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#1 of 11 Old 02-02-2005, 02:11 PM - Thread Starter
 
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Anyone else self-employed or dp self-employed? Or rather, self-employed with random pay? Or maybe I am just needing to vent about dh being self-employed. I don't know, I'm pretty frustrated right now. It is the beginning of the month and we have no money. Ok, we have enough to pay the mortgage, but we will have nothing after that. We need groceries, to pay other bills, we have a weeks left of coal and have to order more, just found out the water pressure at kitchen sink is down to a trickle(worked fine last night). DD's 4th birthday is on the 10th. It is just so frustrating. I take care of bills and whatnot, but right now I wish I didn't because then I wouldn't know how tight we are. Dh last got paid beginning of jan, luckily I put feb mortgage aside, otherwise we wouldn't even be able to pay that! Dh works long hours, sometimes 6-7 days a week, which I usually justify by saying to myself that it will help moneywise with fixing the house, fabric for dipes, able to get kids enrolled in something, etc. But when he is working long hours and you aren't seeing any payoff, it is so frustrating. I am so used to living with regular paychecks, getting back into this self-employed thing is so hard.I'm doing really well as far as not taking my frustration out on him or anything which I have a tendency to do sometimes. I know we'll be getting paid, it is just a matter of when and I so so dislike paying bills late, and I am so afraid dh is going to want to use cc to pay for some things and I really don't like to do that.I will if we have to but it's just moving bills from one place to another, not really paying them. I don't know if anyone can relate but I think I just had to vent a bit. Thanks.
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#2 of 11 Old 02-02-2005, 02:28 PM
 
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Both dh and I. It is soooooo difficult to budget. He is in plumbing and construction. I own a dance academy (I have had no income for 5 years...business is growing slowly though)

I was up until 545am last night discussing all of this with dh. It is very stressful.

I don't have any advice right now, just wanted to let you know you are not alone!

Mama to 9 so far:Mother of Joey (20), Dominick (13), Abigail (11), Angelo (8), Mylee (6), Delainey (3), Colton (2) and Baby 8 and Baby 9 coming sometime in July 2013.   If evolution were true, mothers would have three arms!

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#3 of 11 Old 02-02-2005, 02:42 PM
 
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Ummm, I think I married your dh's clone! My dh is also self-employed, and it really is a challenge to put it nicely. Sometimes it is one of Dante's rings of of hell! When we first got married, the phone and electric got turned off a few times. I offered to take over the finances for the house, leaving him with the business. When he got his business into debt, I took over the books for the business and we clawed our way out. My dh is a generous wonderful person, and those qualities are also his downfall: he gives away a lot of his time. While lit ooks like he works 60-80 weeks, he does NOT get paid for it all. It drives me crazy! So he's self-employed and I have a steady job which evens it out. One thing I do with him is to let him know ahead of time if we need money. "Dear, there are three bills coming up for a total of $$$, when can we expect that to come in?" If he knows ahead of time, he can plan. Sometimes I've asked him to cut down on the ridiculous hours, and it often helps him to make better use of his time.

I sympathize. It sucks rocks. It's this constant cycle of feast or famine, and you're handling it pretty well. It might work better if you are more involved, so you can know ahead of time when money will come in. Best of luck - I know how unfun it can be...
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#4 of 11 Old 02-02-2005, 03:49 PM - Thread Starter
 
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With dh being in painting/paperhanging, he is basically a sub-contractor. He has no idea when he is going to get paid, because its all based on when the guy hes working for gets paid which usually that is based on when THAT guy gets paid. It gets pretty frustrating. Especially right now because as we just discovered, there is something wrong with the furnace and we have little water pressure because of it. lovely lovely. I'm totally involved as far as the money goes, he gets paid and it goes in the account and from there it is really my job getting the biklls paid and trying to set money aside for upcoming bills, etc. It is good in one aspect because his type of work has a tendency to slow over winter but this winter has been really good as far as having work. He has a bunch of bills out that we are just waiting to get paid for, so we have money, we just don't HAVE it, if that makes any sense. Thanks for the replys, least I'm not alone!
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#5 of 11 Old 02-03-2005, 07:02 PM
 
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It can be so hard when the partner who makes the lions share of the money is self employed. My dh has been self employed for almost 3 years now and it has taken some time to get used to it. Thankfully he has a core of regular clients (he's a writer/editor) who we know when they will pay. (early in the month) So for us its the fact that money is generally feast or famine unless I am working which when I am it helps even things out. Of course its when he has other clients who are slow to pay that really irritate me : especially because the extra clients are often the ones who provide the gravy in our budget if ya know what I mean.

