Hi there,
I'm currently self-employed and earn half my income that way. The other half comes through a PAYE job I work part-time. Due to severe burn out with that job, I'm strongly considering not going back to it in a couple of months time (it's in the teaching area). I think I actually reached burn out with it a couple of years ago but kept going and now it's causing some real anxiety and stress.
Anyhow, I'm trying to find a full-time position to replace both sources of salary but I'm not sure how long that will take. I do think I need to retrain or move into another area as I've worked in the same field for 10 years and don't find it fulfilling any more (though I know I shouldn't complain having a job in the first place).
I have savings of close to €20,000 built up and I'm considering dipping into them, along with my self-employed income, in the interim.
Does anyone have any comments on budget below? I've cut my spending to the absolute minimum in terms of bills, a little for living expenses but nothing really for holidays, clothes etc. I'm not afraid to live frugally for a while but don't want to get into debt either.
Current situation
[FONT="]Per Month[/FONT]
[FONT="]Total income:[/FONT]
[FONT="]€2410.00[/FONT]
[FONT="]Total spending:[/FONT]
[FONT="]€1641.20[/FONT]
[FONT="]Total left over:[/FONT]
[FONT="]€768.80[/FONT]
[FONT="]Loans & debts:[/FONT]
[FONT="]€0.00[/FONT]
[FONT="]Savings:[/FONT]
[FONT="]€0.00[/FONT]
[FONT="]Pension:[/FONT]
[FONT="]€0.00[/FONT]
[FONT="]Work related:[/FONT]
[FONT="]€65.00[/FONT]
[FONT="]Home expenses:[/FONT]
[FONT="]€840.70[/FONT]
[FONT="]Phone expenses:[/FONT]
[FONT="]€37.00[/FONT]
[FONT="]Insurance:[/FONT]
[FONT="]€79.75[/FONT]
[FONT="]Car costs:[/FONT]
[FONT="]€263.75[/FONT]
[FONT="]Education and courses:[/FONT]
[FONT="]€0.00[/FONT]
[FONT="]Leisure:[/FONT]
[FONT="]€223.33[/FONT]
[FONT="]Occasional expenses:[/FONT]
[FONT="]€131.67[/FONT]
[FONT="]Family costs:[/FONT]
[FONT="]€0.00[/FONT]
[FONT="]
[/FONT]
[FONT="]Total spending:[/FONT]
[FONT="]€1641.20[/FONT]
Add in tax 150 per month
Total actual spending: 1791.20 a month
New situation
Total income 1333.33 a month
Total spending 1791.20 a month (have left tax in but that would come down as earning significantly less)
That seems to me that I'd be running a deficit of 457.67 a month which would mean I'd be able to live for a year or more just on reduced income plus savings.
I'm currently self-employed and earn half my income that way. The other half comes through a PAYE job I work part-time. Due to severe burn out with that job, I'm strongly considering not going back to it in a couple of months time (it's in the teaching area). I think I actually reached burn out with it a couple of years ago but kept going and now it's causing some real anxiety and stress.
Anyhow, I'm trying to find a full-time position to replace both sources of salary but I'm not sure how long that will take. I do think I need to retrain or move into another area as I've worked in the same field for 10 years and don't find it fulfilling any more (though I know I shouldn't complain having a job in the first place).
I have savings of close to €20,000 built up and I'm considering dipping into them, along with my self-employed income, in the interim.
Does anyone have any comments on budget below? I've cut my spending to the absolute minimum in terms of bills, a little for living expenses but nothing really for holidays, clothes etc. I'm not afraid to live frugally for a while but don't want to get into debt either.
Current situation
[FONT="]Your budget summary:[/FONT]
[FONT="]Per Month[/FONT]
[FONT="]Total income:[/FONT]
[FONT="]€2410.00[/FONT]
[FONT="]Total spending:[/FONT]
[FONT="]€1641.20[/FONT]
[FONT="]Total left over:[/FONT]
[FONT="]€768.80[/FONT]
[FONT="]Your spending breakdown:[/FONT]
[FONT="]€0.00[/FONT]
[FONT="]Savings:[/FONT]
[FONT="]€0.00[/FONT]
[FONT="]Pension:[/FONT]
[FONT="]€0.00[/FONT]
[FONT="]Work related:[/FONT]
[FONT="]€65.00[/FONT]
[FONT="]Home expenses:[/FONT]
[FONT="]€840.70[/FONT]
[FONT="]Phone expenses:[/FONT]
[FONT="]€37.00[/FONT]
[FONT="]Insurance:[/FONT]
[FONT="]€79.75[/FONT]
[FONT="]Car costs:[/FONT]
[FONT="]€263.75[/FONT]
[FONT="]Education and courses:[/FONT]
[FONT="]€0.00[/FONT]
[FONT="]Leisure:[/FONT]
[FONT="]€223.33[/FONT]
[FONT="]Occasional expenses:[/FONT]
[FONT="]€131.67[/FONT]
[FONT="]Family costs:[/FONT]
[FONT="]€0.00[/FONT]
[FONT="]
[/FONT]
[FONT="]Total spending:[/FONT]
[FONT="]€1641.20[/FONT]
Add in tax 150 per month
Total actual spending: 1791.20 a month
New situation
Total income 1333.33 a month
Total spending 1791.20 a month (have left tax in but that would come down as earning significantly less)
That seems to me that I'd be running a deficit of 457.67 a month which would mean I'd be able to live for a year or more just on reduced income plus savings.