Ugh, really struggling, feel dreadful

Clairy

I have no idea whether this is the right board.

With the rising cost of living, my husband and I are really struggling financially. We have a large mortgage, and our rising bills are causing me a real worry.

In some ways we are lucky, we have no debts, we do have savings and we have equity in our home. However, I went on maternity leave 3 years ago, having saved £10k, and this has now run out. The last £2k went on starting my own business.

My business is profitable but less than a year old, and all the profits at this stage need to be reinvested in the business. The business has the possibility to make us a substantial, long term return but at this moment I am getting nothing back financially, despite 60 hours per week work. If I jacked it in and worked full time, we'd be absolutely fine.

I just feel really scared. Any advice much appreciated.

jonesMUFCforever

I think you know what you need to do but it has to be your decision!

KiKi

Hi Clairy

Sounds like you need to make a decision - are you going to ride out the rising bills (as you have some savings anyway) and cut back in other areas to live your business dream; or are you going to have to bite the bullet and take a job?

With regards for looking for areas to cut back in, if you post your SOA on the Debt-Free Wannabe board, you will get some really good suggestions as to where you can cut costs elsewhere which may make bill paying easier for you.

And, of course, could you take a part-time job, and run your business part time? Do the two together whilst you ride out the bills issue??

At the end of the day, if you can still manage, then why not go for your dream and your business if it's what you want.

Or, make a decision. And then see how it makes you feel.

Hope you get it sorted.
KiKi

born_again_saver

Sounds like a lot on your plate right now, but it sounds like you've worked very hard to achieve your current position and I'm sure you'll be able to find some solutions.

Firstly, have you checked out all the great advice here? The website and forums can help you to find many ways of making your money go further. Cut back on all your unnecessary expenses as far as possible, make sure you are getting the best possible rates for your utility bills, and that you are using the best possible bank accounts for your money to maximise on interest and cashback. It could also be a good time to have a clear out and sell anything you can spare. The Debt Free Wannabe forum is a mine of good budgeting advice, so you could post an SOA there for specific help on your own circumstances. The Old Style forum has many great tips on living more frugally such as cooking on a budget.

Obviously you need to pay your mortgage, but if you're struggling with other bills and outgoings and unable to make any payments, then contact the relevant offices asap and keep them informed of the problems you're having, they may be willing to consider reduced payments for a period of time.

Also, could you consider taking on some part time work that would let you continue working on the business while bringing in a bit of extra guaranteed income?

To keep yourself motivated get a plan of how much extra money you need to keep yourself afloat and how long for, and how you will achieve this, i.e. by raising your income or cutting your expenses.

Good luck and I hope you can hang in there with the business.

Meltdown_2

I concur with the other posters on the possibilities of reducing your everyday expenditures using the help and advice available on other forums at this site.

Within the bounds of this forum, we can perhaps help with getting the best return on any savings you have, indicating perhaps ways to save on your mortgage, avoid bank charges & fees, etc. For example, are you getting interest on your current account balances?

Ultimately the choice of how to proceed is up to you, but there are lots of people here who will try to help you clarify matters before you have to make that decision.

topher_2

Could you run your business part time and get a part time job? Not easy I know but it might help?

Clairy

Thank you all for listening, and for your helpful comments.

Firstly, I think we look at how we can cut back expenditure. We've been sorting things to sell on Ebay and car boot sales - and have already sold over £100 worth of stuff. We've made the (brave but sensible) decision to sell all our baby equipment whilst it's still fashionable and in good condition - we'll buy more if we ever have another baby. That should net us best part of £1,000 estimate.

A part time job is my next priority after cutting back and selling unwanted stuff. At the moment we're paying £600 per month in childcare - in Sept, my son will be 3 and will get free preschool sessions - saving £160. The Sept after he'll start school, which will mean no childcare costs. Hooray :rolleyes: