Need some financial advice

tiger_eyes

DWhite wrote: »

The one bed thing is probably a better solution, what I resent though is the difference in space for just £150 less pcm. My area is so expensive that £750 for a 2 bed is reasonable. I've looked and there's some one beds that are around £530 pcm which fair enough is in my price bracket.
I've arranged a viewing tomorrow, though having paid £240 referencing already for the 2 bed I'm a bit loathed to start at the beginning again.

It would be frustrating to lose out on fees already paid, but if the smaller property is £220 a month cheaper, you're saving £2880 a year. Sounds sensible.

DWhite wrote: »

I should also say that I have 2 cats that are currently with my parents around 100 miles away as I'm staying at my partners' house while I look for somewhere so I'd love to get them back with me which is what makes it harder.

I don't want to suggest deceiving a landlord, but assuming you're prepared to pay at the end of the tenancy for any damage done by the pets, perhaps it would be better to not mention the cats. I imagine it's limiting your options for properties.

tiger_eyes

DWhite wrote: »

Maybe I'm being selfish/unrealistic getting a 2 bed, just wish I'd chosen a profession which pays more, sadly my industry uses and abuses people for minimum pay.
A one bed for a few years wouldn't be the end of the world, i just want my cats with me if I can't have my daughter.

It's not selfish, but it does sound unrealistic right now. On such a tight income, you only need to get hit by an unexpected charge (car repairs, etc) for your budget to spiral rapidly out of control.

This doesn't have to be forever. Could you see this smaller property as a two-year plan, say? Take the smaller property, get the better job, save every penny, then upgrade to a bigger property in two years when you're on a strong financial footing?

jackyann

i would suggest the smaller property, and make "sleep overs" as much fun as you can. If you get the better job, then pay the rent difference into savings, so you have a cushion when you go for the 2-bed.

I'd also say that you and your daughter will, I think, end up with a better relationship as you have been honest about what you can cope with, and what is best for her.

Lots of good advice on here about stretching the pennies, and doing fun things cheaply with kids.

Siebrie

I didn't want to read and run. Could you house share the 2-bed with a friend? Maybe even just during the working week? Would your lease allow it?
Check the OS cookery threads for cheap and healthy meals, and check cookingonabootstrap (go to the beginning of the blog) for good meals and the example of someone who made the best of a very dire situation.

Steerpike88

I agree with looking for a one bed and not mentioning the cats. We never mentioned our cats and just hid evidence of them for any inspection. I got caught once and just said it wasn't mine, it just wanders in sometimes must be one of the neighbours.

With that extra money saved the one bed should be enough to pay your gas & electric, water rates and maybe even your phone and internet. You can check your usage weekly for the utilities companies, I see people with families regularly on MSE paying between 15-25quid a week, and that's with the washing machine on a lot. You could probably get it down quite low. Slow cookers are great for this and limiting your use of the oven. Also laptops/tablets are more economical than computers.

Other general money tips would be to seriously look at cashback websites and see if you can get a good deal on your insurances/internet or anything else you need to buy. I've started tipping extra money I get from cashback & surveys into a VSP (virtual savings pot) and that's going to help pay for little holidays and things.

I second the cooking on a bootstrap blog. Since I've been using it I've saved SO much money on food and learned lots of valuable skills about how to use YS food and skimp out on ingredients I don't need. Batch cooking has been really useful as well. I have a freezer full of soups and chillis I've portioned up into sandwich bags to defrost and take for lunch.:cool:

There's lots of little things I do the save money. Take my own lunch in, use Groupon if I want a night out, grow my own salad on my windowsill, use an electric blanket instead of the heating. I have Netfl!x instead of $ky. I find that the better I am with my money, the happier I am, I have a lot less stress on me, even if I have to sometimes do without. It's gradual though, it took me 4 years to get to this point and even now I'm still not perfect with my money.

Floss

OP, why not ask if the agent for the 2-bed has any 1-bed places that they could transfer your references to, to save some of that cost?

summerlady_2

Would it be possible for you to have a lodger in the 2 bed if you can't find a suitable one bed? I think it depends on your location, but particularly in commuter towns people are often seeking accommodation for weeknights only. Obviously you would have to check your lease.


If it's not for you, then as Floss says, ask the agent about 1 beds.


I agree about keeping quiet about the cats. A friend was letting out his property through an agency and had always had cats so he wasn't bothered. The agency advertised as "no pets" as it was less trouble for them.

Justamum

Re the benefits etc, why not ask at the Benefits Office? I'm assuming there are some around (our system is different here so I'm not sure of the set-up over there). They'll be able to tell you exactly what you're entitled to

Gigervamp

A lot of letting agents run affordability checks. They often require you to earn something like 30 times the monthly rent.

ragz_2

OP - in your position you may be better off in many ways if you worked part time (20-30 hours), had your daughter with you and apply for housing benefit. Then you'd get help with the rent, as well as tax credits...
Just a thought. I totally understand if you don't want to do this, but it seems awful that you cannot afford a home for yourself when working full time.
I was in receipt of housing benefit while working FULL time, with my partner working part time as someone needed to do school runs and sick days. It's just stupidly expensive to rent a house in a lot of places, so I see no shame in the housing benefit. Luckily I have a letting agent who is very understanding and had no objections to it.