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Original poster

To think 4k a month income and no housing costs is a fortune

69 replies

nickiredcar · 10/12/2018 14:11

I've been busting myself for 4 years to make my buisness a success. I'm now regularly netting a profit of around 2-3k a month. I want to take it easier and go down to being part time even if the income halfs I'd still be very happy with that.

If it does half we would still have an income of 4k a month to support us and ds teen at a state school.

That's way above the average income but dh isn't supportive about me working less. Don't think he understands how the 80 hour working late nights and weekends have affected me and I need to slow down :(

OP posts:
NotaGoodTimetoBeaTurkey · 10/12/2018 15:33

If you reduce it by half, you'd have either £1K or £2K a month of your income plus £26000 from him. If that is his gross income, it won't equal £4K a month especially if you drop your income to £1K.

You might be looking at more like £1K from yourself and £1750 a month from him. Not near your £4K estimate.

Not sure if you mean his basic salary is £26000 or that includes a bonus?

And you have no mortgage?

what are you long term plans? Kids to put through uni? Possible fall in your business income? Higher interest rates? Effect of Brexit?

what kind of long term planning is going on?

AnchorDownDeepBreath · 10/12/2018 15:35

If you're making 2k working 80 hours, if you cut down to "normal" hours you'd be making about a grand, and if you go part time you'd be making about £500.

Is his concern that if you cut hours now; you'll lose momentum?

Does he support the business overall, or would he rather you got a job with a better hourly rate?

It doesn't seem the current business is very sustainable. Do you still want to do it? Building a business is relentlessly hard work until it's off the ground. Are there activities you could cut back on to increase your hourly rate?

NotaGoodTimetoBeaTurkey · 10/12/2018 15:36

It's not a fortune. We have in excess of that each month and it means we can be comfortably off. Food, bills, ongoing upgrades to the house (nothing pricy), savings.... we can buy most things we want on a day to day basis, but it's not mega wealthy by any means and we've just been mortgage free at 60, having also put 2 DCs through uni (and paying for their rent when they were there.)

What about your pension?

LemonTT · 10/12/2018 15:39

I am not sure how we can give you any advice on this issue as we don't know your particulars. On the face of it, a £4K pm income sounds anything from OK to great. But you are coming down from c£5.5K and some of it sounds unreliable. Go to min levels being quoted and you could be down to £3K per month.

What about savings, a university fund and pensions, these alone could be as high as £2-3 K per month. I don't know if these are factored in so I can't say if you have enough to meet your joint aspirations for now and the future.

He does have a say and you should listen to him and not to us. Whatever you decide to do you must contribute equally to family life as a bread winner and a home maker. I don't know the story behind your choice of career. TBH I would suggest that your business requires a lot of time for not a lot of reward. For you and for your family. Going down to a 40 hour week, if that is even achievable, for roughly £20K pa and no benefits does not seem worth it. But it depends on your skills and experience. A PAYE job could offer you and them more

Travis1 · 10/12/2018 15:39

What surplus do you have after bills at the moment? What do you do with that? You cut your cloth and all that but if you are regularly spending everything you earn then I can understand your husbands concern.

Why not try only using half your income for a couple of months and see how it works out for you?

Ated · 10/12/2018 15:43

Early on in my career, I thought anything less than 84hrs per week was being lazy. It then increased to 98 hrs pw. Everything except nightlife and clothes were free and life was great. I studied, qualified in extra skills and gained more responsibility and travelled a lot. The more hours gave me more money and once when things happened with people went off I did 10 x 24 hr shifts straight through. A year later I did 12 mths of 7 x 18 hr days- 126 hrs per week. Most of this was done when I was young and allowed me to support my family on 1 wage. It has given me a great lifestyle with a house in the middle of nowhere and in the countryside. Now I think that sleep is a useless necessity and anything more than 4 hrs is a waste. I'm trying to steady myself now to 84 hrs pw and am slowly succeeding but if you wish to work at any level then do what makes you happy, particularly if you can afford it. I was always the first in and the last out, even after driving 120 miles to get there and nothing will change me know, except I'm the boss as well. Do what you are able to do and ignore others.

NorksAreMessy · 10/12/2018 15:50

Can you take on staff to help you, so you don’t lose the goodwill and success you have built up.
It seems a shame to go backwards, but you do need to look after yourself

ArchbishopOfBanterbury · 10/12/2018 15:51

Why doesn't he want you to be happy?!

RiddleyW · 10/12/2018 16:02

I did 10 x 24 hr shifts straight through.

Lol

ScabbyBabby · 10/12/2018 16:09

I'm with Norks, can you take on someone? So you're still growing the business but working less yourself?

Loopytiles · 10/12/2018 16:13

Is your business actually financially sustainable - albeit with a smaller profit - without you working excessive hours? If so, reduce to a traditional full time workload.

Suggest sorting out your pension etc if not already done.

