Chip Chip Hooray!!

Chip_Hazard

Hi there

I've decided to keep an online diary as it seems to motivate the rest of you on here to be sensible with money. I've kept one before but after many months of burying my head in the sand, I've decided it's time to sort myself out.;)

Right, a bit about me. I'm a guy who's single and runs his own business. Whoa there, calm down ladies :rolleyes: . it's only a small company, so small in fact that I top up my income with a little housing benefit and working tax credit. I'm hoping to expand gradually this year and I've got someone helping me out in a months time so things are looking up. I've been self-employed for a few years on and off but need to knuckle down and sort my finances out.

I'll post an SOA in a moment. My previous diary's SOA was hopelessly inaccurate as I made great strides to reduce my outgoings. I changed my broadband, phone, TV and mobile phone suppliers recently from individual suppliers ( BT, Sky and Three ) to an all-in-one package with Virgin Media.

I went bankrupt in 2005 but then got clobbered with a CSA bill last year going back eight years:mad: . I've paid the biggest share of it but without receipts as it was an amicable separation. I also ran up some debts since then and in total, owe around £5,000...:eek: . I've contacted the CCCS and will have an appointment in the next two weeks when I hope to set up a DMP.

Thanks for reading this far and I hope you'll feel free to post as and when you feel like it. The name of the thread comes partly from my user name and partly from the fact that I'm happy at last that I'm competent enough to help myself be a genuine DFW.

Welcome to my thread.:beer:

MissEyre

Hi,

Sounds like you are really motivated to get this sorted out-wishing you the very best of luck, and will look out for your SOA when you are ready to post it

Skye_27

I just started a diary last night and now feel really motivated and driven to sort myself out! Good luck.

Chip_Hazard

Right then, statement of affairs time. I've converted all the figures into weekly amounts for the sake of easy calculations...:p

INCOMINGS

Working Tax Credit - £37 a week, rising to £44 a week in April.
Housing Benefit - £71 a week
Client A - £190 a week
Client B - £80 a week
Client C - £40 a week

TOTAL INCOMINGS £418 a week

I have three main clients. Client A is my regular bread-and-butter, I work five mornings and three evenings a week for him, a total of around eleven hours a week. He pays me £190 a week for this. I rent my house privately from him; it's a 3 bed house costing me £115 a week but I owe him £975 which I'm paying him back at £75 a week so basically I work for him for nothing.:rolleyes: . Client B is a regular one too but for only four months a year. I earn on average £1,000 a month when working for them which averages out at £80 a week when taken over a year. ( £1,000 x 4 / 52 weeks ). Client C only uses me for ad-hoc work maybe twenty times a year. Each job is a minimum of £95 a time and is often more if return trips are planned. The figures above have been re-jigged to make a weekly figure.

OUTGOINGS

Rent - £190 a week. That sounds a lot but £75 a week of it is repaying a "loan" from the landlord. He's been a friend / business colleague for five years now and he has helped me out many times. The "loan" came about when HB took seven weeks to cough up some rent and I ran into rent arrears. It's a three bed house. I need the second bedroom for the little ones when they stay but the third room is empty. The actual rent element is just £115 a week.

Council tax - £16 a week. The bill came last month for the period from December to March.

Gas / Electric - the bills came two weeks ago, most expensive quarter of the year. :mad: The gas bill was £12 a week and the electric was £5 a week.

Broadband / Home phone / TV / Mobile - I have the Virgin Media package for this, works out at £10 a week which is a bargain IMO.:D

Housekeeping - living alone but with the children at weekends, I'd allow £30 a week all-in. This would include anything bought at a supermarket. I shop at Asda generally or Tesco's occasionally.

Football - the youngest two go to training and also play for a team. I'm the webmaster and the referee too.;) £7 a week covers subs for them both. I also follow a League team too, we have season tickets but they've already been paid in full.

Fuel - one of my biggest expenses. This can vary amazingly depending on how busy I am. On a quiet week, it may only be £30 a week but at other times, £120 a week is nearer the mark. I owe nothing on the car, it doesn't really depreciate as its worth nowt already:rotfl: so I'll allow £85 a week as an average.

Insurance - £8 a week. Recently changed provider after checking on confused.com:A

TV Licence - £3 a week

Car tax / repairs - tricky really to work out. I suppose in a good year, I'll spend £10 a week on average on repairs plus another £4 a week on tax.

TOTAL OUTGOINGS £376 a week

That seems to show a surplus but in reality it rarely does, hence the fact I've got into debt. I owe £5,000 to the CSA, BT, Three, Provident, my local water company, my last car insurance company and a bank overdraft. CCCS are ringing me in two weeks time to hold a telephone interview in which I'll set up a DMP if they recommend it. This will give me the peace of mind I crave. The main annoyance is that I don't have set days on which I'm paid which can be fretful.

Hope this wasn't too much waffle.;)

creamcheese

Hi Chip,

Good stuff with getting your head out of the sand and posting your SOA. Is it worth modifying your thread title to say that there is a SOA as well to get those experts interested?

I hope the next couple of weeks until CCCS ring you go smoothly

x

pandapaws

Hi Chip Hazard! Just thought I'd say welcome good luck!

Keep us all updated as to your progress, hope the CCCS thingy goes well. I got a really useful email from a friend the other day about cutting grocery spending - will forward it to you by PM.

beanielou

Hi Chip.
Welcome to MSE & keep posting.
Hope all goes well with the CCCS.
Best of Scottish.

beanielou

panda~ if you could forward to me as well I would really appreciate it as mine has gone a wee bit, well a big bit off track recently.

bluebells_2

Pleased your getting yourself sorted Chip

Ive been trying to sort things myself for years and am well into a DMP with CCCS

Chip_Hazard

Thanks for all your kind wishes:T

Went down to visit my older children today with my younger ones. Almost a no-spend day as all I bought was six packets of football stickers costing £2.10.

Had a letter from HB yesterday saying I took too long to claim for HB and that they wouldn't backdate it. The old me would have given up but I'm thinking positive and appealing against the decision. Wrote the letter and it's ready to post...;)

I'm going to try and do some little thing each and every day. As a self-employed person, I watch the pennies going in and out of the business like a hawk but I'm really lax where the personal stuff comes in. I might try and get into the mindset of Chip Hazard plc where I think of myself as a business that needs every penny. I can't explain it very well but I always feel a little bit more sensible where the company money is concerned.

twinklie

That sounds like a really good idea. Why should you just becareful with the business. Your more important than your business after all!!!

I was doing really well until hubby and I booked our holiday, well the accom anyway. Still got the flights, insurance and lift passes to pay for (it's a snowboarding holiday). The flights are currently running at £568 per person....gulp!

So I better get my saving head back on track.