how would you cope (financially) alone?

balletshoes

My OH and I don't have shared finances, I have my own income, and its enough to cover all the bills/child expenses. This has always been very important to me, as an adult I don't want to ever be dependant on anyone else for my money.

System

balletshoes wrote: »

as an adult I don't want to ever be dependant on anyone else for my money.

This is something ive tried to drum into my girls. I never want them to be as dependant on anyone as I am.

Toto

balletshoes wrote: »

My OH and I don't have shared finances, I have my own income, and its enough to cover all the bills/child expenses. This has always been very important to me, as an adult I don't want to ever be dependant on anyone else for my money.

I agree and I desperately tried not to be. I raised the 3 older kids alone with no support from their father who did a bunk with the nanny when they were tiny. It got to the stage though that it became impossible to sort out childcare for a very difficult to handle autistic 16 year old. No nanny could cope and there is no alternative childcare, so part time it is for me until she moves into a residential college in 3 years or so.

I really hate being financially dependant on my husband, but, if I have to be dependant on anyone, I'm glad it's him because he is lovely

Gloomendoom

I managed before I got married so, although I'd probably have to tighten my belt a bit, I doubt I'd have any problems.

Lucyadams184

I would not survive on my income unless I took in another lodger but in doing this I would have to share my room with my daughter. Although saying that I guess my husband would have to contribute as we have 2 small children. As for actually coping it would be easier as he is another child.

tiger_eyes

I'm financially independent - I support myself on my sole income. I also have private clients and royalty income that I could survive on (although less financially secure) if my freelance day job ever ended. I'd be really reluctant to ever be dependent on a partner.

ciderwithrosie_2

I would be OK I reckon, it would take me longer to afford to do the house up which is the plan at the moment, but I earn more than him and manage money better.

I would get rid of Sky straight away, that's a saving of £52 pm. OH wastes money on alcohol, fags and branded groceries like coffee and cereal, I would be quite happy to do pretty much all my grocery/household shopping in Lidl to be honest.

Person_one

I live alone, earn just above NMW for now.

I'm lucky because I have a savings buffer from when I had a higher paid job. If I didn't it would be pretty stressful knowing that a big bill or a broken boiler could put me in serious trouble. Hopefully I should be earning a slightly better wage within a year which will help me do things like replace broken furniture and socialise a bit more freely.

How easy it is to manage alone completely depends on how much you've got coming in! I do think everybody should live alone when they're young though, even just for a year or so, to make sure they can if they need to.

VestanPance

Easily. I currently live on my own and have no debts other than a small mortgage.

In the recent past I had to adjust my spending after getting divorced. I've also contracted in the past for work, which offers far more money than I'm on now but often for mind numbing work. I took a large pay cut to go full-time at a job I found mentally interesting. If I was made redundent I'm confident I could get contract work quickly again. I've turned down several offers the last few years for old contacts/workmates.

marisco_2

I faced this 7 years ago when I got divorced. I bought my house outright and a reliable car. Put money into an emergency fund and set up savings bonds that will pay out at differing times. This will come in useful as things like my car need replacing, my children start secondary school etc.

I have all my bills on direct debit so I know how much to put by out of my income each month. I keep a close eye on these and make sure I am getting the best deals for utilities, insurance, broadband, phones etc. I have also found a really good garage that looks after my car and doesn't try to rip me off or con me. I set an allowance for all my other expenses and add to the emergency funds and savings accounts monthly. So if I suddenly found myself out of work I have a safety net to fall back on.

I work as a teacher and my job feels quite secure at the moment. I also do a fair bit of private tutoring in the evenings and at weekends. At first the thought of being alone and raising two kids was frightening and daunting. Now being financially independent and managing really well feels good.