How much disposable income have you got after bills?

[101d]

Roughly speaking I have about £1100 after mortgage and bills. Currently paying off a holiday too which is another £200 gone every month until July. Not sure how I spend the remaining £900 to be honest but I always manage it. I should really start being more strict and actually sit down and work out my finances.

 

[CelinaRoger]

We used to have around £1500 left a month, but I quit my job in September so I could be a stay at home mum, and we now have around £200ish spare a month, not ideal, but worth it, and we manage

 

[mummy2under2]

The thing I don’t understand is how you keep track of your profits, I’m assuming you have to let the govt know what you’re earning etc etc, paying tax - I don’t get any of it I don’t know a single person who is self employed or has their own business so sorry if these questions sound stupid lol

It depends on what kind of company you're starting and what kind of self employment you're going to fall under.
It can be a mind field but thousands and thousands of people do it.

Give this a watch.

 

[mummy2under2]

Thanks for answering most of my friends are employed or self employed ( not responsible for paying a tonne of other peoples wages/endless huge supplier bills)

It has only been the last 3 financial years that the sales have way exceeded anything we could have imagined. luckily the boost is spread over 2 contracts so would be unlikely to loose it all in one go if you know what I mean.

Yes we really want to concentrate this year of finding some good reliable team members who are capable of holding the fort so we can start taking more time off together.




I definitely feel extremely lucky when I can do my 15 hour working day from the home office in my pjs !!

Awh it's so nice to hear you're doing well.
Really hope it continues for you.

When it comes to employing, just remember they're not you and there is no such thing as perfect. Noone will do things exactly as you would but someone that's willing to try and wants the business to succeed is all you need. The rest can be taught
Good luck lovely

 

[MaeveWiley]

Yep, this thread is really depressing!!! Not sure I should have clicked on it. Doesn’t seem fair at all. I understand people work hard, but don’t see why some people need so much money. We struggle, but sometimes can have £300-£500 disposable per month. I work full-time and I’ve just taken on a second job as we are getting married in April.

I'm sorry you feel like that and sorry you are struggling with money at home
For reference I make that much cause I'm a reg, Ive no fella / kids etc to look after and I live at home cause my parents live a 15 minute walk and 25 minute walk from both of my hospitals I'm working in atm so I'm able to save.

 

[imaginedragon83]

I’m trying to get my shop for the week down to £40 that includes 2 adults a baby and a cat. I think we’ve already failed as had to buy some bits I forgot already. It will most likely be £60 a week and that is an extreme cut down still for us.

We have 2 adults and a 3 year old and we are prob down to £60 a week including stuff like loo roll and laundry detergent. It gets easier the longer you do it

 

[Wormhole]

The thing I don’t understand is how you keep track of your profits, I’m assuming you have to let the govt know what you’re earning etc etc, paying tax - I don’t get any of it I don’t know a single person who is self employed or has their own business so sorry if these questions sound stupid lol

Start simple with a 6 column spread sheet
Date detail income date detail expense

Record any money you receive for your goods or services and and expenses for operating. Save and scan all the expense receipts. Very simple but will likely suffice for your first year.

Registering self employed is super simple , just follow the steps on the HMRC site , set up an account , they send you confirmation in the post and a UTR ( unique tax reference number) and your good to go.

They will send a reminder when you need to complete the tax return . A simple sole trader business is pretty straight forward personal details , income expenses, once you submitted it you can see the tax calculation with dates it's due and how to pay

 

[mummy2under2]

Do you both take a big salary from the company or us that dividends?

We have a company but after almost going bankrupt in 2008 we are still fixated on only taking a really low salary and leaving everything in equity and capital just incase. I think I really need to look at us both taking a payrise this year.




Yep. I remember way back when we first started the company and didn't even imagine our sales figures ever even been a quarter of what we are turning over.

We thought how much more flexibility and time we would have now we work 7 days a week as too busy to take a day off, we have spent the last 2 year trying to find and train a good manager with little success. And for the last 2 year I have taken the kids on holiday on my own as we couldn't both be off work together, he is going this year with them while I stay back at work.

We both take a large salary but it took me around 8 years to get confident enough to do so. he has a very successful business from before we were together and that's our security blanket should anything ever go wrong.

Its so scary to not have a security blanket of some sort because as you know things can quickly change.

I can completely relate to the holiday scenario. I took the kids to Tunisia not long ago and he couldnt come.


Put some trust in yourself and give yourself some time. Pointless having a payrise without opportunity to reap those benefits

 

[Caramel Swirl]

Wow this is depressing. I would love to have my own company but wouldn’t have a clue where to even start!

 

[abitfairytale]

After all bills including phone, petrol and food shopping I have around £350 a month spare. I usually have to spend it keeping us afloat as my husband is always skint. No idea what he does with his money.

I think this is what my husband says about me

In fairness at the moment I'm stuck on SSP, so am about -300 a month which the poor husband is subsidising. Usually I have around 250 spare each month, and I couldn't tell you what it goes on.

