Hello all,
I've been following the blog for a long time but only recently found out about the forums. I'm hoping for some sense, support and motivation.
Here's my predicament - Coming out of a long road of debt, we want to get on to saving/investing and being comfortable as fast as possible.
This is the breakdown for my and my partner - Me - F/29 Him - M/33
(Apologies if there is already an acceptable format for this, let me know and I can improve it)
DEBTS
$16k CC debt - Him @ 12% apr - this was all equipment to start a event photography business which is now going well. Also the equipment holds it's resale value ( could sell it instantly if need be)
$13k Student loans debt - Me @ 25% (with banks) down from $25k in the last 2 years
LIFESTYLE
We rent
No children
Both have University degrees
We don't drink or smoke
We exercise at home
We have pre-pay mobiles
We eat out/go somewhere perhaps once per week - max $30 spend
No investments
ASSETS
$13k worth of photography equipment, this is at current re-sale value.
$8k worth of bookings for 2014 already - each additional one is $2k
$2500 - His car - used, large, reliable, cheap to repair, good for hauling equipment, 9 years old
$2000 - My car - used, small, reliable, very economical, good for city driving, 13 years old
$2000 - Electronics & equipment used for the business (phone, computers etc)
$16000 - Offer from family (early inheritance) only for the purposes of a house deposit.
We are in Europe & house prices in our range go from $95k (renovation needed & tiny 2 bed) to $160k (ready to live in & spacious)
INCOME
$29k - $1900 take home pcm - Him - Full time job, this is not associated with our photography work
$33k - $2000 take home pcm - Me - Full time contract work, can be very sporadic with breaks every 6 months.
EXPENDITURE
$200 Him per week to cover rent, bills, insurances, food
$200 Me per week to cover rent, bills, insurance, food
Rest current goes towards our debts to bring it down by about $1100 each pcm
*******
Suggestions, kicks in the ass and pointers needed please!
Our obvious solution is to increase our income but we are not near a big city so job options are very poor at the moment.
We regularly jump between being in it for the long haul, getting 15 bookings next year to clear it all OR selling everything we own & not having the business.
Help greatly appreciated, thanks!