[geefree]

In this business, our money comes in from all directions ,  collecting, paid on the spot, internet banking and cheques.

to begin with, i found it really hard to put the money together , to give ourselves a weekly/monthly wage... as money was owed , cheques were late.. and people not home when i collected.

now its far easier as my round is steady away... and most if not all pay on time nowadays.

i will give you an example of why i am asking this...... and these figures are not real , just an example .. but the questions from " her indoors "... were real.


when  i first started out  these were the type of questions i was asked... ... on monday evening she asked how much i had earned today.

(not real figures dont forget).... around £100  worth of work done today .. i replied.

tuesday..... same question same answer... so it went on all week...so end of the week.. she asks for £500....

i said some of it still to be collected... and cheques in the post

she was not a happy bunny... .. but cheques rom the week before started rolling in, and the week before that....

you all get the picture guys i hope....


How have you all got round this... i bank everything now... every penny... and simply draw her money out and give it to her weekly.... but there are some weeks when it dont quite work out... as obviously i dont earn a massive fortune.

well i hope you could understand that 

[simon knight]

If it's a business account why not just have an overdraft facility?

[wightsurf]

Why not tell Her that you only get 60 quid a day and pocket the extra £40. 

[doak]

Why not tell Her that you only get 60 quid a day and pocket the extra £40.

thats the way but pocket more she will only spend it on heat magazine and handbags  :

[Gordon Saunders]

We have a simple method  ,

i earn the money and the missus spends it.
  G

[Russell Macdonald]

If you turned over £500 why is she asking for £500.  

What about costs as well?  :

[Paul Coleman]

In this business, our money comes in from all directions ,  collecting, paid on the spot, internet banking and cheques.

to begin with, i found it really hard to put the money together , to give ourselves a weekly/monthly wage... as money was owed , cheques were late.. and people not home when i collected.

now its far easier as my round is steady away... and most if not all pay on time nowadays.

i will give you an example of why i am asking this...... and these figures are not real , just an example .. but the questions from " her indoors "... were real.


when  i first started out  these were the type of questions i was asked... ... on monday evening she asked how much i had earned today.

(not real figures dont forget).... around £100  worth of work done today .. i replied.

tuesday..... same question same answer... so it went on all week...so end of the week.. she asks for £500....

i said some of it still to be collected... and cheques in the post

she was not a happy bunny... .. but cheques rom the week before started rolling in, and the week before that....

you all get the picture guys i hope....


How have you all got round this... i bank everything now... every penny... and simply draw her money out and give it to her weekly.... but there are some weeks when it dont quite work out... as obviously i dont earn a massive fortune.

well i hope you could understand that 

You ask how we get around it?

Simple.  I left her.

[Paul Coleman]

I like to fill a few large biscuit tins with £20 notes , then when they are all full I stitch the notes into the hem of the house curtains .  Hope this helps .

buy a safe burglers always look in curtain hems,id rather give it the wife than have it nicked

Unfortunately, there was no difference for me.  She did used to nick it.

[geefree]

Thanks for your help lads... will take all that on board ...  :

[Feen]

Gazza - In danger of lowering the tone of this thread, but here goes All my earnings go into one account. It's a current account incurring no charges. I pay all my costs out of this account. I have a weekly standing order from this account to our joint account to pay the bills , housekeeping and of course a few shillings for the missus Easy(ish) once you are established. It doesn't matter too much who pays this week as some pay from last week etc. You get a fairly constant cash flow. I look at my weekly income as work paid for rather than work done now. Sure I watch what's going on, but as someone else said I have an overdraft to back me up. Hope this helps

[geefree]

Thanks Feen.... yes it does help,

i understand what you mean regarding money coming in from previous days / weeks.

and now mine is coming round to that way of working... nut its taken some time...

its hard in the beginning to make the money seem like earnings... as it just came in bits and was quite a worry at the time.

[ftp]

More worrying is the figure i'm owed every week it's nearly always around five hundred and not much less after collecting!

[alanwilson]

this is how we work

all money whether cash or cheque goes int the bank every Friday.

I draw out the wages every Friday and make sure there is always a minimum float of £10k in the bank.

I pay myself and everyone else a set wage (unless they work overtime etc) and all the costs are taken from the corresponding van cash box before they are put into the bank.

Once a month I pay myself a bonus = to whatever is over the £10k float in the bank.

Float in each van is £100

[dai]

I have always had what I call a buffer fund of £500, this simplifies my book keeping, what ever I earn for the day goes into the book, any outstanding amounts are borrowed from the buffer fund.
My cheques and cash in hand are banked at the end of the week, I bank what I have earned, not what I have received, the money I have earned is what I pay in. cheques and cash I received later go back into the buffer fund.
This can only work if I don't have more than £500 owing at any one time, I have had to increase the buffer fund a couple of times, but it sorts itself out over the next few weeks.

[Tim82]

I'm terrible at money management  I need to start doing this stuff... thanks for the inspiration. I suppose when it comes to being payed in window cleaning you're always looking ahead to the next couple of weeks

PS> i wish i had a 10k float!

[Tim82]

 Whats the benefit of having a business account? i have a barclays current account with no overdraft so obviously find it difficult to keep on top.

[L.J.Thorpe]

Gazza - In danger of lowering the tone of this thread, but here goes All my earnings go into one account. It's a current account incurring no charges. I pay all my costs out of this account. I have a weekly standing order from this account to our joint account to pay the bills , housekeeping and of course a few shillings for the missus Easy(ish) once you are established. It doesn't matter too much who pays this week as some pay from last week etc. You get a fairly constant cash flow. I look at my weekly income as work paid for rather than work done now. Sure I watch what's going on, but as someone else said I have an overdraft to back me up. Hope this helps

this is exactly how i work it all out , in effect your bank statements become your accounts IF you stic to it and only buy business related items from that account.

[*guttersareus]

this is how we work

all money whether cash or cheque goes int the bank every Friday.

I draw out the wages every Friday and make sure there is always a minimum float of £10k in the bank.

I pay myself and everyone else a set wage (unless they work overtime etc) and all the costs are taken from the corresponding van cash box before they are put into the bank.

Once a month I pay myself a bonus = to whatever is over the £10k float in the bank.

Float in each van is £100

Gissa job Alan ?

[Feen]

I have always had what I call a buffer fund of £500, this simplifies my book keeping, what ever I earn for the day goes into the book, any outstanding amounts are borrowed from the buffer fund.
My cheques and cash in hand are banked at the end of the week, I bank what I have earned, not what I have received, the money I have earned is what I pay in. cheques and cash I received later go back into the buffer fund.
This can only work if I don't have more than £500 owing at any one time, I have had to increase the buffer fund a couple of times, but it sorts itself out over the next few weeks.

Dai, I am intrigued by this approach. This is in no way a criticism, but it appears to complicate things. Maybe it actually simplifies them
Why do you bank unpaid monies by borrowing them from your buffer fund? You must get some debts running for quite a time. I have 2 debts going back to 1st July. How do you know where your buffer fund should be other than constantly monitoring your debtors?
As I said in my reply I bank what I receive. Some weeks I bank lots, some weeks little. It all amounts to the same at the end of the year. If I need to know what I have actually earned in any week, I can get that info from George.
Feen