Single parent worried about the future

Malthusian

Mojisola wrote: »

Alwaysanxious - if you haven't already got a rainy day fund, I would prioritise that above over-paying the mortgage.

100%. If you have no rainy day fund then you are guaranteeing that you will have to resort to credit cards or Wonga at some point. Saving for a rainy day is paying off your future credit card debt in advance. And the interest saving is much much higher than on mortgage overpayments.

(The OP didn't actually say whether they had an emergency fund or not but never mind.)

FBaby

At the moment I am managing financially due to the help I am getting. However, once my child turns 18, my child maintenance and tax credits are going to stop and I'm worried about how I'm going to manage financially.

Have you actually counted how much of your income is currently spent on your child? All of it?

I took it upon myself to count how much my children cost me (and therefore what theoretically, I could be better off by when they move out!) and was really surprised how high it was. It's all the little things that accumulate, from food for lunches, to money for activities, to the additional petrol costs etc...

You might find that when she is 18, your cost will reduce by the same of more than what you receive anyway (which it should be as the benefits you receive are for them unless you also get working tax credits). If not, you will have the option to sell your property and buy something cheaper.

And of course, many things can happen in 8 years as I've discovered myself!

ERICS_MUM

You might meet and marry a millionaire, win the lottery jackpot or find your dream job !

You sound so sensible, I think you'll make it work. Xx

Mojisola

Alwaysanxious wrote: »

I'm worried about how I'm going to manage financially.

ERICS_MUM wrote: »

You sound so sensible, I think you'll make it work. Xx

I agree.

Alwaysanxious - try to relax a bit - don't live up to your name!

Art_Deco

Hopefully your child can contribute somehow when they turn 18 or if they move out you can always downsize, retrain or take on a second job? try not to worry too much , make small savings now , lots can happen before then, people coped before tax credits etc .

ViolaLass

Art_Deco wrote: »

people coped before tax credits etc .

You make it sound like they're not really that necessary. Clearly they are to the OP.

Vodkalass75

If your child stays on to go to college then tax credits, child benifit & maintenance carry on until thier 20th birthday. My eldest was in college doing a level 3 in performing arts, finishes this year & he's 21.

CuppaTea

I completely understand where you are coming from OP. I have very similar thoughts.

gettingtheresometime

ViolaLass wrote: »

You make it sound like they're not really that necessary. Clearly they are to the OP.

I think what was meant that people have come to rely on tax credits when in fact they are a relatively new benefit.

maman

Art_Deco wrote: »

Hopefully your child can contribute somehow when they turn 18 or if they move out you can always downsize, retrain or take on a second job? try not to worry too much , make small savings now , lots can happen before then, people coped before tax credits etc .

Without getting too political about it, the world is a very different place now. Effectively in-work benefits are subsidies for employers who don't want to pay enough for their employees to cope with the current costs of housing etc.


Do you remember Fat Cat Wednesday when CEOs were reckoned to have earned as much by lunchtime on 4th January as their employees would earn in a year?