First Steps to Solvency

clairebeth

alt80 said:

Goals W/C 12th Oct

1. Spend less than £50 entertainment probably not going to be hard this week.
2. £10 groceries spend (have everything we need so should not be spending anymore than a few quid on milk or loaf of bread).
3. Check and update the Yolt app daily.
4. Structured work days - 9am starts 5.45pm finishes, emails off in evening. Lunch with wife. Eat dinner with family rather than wife cooking twice. Working from home all week (lockdown) apart from fee earners booked.
5. Train with wife 4x this week. Going to regret this I know haha. She’s already decided what we’re doing so no chance of backing out now.
6. Activity with son everyday - probably going to be dog walk not going to be allowed to do much else...
7. Not punch the TV when Boris announcement happens tomorrow... OK that one is not real lol.

This is fabulous! Great goal re groceries. And yes, your wife shouldn't ever be cooking twice, if you can't make the family dinner you can heat up leftovers yourself. But that won't be an issue now, because you'll enjoy family dinners and your son will LOVE them. 

Can you set it so that you don't get email notifications after 1730, for instance? So even if someone emails you, you won't be tempted to reply? I'm sure there is a function like that on most email accounts. 

clairebeth

Also, so fabulous about working out together! She's obviously really pleased about it! Once she does a bit more with you, this is something that she might like to venture into, esp with her qualification, she could probably do a bit of nutrition stuff too, a couple of private clients a week using your home gym etc.

getmore4less

You don't have to run it like a business although if that is familiar it's a reasonable option to get on top.

You just need to start running it and making sensible choices by thinking about your priorities and how to distribute the money you have. 

A bit of time management where you spend some regular time planning the business growth is what will get you what you want while you focus on what you need. 

Spending quality time with family is fantastic. 

alt80

@clairebeth Wife goes to in-laws regularly, they don’t live far away as probably already gathered. Something we could possibly do as a family maybe; they love seeing our son. Probably not happening for the foreseeable though. Wife found not seeing her family really hard and is dreading lockdown announcement.

FIL is an old skool, dyed in the wool socialist. Think he probably cried when Thatcher entered office and again when Corbyn got decimated in the last election. We are never going to be best mates but I think he wanted a bit of reassurance wife was not in any danger of losing her home - fair enough I get that - he’d probably love it if I was left homeless and penniless if it didn’t affect his daughter. Fml yeah I did post about that lol and on the balance of probability I remo’d his wine. Not exactly my finest moment.

As I’m in the mood for it here goes for Range Rover - let’s face it I’ve posted stuff a lot more embarrassing than costs for my Chelsea tractor lol
£15000 - deposit from RRS
£8540 - finance so far / £59780 - finance for term (49)
£300 - tax / £2250 - tax for term
£280 - insurance / £1950 - insurance for term
£0 - servicing (due next month) / £4000 - servicing for term and extended warranty for year 4
£550 - petrol (9k/miles @ 18mpg x 1.1/l petrol (don’t use super in this / fuel been cheaper) / £4000 - petrol for term (60k/miles @ 18mpg x 1.2/l petrol (anticipating overall rise in petrol costs)
-£3850 - allowable expenses for car / -£26,950 - allowable expenses for car
=£20,820 to date / £60,030 for term.

To date not worth working out as a /mile because the RRS deposit massively skews it but for the term of 49 months = £1.00/mile / £1225/month. Not actually as bad as I thought it’d be tbh. Appreciate most on here will think it disgusting the amount of money I spend on it though.

alt80

@clairebeth used to get wife to cook me a meal from scratch, not really fair on her I’ll admit.

I do really enjoy having dinner as a family when I make it home. Usually not doing much productive of an evening in the office more looking at toys than actual work. 

Haha not sure about the ‘fabulous’ idea of working out together she’ll probably just about kill me lol. I’m not exaggerating when I say wife does 2 hours exercise a day total 6 days a week - weights, HIIT and running mainly plus 2x 3 mile dog walks. She’s mad - no wonder no time for a job lol. She does plans for a few mums (not charging) and gets frustrated they skip / mess around then complain gains aren’t as good compared to the week they put the effort it. Can understand why they annoy her tbf - sort of people who will work for a week then be in Maccys three days the week after and moan they’ve not got abs haha. 

Email notifications yes I am going to switch them off 5.30pm is when the office ‘closes’.

@getmore4less think I probably need the discipline right now, structuring it more formally will probably help me not to get into the spending addict mindset.

Used to set aside Fridays for growth / business admin / strategy etc and should again. Used to have a few mentors in business all went by the wayside after things went downhill in my personal life. Your posts have made me see how much the personal issues have affected the business in terms of just coasting not growing so big thank you for that. Onwards and upwards all being well from now on.

theoretica

I wonder if that is a fair calculation - because it is your own business that pays the allowable expenses (less various taxes) so in a way isn't much of the business contribution what could be your money too, just accessed in a tax efficient way?

alt80

@theoretica it’s just HMRC rate of £0.45/mile paid to my account in expenses each month on top of salary. 

clairebeth

Interesting...I have no idea how car finance works (always paid cash), but if HMRC gives you 45p per mile, would the aim not be to have a car that costs 45p per mile to run, and then you'll break even?

Yes, I think £1200 a month is insane for a car. Our car cost £3k in 2017 and has never needed a repair. Until this March, when I increased my hours and I stepped up from a Staff Nurse to a Nurse Practitioner, £1200 a month was my monthly wage after childcare vouchers. That's not a moan, because it was my choice to work 23 hours a week while the kids were little and I've always considered ourselves to be comfortably off, but just an example of how much money that really is.

I can't imagine that you'll ever be someone who would be interested in this - but have you ever heard of Bangernomics?

clairebeth

Also, you don't have to keep up with your wife, just do it with her. My hubby sounds exactly like her, fitness wise, and while I can lift just like him, I NEVER run with him (he's 6ft 2), and I do HIIT at my own pace, still fast for me, but while he might get 15 reps in I'll do 10, you don't have to keep up, otherwise it's not enjoyable. 

And yes, this is not meant to sound harsh, but if you wonder why your wife is not working outside the home, look at the fact that she's been cooking two evening meals from scratch most nights. Don't do it again, she's not your personal chef, and you've said before that you can cook for yourself. Do you ever cook for her? Could go some way to creating some balance in your marriage. 

Andyjflet

ladyholly said:

Well done on paying more off your CC and resisting the temptation to pay  money which would lead to o/d.

I think your diary is the only one I have ever mentioned to my d/h and that is not because I want you to fail ( and I am sure no one else does) but because of my frustration that  you are so set in trying to maintain the lifestyle (i.e. cars and houses)  which has got you into difficulties that you dont always take on board the help people are trying to give you. Yes I know you have got rid of one but the others are costing a lot of money which you dont have at present.  Have you ever heard the expression "all fur coat and no knickers"? If you havent I will explain later.

Saw something on Dave Ramsey the other night where he quotes "Folks are going broke trying to look Rich" I see it all the time in my industry, living an Instagram lifestyle, eating at top establishments, pictures of their new toys, all on credit.........