going to get many opportunities for a bit of luxury this year chauffeur driven to airport with champagne and a film I think would be a nice treat for her even if it is in my own car. 

@Onebrokelady / @RelievedSheff haha the pair of you reminding me of my uni days when broken plate = massive win no washing just the sweep up ha. So would have been better to wash it anyway lol.

alt80

Spent a little time updating the personal finances and tidying the sheet up too. Did sit with wife rather than in my home office so have been social at least lol. 

Wife did food order today - £80, quite pleased with that for the coming week. 

Variable spends - £805 so far for the month. 

Struggling on fuel probably going to go slightly over, went over last month no way is £300 realistic for us. Def not going to work once out of lockdown. Food is realistic but coffee out that's not expensed to business is already at the limit - that's going to be going over when we're out of lockdown. Entertainment is a £0 spend at the moment but keeping it at £250 to be realistic when out of lockdown. That doesn't count family days out as we've a sep budget for that (£1k over the rest of the year). 

Needs and wants works out to £835/m but this will def be something to monitor over the year than on a monthly basis. 

Part of me wonders if we're still living more of a lifestyle than a lot on here when I'm seeing personal budgets of £25/m just realistically I don't think I can do that. Know if I could I would be making massive inroads into the debts and as things are the debt free date probably going back a little with fuel/ coffee out 2.0 looking imminent. Half guilty I can't seem to do it and half don't really want to sounds bad I know and does mean I'll get the balloon gone but be juggling the 0% for a bit longer in total. Some people on here are debt paying machines wish I was def wanted to win at this game but not sure I'm going to be a winner just a small time player as always lol. 

alt80

Just a bit of cheer before I go to bed @Onebrokelady's post made me check my council tax FML up to £3060 from £2945 the !!!!!! think I'm !!!!!! made of money. Hate paying it def get no value from it apart from my bins taken pay for that sep at comm office would happily take my bins there to be emptied if no council tax on res home. Robbing !!!!!! !!!!!!.

Actually feel like having a drink glad I've declared on alcohol free thread so won't ha.

enthusiasticsaver

We would not manage on £25/m personal spends either unless we had to.

You can  afford a bit of lifestyle so seeing how you get on once life is a bit more normal is probably best.  Of course once the debt is gone you get more disposable back but you may decide you want to retain that in the portfolio to reinvest.

 There are lots of different approaches to clearing debt depending on what you can live with in terms of monthly budget and how quickly you want the debt gone.  Unfortunately if you don't want to cut back too far that does mean the debt will be hanging over you for a bit longer but it is a personal choice. 

alt80

@enthusiasticsaver not gonna lie I don't love losing this game lol. Wish I could do the full no spend lifestyle, take son out of school, never do anything in spare time and have nothing personally but I don't think I can. If I could I'd be looking at current debt allocation £1.1k, school/ son's stuff £1.1k/ BMW £590/ needs and wants and entertainment say £900 to still have a bit. Literally be clearing £3690/m just working out very roughly I'd have my debt !!!!!! off in 20 months including the RR balloon just sitting waiting until the end of the term. If I could live like that forever and reinvest the lot every month would be a HMO unit a year very easily no growth/ retained etc. !!!!!! winning but I can't do it. Constant !!!!!! battle in my head know the right thing is no lifestyle and not paying an obscene amount of money for the school but can't face reining it all in. Idk makes me think I'm losing this game 100%.

As for future sort of hoping growth in business/ portfolio over next few years will take care of itself and I still take same income iyswim. Stupidly I still want an AM never learn I don't. 

alt80

Def something wrong with me. Great day on the business dev not touched any kind of stimulant but 2am wide awake massively overstimulated with work. Haven’t been able to leave it alone don’t even want to go to bed now but don’t and I know what I’ll want tomorrow to keep going. Wish I could keep the levels of attention up 24/7. Addicted to business FML does feel like it get a buzz from it going well, brain can’t switch off, fight through tiredness and crash next day. Next thing I know back on the chang get through next day and one after. Now got the debt figures to strategise about know I don’t need to just compulsive can’t stop looking at it alongside next moves work wise 

getmore4less

Another 9pm for me and up at 3am.

If we don't getaway this year I think I will go mad, some UK stuff will help but going to need that sun come winter.

We stop thinking of it as "holidays" just living somewhere else for a bit, got my eye on something in the canaries as well.
Just need a room(with hot water) a decent bar or two, places to eat nearby, the internet connection and I can live anywhere.

I was going to suggest package but was not sure on the totals they looked a bit higher than your previous flight + numbers.
One advantage is you get the package regulations protections if covid kicks the trip into touch, just need the refundable ferry option.

Sorting out travel can keep someone busy for hours, keep the wife on it.

Maybe you need fee earners every day if you are back on the computers finding stuff that probably does not need doing.
You really should think about your lunch breaks especially eating something decent.
Also you know how dangerous it is to leave the wife to fester on her own, it will just end up with more IG.

Can you plan your day better with a to do list when things come into your head put then on the list make the last 30mins of the day planning/review the next 7 work days ahead. then walk out and shut the door. 


On the personal spends you have come a long way, you still have extreme in your head but its about balance and you will get there.

We each have our own priorities and for some they are driven down a lot harder than others due to resources. or circumstance.

Simple things can make a difference to the priority, take your debt, all 0% and good chance you can get more when those run out. you could run along nicely just doing min payments and having those coffees, on the other hand if that debt was 25% and your credit was shot no 0% in sight, would you  give up those coffees yesterday to get the debt gone.

Another thing I am noticing is the need to change, no matter how good the plan is you are always wanting to change it, seems to  be work as well, it will change naturally as personal is now you are opening up to actually doing things so they need funding, keep a eye on it but you have to live.

You are  bringing the debts down, I have said before you could run your plan over a longer period(5 years) rolling over some of the 0%  and the way the numbers are panning out that is likely to happen from your previous cold turkey plan as some of your categories are proving a little to tight.

The RR is staying so that is  the biggy goal, get that balloon paid in cash + some 0% credit if needed. 
I would not be cutting this fine, have the credit option there when needed for more than the plan and if not needed because there is the cash great but you do not want to be scrambling for credit last minute.

The keep it within the current income is good goal, £8kpm is plenty for now,  keep any business growth retained to improve the finances and move towards unwinding the PGs.

The reality is you are not giving up some of the bigger spends, RR, house and school are all staying so no point in running a what if they are gone, because not only will they be gone but so will the wife and you will be living in one of your HMO's or the office floor.

With the rest of the pot after the big stuff don't give up the things you like to do just don't do all those stupid spends and life will be good.

Does not matter how long the debt takes to pay off while 0% it is the same money just the order you use it.

£500pm debt + £500pm spend  for 12 months is the same as £1k debt for 6 months and £1k spend for 6months   
 

enthusiasticsaver

alt80 said:

@enthusiasticsaver not gonna lie I don't love losing this game lol. Wish I could do the full no spend lifestyle, take son out of school, never do anything in spare time and have nothing personally but I don't think I can. If I could I'd be looking at current debt allocation £1.1k, school/ son's stuff £1.1k/ BMW £590/ needs and wants and entertainment say £900 to still have a bit. Literally be clearing £3690/m just working out very roughly I'd have my debt !!!!!! off in 20 months including the RR balloon just sitting waiting until the end of the term. If I could live like that forever and reinvest the lot every month would be a HMO unit a year very easily no growth/ retained etc. !!!!!! winning but I can't do it. Constant !!!!!! battle in my head know the right thing is no lifestyle and not paying an obscene amount of money for the school but can't face reining it all in. Idk makes me think I'm losing this game 100%.

As for future sort of hoping growth in business/ portfolio over next few years will take care of itself and I still take same income iyswim. Stupidly I still want an AM never learn I don't. 

I don't think you are losing at anything.  You are doing what is right for you and as I say everyone has their own approaches to debt clearance but not everyone has a luxury car and a child in private school.  If anything I would say the lack of spare income for lifestyle is what is unbalanced in your finances due to the car and school commitments.  You said right at the beginning though the school and cars were non negotiable so the only thing left to ditch is the expensive lifestyle.  I actually think no lifestyle would be very boring and sitting in your house admiring your car on the driveway but with no money to drive it anywhere or go out for a meal or whatever sounds like hell to me. You need a balance in your finances as well as in your work and home life.  

I am not sure how you think growth will happen in your business if you don't retain profits to reinvest though and committing more thousands to an AM does sound crazy when you are struggling to live now. Maybe when the RR is sorted that is when you should think about an AM  when you are not paying out £1k on finance for that and saving up for the balloon?  That requires a degree of self control and discipline but I would say financially that is the only way it makes sense.  The school fees are ongoing and unless you move your son to a decent local school (maybe a grammar if you have one in Nottingham?) when he gets to 11 and would be changing schools anyway they will increase.  

RelievedSheff

alt80 said:

Def something wrong with me. Great day on the business dev not touched any kind of stimulant but 2am wide awake massively overstimulated with work. Haven’t been able to leave it alone don’t even want to go to bed now but don’t and I know what I’ll want tomorrow to keep going. Wish I could keep the levels of attention up 24/7. Addicted to business FML does feel like it get a buzz from it going well, brain can’t switch off, fight through tiredness and crash next day. Next thing I know back on the chang get through next day and one after. Now got the debt figures to strategise about know I don’t need to just compulsive can’t stop looking at it alongside next moves work wise 

I don't know how you do it. I was shattered last night come 8.30pm. I took myself off to bed at 9pm and didn't wake up until the alarm went off this morning at 6am.