Raising an additional £200-£300 per month, legally.
Discussion
[essay]
I'm currently saving for a house deposit.
Having recently reviewed my finances, I've set myself a monthly, slightly flexible budget to spend on 'things' (hookers & coke, standard for PH) or alternatively food/socialising/clothing etc. The level of flexibility isn't a huge amount amount, but covers any unexpected costs, as any serious purchases (TV for example) would come under 'savings'. If at month end I have £x left in my account, this is transferred into the savings, sometimes.
All my others outgoings are fixed: Rent, bills, petrol (largely), insurance, tax, savings. There are no debts.
My savings are then split: As I pay most bills annually, I have a savings account for my car. This covers insurance, tax, breakdown cover, running costs (servicing/MOT/unexpected bills) and savings towards a new car which also covers any depreciation).
I have a savings for petty cash/backup - this is savings towards wanted/needed items (Camera/TV/Christmas fund).
There's a further account for Holidays. I feel the need to 'get away' from things. It's not a huge amount a month, I don't think I could save much less in this area, but it's enough to fund a couple of cheap holidays a year (I'm fortunate enough to know people with overseas property, so it's a case of flights & spending money).
Then there's the account which requires the additional injection of cash, the house deposit fund.
I've calculated that an additional £200-£300 a month will certainly help in fast tracking the time it takes me to raise a deposit. It's a temporary solution until April which I may then continue, depending on level of commitment and the impact the additional work has on my spare time.
I usually work 8.30-6.30ish, so my spare time would be evenings and weekends, though fixed working hours aren't an option due to the conflict this may have on my full-time employment (on occasion I work into the early morning/weekends)
I'm not sure going self employed would be viable, for the associated paperwork (I have an interest in Graphic design for example, but wouldn't know the business concept of this), the same applies to web design. Skill set is limited, I could offer consultancy to businesses within my industry, though this will likely be a conflict of interest with my employer, it's also hard to apply what I know to other industries.
I don't want to do bar work, been there, done that.
I have a spare grand which could be used as an initial investment and can then invest an additional £400-500 per month thereafter. I would need to see a return of +£200 per month though, which I openly admit is just a tad ambitious.
Suggestions?
Thanks in advance
P.S. Approaching my employer for a pay rise is not currently viable!
P.P.S. Additional to this, I would rather save for a few more months and continue to be social and enjoy getaways than sacrifice my happiness for the sake of getting on the property ladder a few months earlier (or just putting down a larger deposit) than I would have done. I'm good with money and try not to spend excessively.
[/essay]
I'm currently saving for a house deposit.
Having recently reviewed my finances, I've set myself a monthly, slightly flexible budget to spend on 'things' (hookers & coke, standard for PH) or alternatively food/socialising/clothing etc. The level of flexibility isn't a huge amount amount, but covers any unexpected costs, as any serious purchases (TV for example) would come under 'savings'. If at month end I have £x left in my account, this is transferred into the savings, sometimes.
All my others outgoings are fixed: Rent, bills, petrol (largely), insurance, tax, savings. There are no debts.
My savings are then split: As I pay most bills annually, I have a savings account for my car. This covers insurance, tax, breakdown cover, running costs (servicing/MOT/unexpected bills) and savings towards a new car which also covers any depreciation).
I have a savings for petty cash/backup - this is savings towards wanted/needed items (Camera/TV/Christmas fund).
There's a further account for Holidays. I feel the need to 'get away' from things. It's not a huge amount a month, I don't think I could save much less in this area, but it's enough to fund a couple of cheap holidays a year (I'm fortunate enough to know people with overseas property, so it's a case of flights & spending money).
Then there's the account which requires the additional injection of cash, the house deposit fund.
I've calculated that an additional £200-£300 a month will certainly help in fast tracking the time it takes me to raise a deposit. It's a temporary solution until April which I may then continue, depending on level of commitment and the impact the additional work has on my spare time.
