How do I stop the spending - Renovating new house

[bobspud]

Looking back at the OP's posts trying to get the DIY through the business and spending his warchest down to just a few months (and that was a month or so ago) I would suggest he starts setting a budget and leaving the warchest alone and then balancing what he needs and what he can afford. Standard mistake to see a pot of money and forget what it was for. Look for what you need to change and forget a couple of things that don't for now.

Restorations and big builds don't leave room for a war chest. You either go for it or don't bother. The last two owners of my barn went bankrupt trying to get the place sorted out, but the last couple pissed their money up the wall on paper doors and bathrooms from focus. The result was a home that needed to be gutted. I have probably spent 80k in three years on a high end finish. But it's not easy.

[NorthWestPerm2Contr]

Restorations and big builds don't leave room for a war chest. You either go for it or don't bother. The last two owners of my barn went bankrupt trying to get the place sorted out, but the last couple pissed their money up the wall on paper doors and bathrooms from focus. The result was a home that needed to be gutted. I have probably spent 80k in three years on a high end finish. But it's not easy.

In a way both arguments are correct:

1) You should be wise and budget

2) If you are going to do something, do it properly

I belong to the 2nd school of thought, as such I am temporarily screwed - hopefully will manage to find another contract when this comes to an end, in which case I will be fine.

[northernladuk]

Restorations and big builds don't leave room for a war chest. You either go for it or don't bother. The last two owners of my barn went bankrupt trying to get the place sorted out, but the last couple pissed their money up the wall on paper doors and bathrooms from focus. The result was a home that needed to be gutted. I have probably spent 80k in three years on a high end finish. But it's not easy.

Don't agree with that. If you need your warchest you have done it wrong. Your story then goes on to re-enforce that. It is a warchest, not back up budget. Forget that at your peril. NWP2C will be back in a few months with a practical example.....

[NorthWestPerm2Contr]

Don't agree with that. If you need your warchest you have done it wrong. Your story then goes on to re-enforce that. It is a warchest, not back up budget. Forget that at your peril. NWP2C will be back in a few months with a practical example.....

It's nice of you to wish me well.....

[Kelstar]

Slightly going off topic, but is anybody else related to a pharmacist? I am very close to telling her to completely quit that profession now the pay has dropped by like 50%......

No, but I know a chap who does it PT like contracting. Has enough cash to fund his second degree - law - and drive around in a flash car. Are there any contracts your way??

[SimonMac]

Slightly going off topic, but is anybody else related to a pharmacist? I am very close to telling her to completely quit that profession now the pay has dropped by like 50%......

What is she like at chemistry?

[eek]

In a way both arguments are correct:

1) You should be wise and budget

2) If you are going to do something, do it properly

I belong to the 2nd school of thought, as such I am temporarily screwed - hopefully will manage to find another contract when this comes to an end, in which case I will be fine.

2 is fine provided you priorities what needs to be done, do that and start saving for the rest.

[bobspud]

Don't agree with that. If you need your warchest you have done it wrong. Your story then goes on to re-enforce that. It is a warchest, not back up budget. Forget that at your peril. NWP2C will be back in a few months with a practical example.....

It depends on how much debt you want use to fund the project or how much time you want to run the project over.

The first piece of debt that I took on for the whole of my project was some multiyork sofas with 2 years free credit. All the rest of my work has been on the basis of when there is a pot of gold it gets used. But that has meant that this work has gone on from 2008 and will finish this year or next depending on the rate I get for my next job.

Yes I would like to have 6 months cash in the bank but for now I have to realise that I can only have two months out at best.

[NorthWestPerm2Contr]

It depends on how much debt you want use to fund the project or how much time you want to run the project over.

The first piece of debt that I took on for the whole of my project was some multiyork sofas with 2 years free credit. All the rest of my work has been on the basis of when there is a pot of gold it gets used. But that has meant that this work has gone on from 2008 and will finish this year or next depending on the rate I get for my next job.

Yes I would like to have 6 months cash in the bank but for now I have to realise that I can only have two months out at best.

that's the way I am living.... But I don't think it is the correct way....

[Kelstar]

I saw your post in the time off thread.

I say try to get over the line with essential work. Then take a step back and replan. Taking into account your lifestyle/santiy.

Not very useful advice for right now, but you'll avoid it in the future. I can imagine how hard it is to keep things in line, especially with home projects - spend so much time there, want the best etc..

I recently just bought a car, (Audi Q5 - in other thread). I could have went ape and bought top of the range, all the audi gadgets etc... but I didn't. Took my time which was very hard because it is exciting. Mulled it over for a few months - even on the extras, the guy at the garage thought I was a wind up merchant. Ended up going for a good model but with only the extras I deemed essential. "£1500 for a sat nav - NO!"

You want to be able to enjoy yourself, take time off, feel rested etc... must be doing your head in!