We keep all our money separate, as a couple of yrs ago I got into some financial shit that he had to bail me out of. So no financial links so I don't taint his credit rating.

So now he pays the rent/council tax and I pay all other bills (he earns double what I do). Not everyone's cup of tea but works for us.

 

[Deepsigh2018]

Wow this is depressing. I would love to have my own company but wouldn’t have a clue where to even start!

me too it’s something I've been thinking about for a while, being my own boss just need to figure out what I could be self employed in

you could maybe try going on other forums and read up on how others started.

 

[Wormhole]

We both take a large salary but it took me around 8 years to get confident enough to do so. he has a very successful business from before we were together and that's our security blanket should anything ever go wrong.

Its so scary to not have a security blanket of some sort because as you know things can quickly change.

I can completely relate to the holiday scenario. I took the kids to Tunisia not long ago and he couldnt come.


Put some trust in yourself and give yourself some time. Pointless having a payrise without opportunity to reap those benefits

Thanks for answering most of my friends are employed or self employed ( not responsible for paying a tonne of other peoples wages/endless huge supplier bills)

It has only been the last 3 financial years that the sales have way exceeded anything we could have imagined. luckily the boost is spread over 2 contracts so would be unlikely to loose it all in one go if you know what I mean.

Yes we really want to concentrate this year of finding some good reliable team members who are capable of holding the fort so we can start taking more time off together.

We both take a large salary but it took me around 8 years to get confident enough to do so. he has a very successful business from before we were together and that's our security blanket should anything ever go wrong.

Its so scary to not have a security blanket of some sort because as you know things can quickly change.

I can completely relate to the holiday scenario. I took the kids to Tunisia not long ago and he couldnt come.


Put some trust in yourself and give yourself some time. Pointless having a payrise without opportunity to reap those benefits

I definitely feel extremely lucky when I can do my 15 hour working day from the home office in my pjs !!

 

[Opalfruit8]

Single Pringle with no kids and a good job so after I pay my mortgage and bills I have around £1700 left I’m whacking over £1,000 onto my mortgage though out of that on top of the regular payments and I’m about 4 years off paying my flat outright. I don’t live in an affluent area - nice but not rich lol - so I’m very lucky!

 

[MaeveWiley]

Can you tell me what your husbands do that earn them £7k plus a month and where I can get one

I'm bumping up from 6k to 9k next year lol and I know I want a rich husband too lol. My uncle is a CEO and is on 30K a month my aunt is a lucky bitch lol

 

[Hinchhater1442]

Can I ask your age? Just as you said it’s more than most your friends your age and just interested to see how it compares to me!

I’m 25
I also never went to uni or learnt a ‘trade’ so just winging it really haha

 

[mummy2under2]

Can I ask what both of you do? that's amazing!! I'm back at uni and you could say I save around 300 pounds/month? not sure about the conversion rate. But I only spend my money on bills and the odd trip to go see my OH

Thats fantastic raking into consideration that you're a student.

I have a chain of 8 salons and an academy. We specialist in facial aesthetics and enhancements.

 

[Followtheyellowbrickroad]

Yep I’m fascinated about the food shop as I am certain this is where we waste our money. I just don't know what normal would be?! I’m spending about £200 a week on a fam of four one fussy eater and one veggie

I have a six year old and a teenager. My husband is veggie. I spend about £150 in aldi every ten days... I cook fresh meals inc lots of veg. That Incs pack lunches and breakfast. I like aldi because the fruit, veg and meat are always fresh. I’ve tried other supermarkets but I find the fruit and veg go bad to quick.

 

[Kjones345]

None. Minus money usually.

 

[Meh]

Combined we bring in between £3600-4000 per month. Our outgoings are relatively small and we have approx £2k spare at the mo.

I will say we are not flashy folks, we don’t wear any designer gear, don’t spend on extravagant car payments for Audi/BMW/Merc etc. We don’t do drugs (no crazy coke expenses) and we don’t drink/ have wild weekends out every week.

We share bills but tend to keep our own money separately and do our own thing. We’ve no kids.

For anyone feeling badly because of this thread; please don’t. I’m 31 and I’m comfortable financially but when I started in my current company I work for I was 24, I took home £990 pm after tax. I also rented in a big city and my half of rent/council tax was over £400 - it was grim. Just keep the head down and keep grinding, it will get easier.

 

[bubbletea123]

I am currently not working but from my partners income, about 7,000 a month.

What we spend on groceries weekly really depends. Sometimes 150, other weeks closer to a 100.

I should add we have quite a lot left over as we do not have any children. We do have a dog but have to buy his food only once ever 5 weeks or so. And we allow ourselves to go out for dinner at least once a week. He started meal prepping his breakfasts and lunches for work which has saved us so much money, he also takes his own coffee so he isn't buying it. We always meal prep for dinner too which we find has been a huge money save and we never go grocery shopping without a list.