Bluntness100 · 10/12/2018 16:16

What is his net monthly income op?
How much income do you save at rhe end of each month.
How much savings do you have?

sansou · 10/12/2018 16:23

What are you presently doing with your disposable income - on the assumption that you have more than £1.5K pcm disposable income at the moment. What are your & DH's financial goals for the future?

VanGoghsDog · 10/12/2018 16:25

Well, clearly you should not work 80 hours a week.

But, if your business brings in £2k-3k on 80 hours is it really a sustainable business model? I mean, if going 'down' to normal full time means a reduction to £1k-1.5k, it's hard to see how it's worth the bother really?

whatamessitallis · 10/12/2018 16:34

Not the point of the thread, but I heard someone say once, if you want half the work - double your prices!

This was in a talk for freelancers. The guy giving the talk is very well respected for his work and he was describing how he loves the creative side but isn't much interested in the building of his designs. He timed his fee by eight! And now has about an either of the business but when he gets it they pay him really well and he gets to do the fun stuff that he's good at and other people in the companies who hire him do the grunt work.

Not suggesting you times it by 8, unless, like him, your work is very niche!

But perhaps it's now time to think about putting your prices up, by a fair whack. Those who can afford it will stay with you, and those who can't won't.

So you cull your clients / customers while making your work pay better for the hours you do.

whatamessitallis · 10/12/2018 16:35

That should say, " And now has about an eighth of the business..."

grumiosmum · 10/12/2018 16:35

With that number of hours, your hourly rate must be quite low?

Can you reduce your hours but increase your hourly rate by focusing on higher value clients?

kateandme · 10/12/2018 16:41

do you definitely know your income will only half.depending on what business if its a shop etc cutting the opening hours wouldn't just split It in half because this effect when people will come if its only only half the time if that makes sense.so it could be lots less depending on time and footfall.
do you need with the way you live or where you live this current amount or are you having lots left over each month?
either way whatever happens your feeling overwhelmed and at breaking point at current then you need to find a way to stop this.and if it means cutting down on your hours then you all need to find a way to do this together even if its ot long term for now.
because if you breakdown with stress youll then be in shocked leave anyway.
if its a case of you not needing to live of this current amount then do it and tell him to deal with it.if you need this current amount then some way of compromise needs to be talked through.
nothing Is worth you breaking down if it gets too much.

dippledorus · 10/12/2018 16:43

Get help bought in with cleaning and as much as you can and see how it goes before you go part time. it's easier to drop hours in a business of your own and roll it down than it is to build back up again if it isn't working.

NotaGoodTimetoBeaTurkey · 10/12/2018 16:44

are you willing to say what your business involves?

If you work 80 hours a week for 4 weeks ( a month) that 320 hours.

If you earn £3K in a month, (net profit) that's under £10 an hour. If you work half of that- a 40 hr week- your income per hour drops to £5.

That's if the hours you put in are correlating to the income you earn.

Neither £10 nor £5 and hour could be considered high earnings- it's around the minimum wage if we take an average.

what are you doing for 80 hrs a week to bring in (profits) of the minimum wage?

Are your fixed costs taking up your profit? Have you bought stock or premises? what's the business model?

Bluntness100 · 10/12/2018 16:46

If the op doesn't come back it's very hard to answer this.

80 hours a week to earn on average 2.5 k.
Half of that is 40 hours a week and 1.2k.
This is not part time.
The op is unsure of her figures,,stating even if,the income drops by half she'd be happy with that. She should know exactly what parameters It will drop within when she scales it back, and the viability of this. As it may mean rejecting business, giving competitors an edge and basically the business taking a tumble back to square one.
The whole it's a fortune is a red herring, how much do they spend, how much do they save, what is their lifestyle, will it change, can it change, are they willing for that.
Why does she work eighty hours a week, is it because the business demands it and needs another member of staff, or is she disorganised and slow at completing tasks.

Too many unanswered questions.

Yulebealrite · 10/12/2018 16:55

Just state the hours you are prepared to work (the same as him) and then see what income you can generate in those hours. Refuse point blank to go over his hours. How can he refuse that? If he does then he is BVU.

Grace212 · 10/12/2018 16:55

he's being ridiculous if he expects you to keep working 80 hour weeks. Maybe if there was a dire financial emergency happening...but clearly there isn't.

Is he doing the majority of childcare etc - can he work more?

Coyoacan · 10/12/2018 17:12

So you don't even want to go part-time, just down to full-time (40-50hrs)?
Why on earth would he put extra money ahead of that?

This! I also think that it is important to be around for our teenagers as the teenage years are probably the trickiest time in our lives.

veggiepigsinpastryblankets · 10/12/2018 17:32

It seems like an enormous amount of money to me, though perhaps it wouldn't if I got used to it and things I now consider unattainable luxuries felt like essential basics.

However, reducing down from 80 hours isn't going part time, it's going down to normal person hours! If your DH isn't working 80 hours he's got a cheek expecting you to do it.