Finances

sally0101

Hi, Im not sure if I am posting this on the correct board so my apologies if it is in the wrong place.

My current situation is that I work full time and earn approx £15800 before tax. I live in a council bedsit and am trying to get on the property ladder. I am struggling to find somewhere in a decent area due to the costs etc. I would take a one bedroomed place but as you will see later in my thread, I will eventually need a 2 bedroomed place. I have been paying the council rent for 3 years now and thats pretty much money down the drain ... Id much prefer a mortgage so I can have something to show for my money.

I am very sensible when it comes to money ... dont use credit cards, dont get anything on finance ... have a cheap car paid for up front and the insurance also paid for up front. I dont drink or smoke so dont spend on those things.

My situation is that I am looking into adopting as a single person (hence the need for a 2 bedroomed place). I was wondering if anyone could advise me on how I would manage financialy.

If I lived in a council flat, and was a stay-at-home parent, Im sure I would qualify for some benefits ... however, if I have a mortgage on my own property if I was to find one, I am not sure how that works. From the adoption meetings I have had so far, I would be entitled to 'maternity leave' and the equivilant pay for the initial period of the adoption. However, I am torn between what to do after that. I just assumed as a single parent that I would need to return to my job after that period of time and the child would go to a day nursery (we have one on site at work) .. as much as I would love to be a stay at home mam (as my grandma thinks I should be), I dont want to sit there and claim benefits etc.

I just dont know what money help I would be entitled to. If all I would get would be my wage, and out of that, i need to pay all my bills, nursery fees, paying the costs of bringing up a child etc ... how on earth wil I manage? People seem to cope well enough though so can anyone give me some advice to help me. I really want to adopt and do the right thing to help someone else and I feel like Iv got a brick wall in front of me. Sorry for waffling on.

Many thanks

FBaby

How far into the process are you? My understanding of adoption is that as a single person, you would be quite unlikely to be able to adopt a young child, especially if you have to work full-time to support that child. Part of the adoption process is to also look at how you would afford that child, and if it means you would find youself relying on benefits, that too won't be looking too good.

I think your intention to adopt is commandable, but you might find that meaning well and having lots of love to offer is far from enough to be considered a good candidate by ss/adoption agencies.

sally0101

Im at the initial enquiries stage but with my local authority and that isnt the case. They have been open and honest from the start and have said it is highly likely for me to adopt a young child. Someone I know has just been approved and matched with her adoptive baby and toddler. You have to be able to manage financially yes but that would be the case of any lone parent. They said they would not let me start the process if they knew I could not manage and they said I could

tomjonesrules

sally0101 wrote: »

Im at the initial enquiries stage but with my local authority and that isnt the case. They have been open and honest from the start and have said it is highly likely for me to adopt a young child. Someone I know has just been approved and matched with her adoptive baby and toddler. You have to be able to manage financially yes but that would be the case of any lone parent. They said they would not let me start the process if they knew I could not manage and they said I could

They would let you start the process, they will also be encouraging, they cannot be seen to discourage anyone from applying.

It comes across that you are planning your future livelihood around adopting a child and hence being entitled to single parent benefits. Surely you would be better to look into how to improve your earning prospects, and then going through the adoption process?

dseventy

sally0101 wrote: »

Hi, Im not sure if I am posting this on the correct board so my apologies if it is in the wrong place.

My current situation is that I work full time and earn approx £15800 before tax. I live in a council bedsit and am trying to get on the property ladder. I am struggling to find somewhere in a decent area due to the costs etc. I would take a one bedroomed place but as you will see later in my thread, I will eventually need a 2 bedroomed place. I have been paying the council rent for 3 years now and thats pretty much money down the drain ... Id much prefer a mortgage so I can have something to show for my money.

I am very sensible when it comes to money ... dont use credit cards, dont get anything on finance ... have a cheap car paid for up front and the insurance also paid for up front. I dont drink or smoke so dont spend on those things.

My situation is that I am looking into adopting as a single person (hence the need for a 2 bedroomed place). I was wondering if anyone could advise me on how I would manage financialy.

If I lived in a council flat, and was a stay-at-home parent, Im sure I would qualify for some benefits ... however, if I have a mortgage on my own property if I was to find one, I am not sure how that works. From the adoption meetings I have had so far, I would be entitled to 'maternity leave' and the equivilant pay for the initial period of the adoption. However, I am torn between what to do after that. I just assumed as a single parent that I would need to return to my job after that period of time and the child would go to a day nursery (we have one on site at work) .. as much as I would love to be a stay at home mam (as my grandma thinks I should be), I dont want to sit there and claim benefits etc.

I just dont know what money help I would be entitled to. If all I would get would be my wage, and out of that, i need to pay all my bills, nursery fees, paying the costs of bringing up a child etc ... how on earth wil I manage? People seem to cope well enough though so can anyone give me some advice to help me. I really want to adopt and do the right thing to help someone else and I feel like Iv got a brick wall in front of me. Sorry for waffling on.

Many thanks

With respect I think you need to re-visit your plans.

Your finances barely cover your living expenses, I don't think your your in a financial position to support another person, yet alone all the expenses of bigger properties.

Have you taken advice?

D70

Oldernotwiser

I have you looked at whether you would be eligible to claim and Adoption Allowance if your finances were low? Have you enquired whether you would be eligible for a two bedroom council property if you were to adopt?

You could also use http://www.turn2us.org.uk/benefits_search.aspx to check your eligibility for tax credits when you return to work.

tomjonesrules

Oldernotwiser wrote: »

I have you looked at whether you would be eligible to claim and Adoption Allowance if your finances were low? Have you enquired whether you would be eligible for a two bedroom council property if you were to adopt?

You could also use http://www.turn2us.org.uk/benefits_search.aspx to check your eligibility for tax credits when you return to work.

And what stock they have (or are likely to have) available?

sally0101

I am certainly NOT trying to go on the path of getting single parent benefits and am hurt that anyone on here could suggest such a thing. I will improve my financial situation before I adopt ... that goes without saying ... I am certainly not looking into adopting yet but my reasons for adopting are very good and certainly not money driven. I will not be responding to any more posts on this thead as I did not come here to be made to feel like this.

Thank you to OlderNotWiser for your comment though. I would hope to have my own property by then but I will check out the council flat thing too and the site you suggested.