Unclear how bad it'll be

sterritt

My husband works full time I work 5 hours per week we have 4 children ages 14, 9, 5 and 2. Worried sick about money next year, how bad will it be and how can I prepare.

pmlindyloo

sterritt wrote: »

My husband works full time I work 5 hours per week we have 4 children ages 14, 9, 5 and 2. Worried sick about money next year, how bad will it be and how can I prepare.

So are you claiming any benefits at the moment? If so which ones?

sterritt

Child benefit and tax credits. Salary combined approx 25k.

pmlindyloo

Well, child benefit will continue.

There does not appear to be an online calculator which gives you an accurate figure on how much tax credits will reduce by.

Some posters on here may be able to help so stay online.

It appears that working people will see a decrease in their tax credits award and it is best to be prepared.

Basically there are two ways to manage - increase your income or reduce your expenditure.

Sorry to be that simplistic but it's the reality of the situation.

Lots of tips on this website so have a thorough read when you have time.

McKneff

Anything stopping you from looking for a job with more hours

sterritt

Child care, and I'm only returning to work after maternity leave.

sterritt

That's huge, but at least fore warned is fore armed. Thanks for all the advice much appreciated.

tomtontom

sterritt wrote: »

Child care, and I'm only returning to work after maternity leave.

Can you not look for something when your husband is home?

melbury

I thought CTC weren't being reduced until 2017? Am I missing something?

mforr64

Don't worry Melbury, you are in the majority who don't realise all this is happening in less than 9 months time.

Knackeredoldbat

Another thing to watch out for.....

If you have more than 2 children and come off tax credits for more than 6 months then if you need to reclaim after April 2017 you will only be awarded for 2 children whenever they were born.

Sneaky and not well known yet, I'll try and find the link.