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Self-employed on a low income needs a loaned £3-4k buffer cash to be repaid within 2 years

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  • Ajax67 said:
    And to be honest, I would prefer some practical tips. Up to now, I have heard only ill-informed and judgemental remarks on my account.
    You were given practical tips, just not practical tips on how to waste money.
  • kazwookie
    kazwookie Posts: 14,241 Forumite
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    edited 16 December 2021 at 7:38PM
    I suggest you get a 2nd job, in the evenings, when it is dark and you cannot clean windows, then save this money to buy the new equipment
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  • Ajax67
    Ajax67 Posts: 48 Forumite
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    The problem is that if I buy a new van and rise-and-wash equipment into it, I will only have the van and the equipment and otherwise I will be broke. Therefore I am looking for some possibilities to borrow buffer cash, or, even better, to achieve instant access to buffer cash without borrowing it.
  • Ajax67
    Ajax67 Posts: 48 Forumite
    10 Posts Name Dropper
    kazwookie said:
    I suggest you get a 2nd job, in the evenings, when it is dark and you cannot clean windows, then save this money to buy the new equipment
    Sure. If a CEO of some big company wants a bank to lend his business money for new investments, the bank can also recommend him to earn the money as a bouncer instead...
  • Ajax67 said:
    The problem is that if I buy a new van and rise-and-wash equipment into it, I will only have the van and the equipment and otherwise I will be broke. Therefore I am looking for some possibilities to borrow buffer cash, or, even better, to achieve instant access to buffer cash without borrowing it.
    Save some more money and buy it when you have enough to cover the other stuff.
  • QrizB
    QrizB Posts: 17,856 Forumite
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    Ajax67 said:
    The problem is that if I buy a new van and rise-and-wash equipment into it, I will only have the van and the equipment and otherwise I will be broke. Therefore I am looking for some possibilities to borrow buffer cash, or, even better, to achieve instant access to buffer cash without borrowing it.
    If you're confident in your business plan, buy the van and equipment from your £15k savings and then replenish them using your 50% higher income. In the time that takes (which could be 3-5 years) live with a depleted emergency fund and hope you don't get any emergencies.
    Ajax67 said:
    Also, if I wanted, I would have a chance to borrow money from my family, but I won't do it.
    If you get an emergency before you replenish your fund, borrow from family.
    N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill member.
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  • Ajax67
    Ajax67 Posts: 48 Forumite
    10 Posts Name Dropper
    If I was about to borrow from my family, I wouldn't waste any time here. And I would rather top myself than ask my relatives for money.
  • theoretica
    theoretica Posts: 12,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Ajax67 said:
    The problem is that if I buy a new van and rise-and-wash equipment into it, I will only have the van and the equipment and otherwise I will be broke.

    Yes - a lot of people buy the new equipment/house/car/whatever - and insurance to go with it - and go temporarily broke and save like mad for the next few months while praying that another emergency doesn't strike at just that moment.  You have, I think, the credit card as potential emergency cash.  Do you have any particular likely emergency spending in mind that makes you so keen on having a large cash buffer at all times?

    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • Sncjw
    Sncjw Posts: 3,562 Forumite
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    No need for the rude replies we are just trying to help you so that you won't end up struggling financially to meet your living costs or end up in the worse poaition. 

    You seem like you want it now and not prepared to sacrifice your savings for the benefit of your future. Which will mean more money coming in.. 
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment paused to pay off cc 

    Starting balance £66,565.45

    Current balance £58,108

    Cc around 8k. 

  • QrizB
    QrizB Posts: 17,856 Forumite
    10,000 Posts Fourth Anniversary Photogenic Name Dropper
    Ajax67 said:
    If I was about to borrow from my family, I wouldn't waste any time here. And I would rather top myself than ask my relatives for money.
    Best hope the emergency doesn't happen, then.
    N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill member.
    2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 34 MWh generated, long-term average 2.6 Os.
    Not exactly back from my break, but dipping in and out of the forum.
    Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
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