Money and divorce

Willow_2

Hi
I'm about to separate .and my settlement will be the house (mortgage free) and about £20,000

I'm about to change my job from a part time one to a full time one to support myself financially...however the outgoings of the house will leave me only about £200 free each month from my wages therefore I need the £20,000 lump sum to bring in extra income.

Am looking for the best offers, hopefully I wont want to touch it for 3 years...but obviously if any problem occurs in the house I will need to get at it.

finances baffle me as the soon to be ex is an accountant and has dealt with everthing for the last 23yrs..so all help appreciated

debbie42

£200 isn't much, though it depends on what you've included in your outgoings, of course. If you live on your own, you should be able to get a reduction in council tax. Martin recently recommended this site:
http://www.entitledto.com
Worth a look, just in case.

Have you used up your ISA allowance yet? You can stick £3K in there and get a fairly good rate. Have a look on the child forum for ISAs etc.

There is a sticky on best savings accounts at the top of this forum. You can get interest paid monthly on the icesave account. If you're paying tax at 20% this will net just under £80 per month. Your lump sum will get eroded then, though, in real terms with inflation.

These boards can be an excellent source of information, so don't worry about asking questions.

Willow_2

debbie42 wrote: »

£200 isn't much, though it depends on what you've included in your outgoings, of course. If you live on your own, you should be able to get a reduction in council tax. Martin recently recommended this site:
http://www.entitledto.com
Worth a look, just in case.

Have you used up your ISA allowance yet? You can stick £3K in there and get a fairly good rate. Have a look on the child forum for ISAs etc.

There is a sticky on best savings accounts at the top of this forum. You can get interest paid monthly on the icesave account. If you're paying tax at 20% this will net just under £80 per month. Your lump sum will get eroded then, though, in real terms with inflation.

These boards can be an excellent source of information, so don't worry about asking questions.

Thanks....

I've included all the bills, gas, leccy, water, council tax, phone, tv licence ... food and petrol, leaving approx £200.

I may be on my own which will give me a reduction in council tax, not sure till the children know, and he thinks the one left at home may go with him.

I believe I can put £3000 in an isa this year......and that was a good website, if correct and I've done it properly I may be entitled to working tax credit.