I usually work 8.30-6.30ish, so my spare time would be evenings and weekends, though fixed working hours aren't an option due to the conflict this may have on my full-time employment (on occasion I work into the early morning/weekends)
I'm not sure going self employed would be viable, for the associated paperwork (I have an interest in Graphic design for example, but wouldn't know the business concept of this), the same applies to web design. Skill set is limited, I could offer consultancy to businesses within my industry, though this will likely be a conflict of interest with my employer, it's also hard to apply what I know to other industries.
I don't want to do bar work, been there, done that.
I have a spare grand which could be used as an initial investment and can then invest an additional £400-500 per month thereafter. I would need to see a return of +£200 per month though, which I openly admit is just a tad ambitious.
Suggestions?
Thanks in advance
P.S. Approaching my employer for a pay rise is not currently viable!
P.P.S. Additional to this, I would rather save for a few more months and continue to be social and enjoy getaways than sacrifice my happiness for the sake of getting on the property ladder a few months earlier (or just putting down a larger deposit) than I would have done. I'm good with money and try not to spend excessively.
[/essay]
Edited by I Love Lamp on Wednesday 19th January 12:26
What are your interests?
I know a chap who buys cheap motorbikes and breaks them for parts. Needs a fair bit of storage space though and takes quite a bit of labour.
Same sort of thing, I work with a bloke who buys cheap watches that are a bit tatty, cleans them up, maybe replaces straps/bracelets and sells them on (all on ebay). Again it takes time but he makes a few quid doing it. For example, he bought a bulk-buy of 15 used mixed accurist and citizen mens watches for £45. Bought batteries in bulk on ebay as well as leather and rubber straps and cheap bracelets. Polishes them up a bit and sells them for ~£10-15 each.
He enjoys doing it and it puts money into his paypal account which he uses to buy bits for his MG resto project.
I know another guy who invests in whisky and actually makes a ton of money. He buys single-cask bottles, as soon as that cask is sold out they start appreciating. Obviously this needs capital and it needs knowledge of whisky!
I know a chap who buys cheap motorbikes and breaks them for parts. Needs a fair bit of storage space though and takes quite a bit of labour.
Same sort of thing, I work with a bloke who buys cheap watches that are a bit tatty, cleans them up, maybe replaces straps/bracelets and sells them on (all on ebay). Again it takes time but he makes a few quid doing it. For example, he bought a bulk-buy of 15 used mixed accurist and citizen mens watches for £45. Bought batteries in bulk on ebay as well as leather and rubber straps and cheap bracelets. Polishes them up a bit and sells them for ~£10-15 each.
He enjoys doing it and it puts money into his paypal account which he uses to buy bits for his MG resto project.
I know another guy who invests in whisky and actually makes a ton of money. He buys single-cask bottles, as soon as that cask is sold out they start appreciating. Obviously this needs capital and it needs knowledge of whisky!
Thanks Lefty, breaking/refurbishment sounds like a great idea, it's just knowing markets well enough to support the initial investment(s) required.
I would likely end up buying a bike for double it's recommended cost, for example!
I'm struggling to think of an interest that I have, of which there is a market for a similar type of 'business model'.
I can't break snowboards or surfboards (well, I did once, but that wasn't very clever). I'm probably a Hayes 3/4 Spanner but space is fairly limited, disassembly of things would need to be done indoors.
I would likely end up buying a bike for double it's recommended cost, for example!
I'm struggling to think of an interest that I have, of which there is a market for a similar type of 'business model'.
I can't break snowboards or surfboards (well, I did once, but that wasn't very clever). I'm probably a Hayes 3/4 Spanner but space is fairly limited, disassembly of things would need to be done indoors.
Edited by I Love Lamp on Wednesday 19th January 12:06
Lefty said:
I Love Lamp said:
Thanks Lefty, breaking/refurbishment sounds like a great idea, it's just knowing markets well enough to support the initial investment(s) required.
Exactly, this is crucial!After awhile we closed it all down and scrapped the rest. The parts where not selling, all the money was going on listing and re-listing, and we'd have to be turning over 4-6 bikes per week to make a decent wage for the pair of us.
Great fun though!
alolympic said:
What do you do as a hobby?
Quite often, you are knowledgeable enough about something to make some money somehow.
