To work or not to work: That is my question!

annie1975_2

LisaW123 wrote: »

No it's not cheap, but my husband and I are making provision for ourselves. We do not intend to have children so there will be our house, and our personal pensions.

I do not mind contributing to the pot for things like health care, and services that benefit all. I do, however, object to helping to support other people's children or those too indolent to do anything to improve their own lives. Come to think of it, I also object to supporting other people's elderly relatives who are dumped in homes because their families can't be bothered to look after them. That has never happened in my family and never will, before you make the assumption.

Maybe these "elderly people" havent got a family to look after them,just like you wont have a family to look after you.(as you are not having any children)..And selling your house wont be enough to keep you in a care home for the rest of your life.

Pennywise2012

To answer the original question :rotfl: you can use the benefits calculators that are knocking around to work out what exactly you would and wouldn't be entitled to. I don't know the exact in's-and-out's, but apparently there is a provision within tax credits for if your income in the current year is more than £2500 less than in the previous year.

Then, make a budget using the theoretical total family income, and see if it's financially do-able, and if the emotional benefit of you being at home outweighs the costs.

Easy cuts to make if you're at home should be childcare, and maybe sell one car? If your husband is working nights, then you could use it during the day when he's asleep. Your petrol would still be the same, but at least it saves on MOT/insurance/road tax etc.

Am slightly confused by the benefits-bashing going on here. If you don't agree with the current benefits system, shouldn't you be shouting at the people giving the benefits, not the people receiving them?

mildred1978

mildred1978 wrote: »

The OP hasn't told the whole story. She earns £10k. Hubby earns at least £15k and they get another £5200 a year in benefits.

She says their bills are £1100 a month, that they have no debt, and £200 a month left over. But they must be bringing in AT LEAST £2300 a month. So where is the rest??

Are you deliberately ignoring my point, OP? I've made it a couple of times.

mildred1978

bridgemant wrote: »

This was my question, How do people manage on 1 wage, is it do-able and has anyone experienced giving up work to raise a family and did they regret it.

Nothing to do with what we earn now, only asked if there was another way to get a quote from Tax Credits, not that this was meant to be the main focus of attention.

My husband's job (IT contractor) has never been secure so we always planned our finances based on my salary alone, which has varied from £30k-£65k-£40k. As a result, although we haven't scrimped, a lot of his £80k+ earnings got saved.

So when I had our son 2 years ago, and was offered a voluntary redundancy package from work after around 7 months maternity leave I was free to take the money and run. We started our own company, which should bring in around £100k. I am able to be at home with our son. I claim child benefit for him as a very very small payback of the £500k+ we've paid in tax in the past 10 years. That gets topped up and goes straight into his account.

We get no other benefits, and rightly so.

We can easily afford for me not to work because of the financial decisions made in precious years.

princessdon

Murphy_Gooner wrote: »

If that mentality, then there would be a massive dip in population.
Like i mentioned in previous posts, its the children who will grow up too get jobs who will contribute too society too help pay for your pension or your healthcare you may well need.
Unless of course you would rather provide all of that for yourself without any assistance?

Do you think there will be any of that by the time we retire?

Or even an NHS?

I'd wager my private pension and some form private health insurance is more like it.

Face1992

LisaW123 wrote: »

The cost of living is certainly rising, and people need to take this into account before they bring children into the world.

I don't think anybody bothers with that old fashioned notion anymore, it's so passe these days to want to use your own money when ever possible to feed and clothe your own kids.:rotfl:

Face1992

Pennywise2012 wrote: »

To answer the original question :rotfl: you can use the benefits calculators that are knocking around to work out what exactly you would and wouldn't be entitled to. I don't know the exact in's-and-out's, but apparently there is a provision within tax credits for if your income in the current year is more than £2500 less than in the previous year.

Then, make a budget using the theoretical total family income, and see if it's financially do-able, and if the emotional benefit of you being at home outweighs the costs.

Easy cuts to make if you're at home should be childcare, and maybe sell one car? If your husband is working nights, then you could use it during the day when he's asleep. Your petrol would still be the same, but at least it saves on MOT/insurance/road tax etc.

Am slightly confused by the benefits-bashing going on here. If you don't agree with the current benefits system, shouldn't you be shouting at the people giving the benefits, not the people receiving them?

That last bit is a bit like saying the burglar only went in and stole the telly because the owner didn't have a security grille over the front door. Erm, no, the burglar is the one at fault for taking something he shouldn't be getting.

poet123

LisaW123 wrote: »

No it's not cheap, but my husband and I are making provision for ourselves. We do not intend to have children so there will be our house, and our personal pensions.

I do not mind contributing to the pot for things like health care, and services that benefit all. I do, however, object to helping to support other people's children or those too indolent to do anything to improve their own lives. Come to think of it, I also object to supporting other people's elderly relatives who are dumped in homes because their families can't be bothered to look after them. That has never happened in my family and never will, before you make the assumption.

We are fortunate to be in a good financial position, and have never (as a whole family) claimed any benefit other than CHB, but I must say I find your vehemence quite a selfish mindset.

No one knows what is around the corner, there are posters on here who have been widowed suddenly and their plans for self sufficiency stop there, accidents can happen, tragedies. No one is immune, and as for begrudging the elderly care, words fail me. Not everyone has a supportive family unfortunately, not everyone has a family when they reach their latter years. My 87 year old neighbour lost her husband of 63 years last week, she has also buried two sons and three sisters, she is now alone. What should she do if she needs care? Having worked all her life is she not deserving of care? I certainly think so.

Benefits are abused, but we also need to remember that they are also safety net for all, and none of us know when our circumstances could change and we may be in need of them through no fault of our own. A little empathy and compassion never go amiss.

I agree people should as far as possible be self sufficient, only have children they can support, and generally try to reduce or eliminate the burden they are on society. Unfortunately for many that doesn't pan out, and it is not always due to them being !!!!less.

princessdon

Some of us have families but the oldies in our lives tell us to "shoo away". My GM (whilst not a nursring home, is in sheltered accomodation) and has carers whilst I can't do what she needs.

I have offered to give up work, offered to have her here with me

I got the threat of a slipper to my behind and a "go to your room".

tyllwyd

bridgemant wrote: »

This was my question, How do people manage on 1 wage, is it do-able and has anyone experienced giving up work to raise a family and did they regret it.

Nothing to do with what we earn now, only asked if there was another way to get a quote from Tax Credits, not that this was meant to be the main focus of attention.

If your OH is working a 50 hour week and bringing in a decent wage, without knowing what that is, I'd guess that it will be more than the threshold for tax credits even if you are no longer earning. So you would probably only get child benefit, plus maybe some of the the family element of child tax credits, up to about £545 a year.

So if you are juggling the figures, you would have to look at what you would save in childcare costs against the net salary you would lose (and are there any other benefits like employer pension contributions?) And you would save in smaller things like office clothes, lunches at work, parking etc etc.

I gave up full time work in order to be at home with my family, although I'm not in quite the same situation because I am able to work from home. There are disadvantages - I feel I miss out socially because I don't have a large circle of friends and family nearby. But it makes a huge difference being able to deal the times when the kids can't be at school because they are ill etc, and they appreciate that I am able to come to school events. I am getting to the stage where I'd like to go back to work in an office part-time, but it seems like a huge hurdle to get back - I don't have up to date references, and sorting out childcare etc would be a headache.

So in your situation if I could afford to, I probably would decide to cut down the hours I work, but I would be a bit wary of giving up completely, because it is a lifeline back into work for the future. And as your littlest one grows up and goes to nursery/school, childcare will get cheaper.