Sounds like you have the right idea of trying to set money aside for future months, that's what I do. Right now I am working on April expenses based off our cash flows. It also sucks because its hard to discuss your money troubles with friends unless they have lived the self employed life style.
I also agree that it helps when you can get involved in the process, dh & I are in the process of merging what we individually do into 1 organization. So I handle the finances as well as keeping track of his clients and prodding him when its time to get more clients. (with a baby on the way, you can imagine how I have been on him to generate more business)

Good luck! I do know the feeling of having money out there but its just not in your account.

Mothering since 1992...its one of the many hats I wear.
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#6 of 11 Old 02-04-2005, 06:26 AM
 
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In my house I am the self-employed partner. It is hard. My income fluctuates so radically at times. I haven't worked since last May (for various reasons) and am getting back to work this month. DF works PT, they keep promising FT but we have yet to see it. Every week I wait to see if I made check (gotta make over $100 to make check for the site I work through) and when I don't things get thin. It sucks a lot some times...
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#7 of 11 Old 02-04-2005, 10:16 AM
 
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We're self-employed too. Have been since 1989. This is our second business, as the first one went under a couple of years ago. We used to be living it up, then it all went south and now we're into something new that is growing, but here we are, waiting for it all to take off and it is awful. No one I know IRL has any ideas what we go through..my dh works like a dog and we never have extra cash. I hate it.
I feel weird even talking about this here because dh always tells me, don't talk about the business with anyone...I don't know why...maybe he doesn't want people we know to know how much we struggle. But sometimes I need to talk about stuff. Like I said we have no friends IRL who own businesses.

anyway. Yep. I can relate
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#8 of 11 Old 02-06-2005, 05:56 PM
 
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DH and I just decided that I would proceed with starting my own business - we've GOT to have some more money added to his income, and I am so scared that I won't be able to do it. I think anytime someone is self-employeed, it is risky - and I HATE risk...I want to play everything safe.

I'm sorry, I guess I don't have much advice here, but I understand how you are feeling...take care, and best wishes to you that things will pick up!!
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#9 of 11 Old 02-08-2005, 12:07 AM
 
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I hear ya sister! Dh is a contractual programmer. He has one main client, and gets a few others here and there. He gets paid sometime within 45 days after he invoices. It does suck! I sound just like you. I like the bills to get paid, I hate cc, I want to KNOW when the money is coming. I think it is the lack of control that hits me the most. It was hard enough for me to quit my job and be a SAHM, but then to have to depend on DH completely for income, AND not know if he is going to get any this month. It is hard because he is human, and makes mistakes, and when he does this, we don't get paid. He is also a very nice guy who gets taken advantage of at times, I believe. Just recently he underestimated a project and was working for about a month for nothing just to get it done. It was extremely hard to take care of the kids and the household knowing that we weren't getting anything for his work.

We have been fortunate to be able to borrow money from his dad, and our kids were given money for college funds that we have had to dip into unfortunately. But I am starting to get used to it, and we have always had enough money for the bills. I am learning now to stop paying things monthly, and try to pay them as far ahead in advance as possible. Like car insurance, I just paid the whole premium instead of doing monthly like I usually do.

Good luck, just know i feel your pain!
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#10 of 11 Old 02-09-2005, 01:42 PM
 
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I own a bookkeeping business so I am familiar with this.

For myself, I bill quarterly. My bills go out on the 1st of the month following the close of the quarter. I used to bill when I finished the work but it screwed up cash flow.

Sometimes you can't regulate if a client won't pay or can't pay and that sucks.

Things to think about:

If you are a contracter (of any sort) bill in installments. One third to start, one third half way through, one third upon completion. Or half up front half upon completion. When the chunk of change comes in - don't spend it away. Budget it over the period of time that you need to cover your general overhead.

If your business is seasonal review your books from the last two years. Look to see when the bulk of your money came in. Calculate what you need monthly and then divide that over the number of months - paying yourself over a period of time from the months when big money comes in. This habit is very hard to get into when cash is tight to begin with, and represents some real hurdles in terms of timing, but once done is a lifesaver.

Make sure all time gets billed! Your clients don't give freebies and neither should you (unless they are dissatified etc.) Plus if you do things for free often enough people come to expect it.

Hope that helps.....

And yes! I empathize with being self employed and the financial pitfalls and dramas of it!
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#11 of 11 Old 02-09-2005, 03:26 PM - Thread Starter
 
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Thanks a lot for your replys. It helps to know others have been there.
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