Child Tax Credit - Do we tell them about this?

billykeats

Ok but our only fear is that the Bank rate will start to go up at some point, how quickly we don't know; but if we were to go onto repayment these increases in rate could eventually make it very difficult for us to keep up the payments and there would be no way of going back to Interest Only. This isn't our forever home so I guess we are kind of renting for now until such point we can afford to move into that home in the near future.

mildred1978

billykeats wrote: »

Ok but our only fear is that the Bank rate will start to go up at some point, how quickly we don't know; but if we were to go onto repayment these increases in rate could eventually make it very difficult for us to keep up the payments and there would be no way of going back to Interest Only. This isn't our forever home so I guess we are kind of renting for now until such point we can afford to move into that home in the near future.

You are renting, but with none of the benefits of renting. Bear in mind you'll need a few thousand to move too.

You should be able to save at least £1k per month while your mortgage interest is so low. Your missus is out of work - she needs to stop spending like she's on £25k per year.

billykeats

Have to have a think about this and sit the wife down about kerbing her spending. I guess we should also look at our Life Cover as I guess we should go onto a decreasing one. Would this reduce our Insurances down from £110 as want to keep the ASU and critical illness cover as it is?

mildred1978

No idea re the insurance - sorry.

You could easily halve your grocery bill which could be a better way to reduce your outgoings and make sure you've cover for your daughter should anything happen to you.

billykeats

Thank you. Will go over everything like you advised

soul619

is this reducing for working tax credits also to £26000?

zagfles

soul619 wrote: »

is this reducing for working tax credits also to £26000?

The income limit for WTC (ex childcare) isn't changing. About £18k for a couple or single parent with no disabilities working 30 hours

soul619

me and my partner are just under 40k and according to the governments website we would qualify at the moment for child care cost of £500pm we would get most of that paid to us in wtc? after the child is born one wage would be over 26k

kezzygirl

[QUOTE=billykeats;48407775]Got £6000 in an ISA saved as a buffer. In the process of transferring utilities. We put money away for just about everything in a savings account for when we need it e.g. insurances, birthdays, xmas, car, water bill, tv licence. We hardly go out now that we have a baby. Live in area where public transport is not very reliable and I travel into the city so have 2 cars in the family for my wife to get around. Do everything I possibly can to save money or get money in the way of Cashback and everything that Martin Lewis advises us to do. Apart from maybe paying off our mortgage to reduce our bills. I check my accounts on a regular basis and have spreadsheets set up. Move savings accounts all the time. I would say I was pretty good with my financial decisions. Any more I could have done?[/QUOTE]



and you are seriously complaining about being skint and having no money????some people really are unreal, try living month to month with no saving and two kids to pay for!Get a grip and drop the self-rightuous act....u dont deserve anything as by the sounds of it YOU HAVE ENOUGH ALREADY!

zagfles

soul619 wrote: »

me and my partner are just under 40k and according to the governments website we would qualify at the moment for child care cost of £500pm we would get most of that paid to us in wtc? after the child is born one wage would be over 26k

Sorry I meant WTC ex the childcare part. I'll edit that post.

Have a look on the turn2us calculator. If it says you'll get more than 545 this year it should be about the same next year.