Quitting my job

lilacdragon

Hi, I don't know if my situation is any different to yours, but I was on maternity leave for a year then decided not to go back to work, as I had twins to look after and couldn't bare the thought of not seeing them all day...

I went from earning approx £18.5K to £181 a wk, but spending time with my kids instead of having them in childcare for 12 hours a day meant more to me.

After my maternity pay ended I was able to get income support and child tax credit as well as child benefit. Its not much, and I am in debt to my eyeballs, but really it comes down to managing your budget, what ever the level of it.

I took advice from CCCS and was given the option of token payments to my creditors, or a DMP. As my debts were already on repayment plans anyway due to my drop in income, the effect on my credit score really doesn't bother me right now. I have just got my revised budget from CCCS and will be looking to implement this for a few weeks, and will try to contact my creditors myself.

If that fails, then I will go back to CCCS and will get them to do the DMP on my behalf...

I just wanted to say that it can be done, you will just have to speak to income support and explain that you may be leaving your job and ask them how long you would have to wait before you can claim... and then take it from there.

The time spent with your children doesn't last for long when they are young, so make the most of it.

Good luck, what ever you decide!

bb23

Elle83 wrote: »

Hi, I'm a lone parent on benefits and I seem to make things work better than a lot of my friends manage so maybe I can help? Post or PM your expenditure in detail (ie. shopping, household, electricity, credit card etc) and I'll see what I can come up with that might help.

Also, how old are your kids? Do they have any disabilities? And how much is your rent?

Thanks - My girls are 2 years 7 months, and 8 months 2 weeks. No disabilities. My rent is £420 a month although i'm hoping when i update my housing assoc that they'll offer me a council flat in our nearest town - i'm not scared to move as i really wouldnt have any choice

this is my income and expenditure at present - obviously, most of it would change once i stopped working.

In Monthly:
Wages: £1,282 (this will go)
Child Benefit: £124
Maintenance payments: £250
Tax Credits: £699 (this will drop to £101 apparently)

Out Monthly:
Rent £420.00
Loan £135.00 (HSBC managed loan)
Loan £30.00 (already with a collection agency, no interest on this)
trust fund £20.00
TV license £11.00
Council tax £73.00 (single person allowance - it was £103 before)
Mobile phone £10.00
Gas and Electric £104.00 (i just switched using Quidco to scottish power)
Water £55.00
Child Care 800.00
website £16.00 (i run this to make a small adsense income but it doesnt ever balance per month so i'm going to cancel it soon)
Home phone £20.00
sky £21.00 (i know i know, i could get rid of this one )
Baby supplies £60.00 (nappies for 2 kids, formula milk etc)
internet service provider £20.00 (trying to switch at the moment)
food shopping £160.00
contents insurance £10.12


My loan repayments are on the lowest i can manage. I'm not allowed to do anything with the HSBC managaed loan, believe me - i've tried everything.

sidnee

Here's some thoughts...

- Trust Fund - I know it's good to save for your kids future... but is now the time to do this? Perhaps cutting it back for the forseeable future until you are more balanced and stable money wise?
- Food - 1 adult, 2 kids... probably could/should be around the £100 mark, especially as you have separately budgeted for baby supplies. Try the Money Saving Old Style board for some recipe ideas, and make sure you go through your groceries and weed out what isn't really needed - this is the time to cut down!
- Sky - get rid. Looks like you have more or less the basic package.... or see below.
- Internet - have a look at some of the deals around. A home phone/broadband/TV package from Virgin/Sky could be something to look at. You pay £20/£20/£21 - this can be obtained for £30 or less...
- Website - give this one up... the adsense money isn't really worth it, plus you can spend more time with the kids, and less time worrying about the income from this.
- Try and find out what Benefits you will be entitled to (https://www.entitledto.com)

Also try and costs up what you are earning now, to what you will earn when jobless. This will give you - and us - a better idea of how much savings you need to make. You are on the right track!

bb23

sidnee wrote: »

Here's some thoughts...

- Trust Fund - I know it's good to save for your kids future... but is now the time to do this? Perhaps cutting it back for the forseeable future until you are more balanced and stable money wise?
- Food - 1 adult, 2 kids... probably could/should be around the £100 mark, especially as you have separately budgeted for baby supplies. Try the Money Saving Old Style board for some recipe ideas, and make sure you go through your groceries and weed out what isn't really needed - this is the time to cut down!
- Sky - get rid. Looks like you have more or less the basic package.... or see below.
- Internet - have a look at some of the deals around. A home phone/broadband/TV package from Virgin/Sky could be something to look at. You pay £20/£20/£21 - this can be obtained for £30 or less...
- Website - give this one up... the adsense money isn't really worth it, plus you can spend more time with the kids, and less time worrying about the income from this.
- Try and find out what Benefits you will be entitled to (www.entitledto.com)

Also try and costs up what you are earning now, to what you will earn when jobless. This will give you - and us - a better idea of how much savings you need to make. You are on the right track!

thanks

my total income now is £2,319

My total income according to entitledto.com when i leave my job is

£612 a month

im wondering now if its such a good idea to quit - i'll only just be able to afford rent and one bill!

mdeebee

Being a newbie to this benefits system, please would someone explain how it's possible to get the tax credits shown below, on an income that's not too far from my own?

Wages: £1,282 (this will go)
Child Benefit: £124
Maintenance payments: £250
Tax Credits: £699

Ex-Spendaholic

I'm just wondering if you had considered taking unpaid parental leave for a month or so or some sort of career break?

I know you want to spend more time with your kids (don't we all) but I think it may be a bit drastic to just give up your job. My thinking is that if you take unpaid leave for a bit to see how things - both financially and your sanity. You can then make a more informed decision as to whether this is the way to go.

If you just quit you will have nothing to return to if things don't go as you planned.

Would it be worth looking for a part-time job in the evenings that could be topped up by tax credits? Do you have anyone who would mind your kids then - grandparent, ex-partner etc so that you didn't have childcare costs?

Good luck with whatever you decide.

mummytofour

mdeebee wrote: »

Being a newbie to this benefits system, please would someone explain how it's possible to get the tax credits shown below, on an income that's not too far from my own?

Wages: £1,282 (this will go)
Child Benefit: £124
Maintenance payments: £250
Tax Credits: £699

The OP is paying £800 in childcare and when working her maintenance payments are ignored.

Keeping_Motivated

I can understand how you feel about your children being in childcare full time but would you compromise and go part time? Best of both worlds in my opinion and you would get more tax credits surely than you do working full time?

The other thing I noticed was nappies obviously your youngest will still need them but the average age for potty training is 2yrs 4mths so your oldest could be out of them which would save you money.

As for Sky if you cancel you will still get the freeview channels which are not bad really.

Take care
KM

Keeping_Motivated

If you cancel sky, cancel website, cancel trustfund, you would save £57 instantly.

If you reduce your shopping bill by £30 per month also, that gets you up to a £87 saving.

Then reduce nappies costs.

Your water rates seem high? Can you change to a meter?

Also your gas and elec seem high, is this for arears too?

mummytofour

op I think your figures are wrong. Please double check them I cant see how you would only have £612 if this is the case then you would be getting H/B and council tax benefit also.