Between us we take home about £5k a month. We save a lot in little pots (insurance, Christmas etc) so put away a total of £1,800 a month in bills. We are left with the rest, we usually spend about £300-500 a month each. I also pay for my gym (£85/month) myself.
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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.
If you want it, put pen to paper and start working out what you're passionate about and how you can develop that into a money maker.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.
It doesn't happen over night, it's takes a lot of time and patience is absolutely key but id 100% say you have to love what you do to some degree for you to be successful.
Happy to help or offer advice if I can
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 itIf you want it, put pen to paper and start working out what you're passionate about and how you can develop that into a money maker.
It doesn't happen over night, it's takes a lot of time and patience is absolutely key but id 100% say you have to love what you do to some degree for you to be successful.
Happy to help or offer advice if I can
I don’t know a single person who is self employed or has their own business so sorry if these questions sound stupid lolIt depends on what kind of company you're starting and what kind of self employment you're going to fall under.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
It can be a mind field but thousands and thousands of people do it.
Give this a watch.
thank you for your help I will give that a watch
A lot (£9k+), but I am old, my kids have pretty much flown the nest, my mortgage is paid off and both my husband and I are senior in our careers.
At 24 I didn’t have much disposable income at all and pretty much lived ‘hand to mouth’.
At 24 I didn’t have much disposable income at all and pretty much lived ‘hand to mouth’.
Myself and my husband own a company. We have two teenage kids. Our disposable income after bills, mortgage, mercades car loan etc is approx just over £1k a week. There’s stress that comes with that though, owning a company isn’t easy but it’s worth it.
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 OHCombined we have about £15,000 left every month but that's before putting money into my kids savings and solicitor fees (ongoing divorce)
Have a company so slightly different to most id imagine.
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.
Start simple with a 6 column spread sheetThe 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
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
Oh wow thank you I'm impatient to save more! I'm really interested in that sort of business would you mind if I asked you a few questions? how did you get started? did you do a specific degree? what are the first steps/guidelines to get started when building a business like yours?
I just have no idea where to get the knowledge I'd need to establish a successfull business, so I'd appreciate any advice
thank you that’s very helpful
I think peoples outgoings and if they have two wages coming in also makes a huge difference as does where you live as the cost of living in certain areas is much higher then where we live.I’m not suggesting anyone in particular is lying, just wanted to remind people who are feeling crappy about someone’s 2 or 3k disposable income that they could be chatting out of their arseNot saying they are but there have been so many occasions on here where people are clearly not who they’re claiming to be! I’d just never take what anyone says on here as the gospel because it’s a gossip site full of random unknown individuals
Obviously if you are wanting to employ other people , turning over a decent amount, trading abroad then the above wouldn't be suitable. But if it's just your self offering a product or service then the simple spreadsheet method and a basic one business tax return will suffice. If you want to continue working a part time job there is an option on the tax return that will ask if you are employed and generate an additional page that you can fill in using details from your p60 . And then it will adjust your tax calculation. They also email me all the time with online work shops and training you can register for such as vat, employing people, company car expenses.
Do you have any hobby's you could develop in to a small business ? Craft ? Handmade items ?
Thanks again that info is helpful I’m quite good at crafts and handmade items. Would it be better to start on something like etsy ?
Me and my husband work but I only work 9 months of the year and we have 6 children. My husband works nights and I works days so we don't pay childcare. When I'm working we have after all bills and food anywhere between 500-1000 disposable and when I'm not working that drops to 300. We are saving to buy a house but it's not easy with kids who constantly grow and need things. We spend £120 ish a week on food and have only one 2nd hand car that we paid £650 for.