Err surfing, snowboarding, cycling, cars, drinking, boxing, karate, cooking, weights, live music, diving, climbing. Sounds like a dating site!Quite often, you are knowledgeable enough about something to make some money somehow.
I'll probably have to drop a few of those things over the next few months though.
I partake in all the activities, but not to the extent to really understand what would be a bargain to buy and what wouldn't. I used to be s
t hot on the snowboarding gear, would only know the brands to go for these days.I'm also considering some form of affiliation/referral scheme and take advantage of the people I know, as most 'media' areas are covered (PR/Marketing/Web Design/SEO/Graphics) and a large number of my clients are start-up businesses who require these services. The downside is that I imagine this would be for beer money at the most.
Edited by I Love Lamp on Wednesday 19th January 12:19
Lefty said:
You'r T bod, can yo udo homers?
Most of the IT guys in my office do stuff like that.
My netbook died (knackered HDD) and the fella replaced the HDD with one he had lying around, installed windows 7 and MS office for £30.
Yep, I'm often fixing family members laptops/PCs because kids are downloading porn from limewire.Most of the IT guys in my office do stuff like that.
My netbook died (knackered HDD) and the fella replaced the HDD with one he had lying around, installed windows 7 and MS office for £30.
But I can't charge family!
I guess I could offer a similar service, requesting payment upon completion. I usually do it in between games on Fifa so it's not exactly much work.
P.S. £30 for a new HDD, Win 7 and MSO? This is where my concern would lie if I were to do it, it would need to be legit so no comebacks and possible court orders!
Edited by I Love Lamp on Wednesday 19th January 12:30
You drive a Rallye so I'm guessing you're into pugs.
Look around at buying written off cars and breaking them, I do this a lot with Civics. It helps having mechanical skills and space though.
Otherwise, what else do you specifically like?
I do a lot of deals with phones, buying them off people/ebay and selling them on or to trade in sites. Gets me a couple of extra quid a month. But this is my work area so I know the market well.
Otherwise, dog walking? Cleaning for old people?
Look around at buying written off cars and breaking them, I do this a lot with Civics. It helps having mechanical skills and space though.
Otherwise, what else do you specifically like?
I do a lot of deals with phones, buying them off people/ebay and selling them on or to trade in sites. Gets me a couple of extra quid a month. But this is my work area so I know the market well.
Otherwise, dog walking? Cleaning for old people?
I Love Lamp said:
Lefty said:
You'r T bod, can yo udo homers?
Most of the IT guys in my office do stuff like that.
My netbook died (knackered HDD) and the fella replaced the HDD with one he had lying around, installed windows 7 and MS office for £30.
Yep, I'm often fixing family members laptops/PCs because kids are downloading porn from limewire.Most of the IT guys in my office do stuff like that.
My netbook died (knackered HDD) and the fella replaced the HDD with one he had lying around, installed windows 7 and MS office for £30.
But I can't charge family!
I guess I could offer a similar service, requesting payment upon completion.
P.S. £30 for a new HDD, Win 7 and MSO? This is where my concern would lie if I were to do it, it would need to be legit so no comebacks and possible court orders!
I know the Rallye scene very well and could quite easily pick a diamond amongst the rough.
The issue I have is the space and costs associated to obtaining space.
I could buy a shed S1 rallye for £750, TLC, resell for £1200.
The costs involved would be tax, insurance & parts - I have no means to a trailer, nor do I have trade plates.
However, rallyes are as far as my knowledge goes. There are around 800 S1s and 400 S2s left in the UK, so I'm unsure if it's a viable model, as a large number of these are now owned by enthusiasts who know the value of their car.
The issue I have is the space and costs associated to obtaining space.
I could buy a shed S1 rallye for £750, TLC, resell for £1200.
The costs involved would be tax, insurance & parts - I have no means to a trailer, nor do I have trade plates.
However, rallyes are as far as my knowledge goes. There are around 800 S1s and 400 S2s left in the UK, so I'm unsure if it's a viable model, as a large number of these are now owned by enthusiasts who know the value of their car.
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