Jump to content

keep savings or supplement rent?


  • Please log in to reply
18 replies to this topic

#1 corbel

Posted 04 December 2012 - 09:52 AM

I have posted the question in the sole parent families, but I think I need a bit of feedback to help me work out what I think is the right way to go.

In short, I am newly single with two children who arent my exes and there is no child support. I have disabilities and cannot work and my children both have disabilities too. I am happy in my current rental as its walking distance to everything I need including school and high school but I probably wont be able to afford to stay without DH contributing to rent and bills.

Now I am faced with the decision to give notice (lease is up next month) and find something far less suitable (this place was a bit of a fluke) or to start using my savings to supplement my rent which would get me through maybe a year or two.

#2 rosie28

Posted 04 December 2012 - 09:56 AM

Sorry to hear you're having a rough time. It might make sense to stay where you are now, to give you and your kids time to adjust. Use your savings if need be. Then, once you're more settled, look at your options for moving.

Are you getting all you can from Centrelink etc? Your entitlements might have changed with your ex moving out. Also, have you investigated all the options for your savings? Make sure they're in a high interest account at the very least.

#3 TillyTake2

Posted 04 December 2012 - 10:01 AM

I am not a single mum but I personally wouldn't use my savings.

Is there a reason you don't receive child support, could this be investigated? Do you get a disability pension & an allowance for your children?

Is there a way to access housing based on your/your children's disabilities?

#4 TillyTake2

Posted 04 December 2012 - 10:01 AM

Dp

Edited by TillyTake2, 04 December 2012 - 10:02 AM.


#5 jessie123

Posted 04 December 2012 - 10:09 AM

I wouldn't use savings unless you really cannot find something else. If your financial situation is unlikely to change you are delaying the inevitable.

#6 (feral)epg

Posted 04 December 2012 - 10:10 AM

Only use your savings if you think something is likely to change soon - ie do you have any capacity to get more income.
Otherwise in 1-2 years you will be in the same situation, but minus the savings.

#7 KatakaGeoGirl

Posted 04 December 2012 - 10:11 AM

I would use your savings to supplement. Because to move you need to pay for the moving and cleaning costs, and the bond (not knowing if you get the previous one back) which you'd need to use your savings for anyway. If it were me, I'd stay put. Moving and the costs involved is a PITA.

Edited by Katakacpk, 04 December 2012 - 10:11 AM.


#8 GreenEgg

Posted 04 December 2012 - 10:20 AM

I would stay in the short term and then move, I would not be using my savings to delay the inevitable as you will still have to move, but will have no fallback.

#9 corbel

Posted 04 December 2012 - 10:22 AM

True, I dont want to just end up in the same place in twelve months but the idea of uprooting in the next month or so frightens me and I am still recovering from surgery last week. I have applied for public housing too and am hoping to get on an emergency list but I know the list is very long.

#10 MrsLexiK

Posted 04 December 2012 - 10:25 AM

I'm sorry this has panned out this way.  I read your other post and I really feel for you, especially right now you do not need this. sad.gif

I would perhaps look at using my savings, but take a portion out each month and only that.  Try and put money back into it too if you can.  Say you budget $150 a week for food but only spend $130 one week, put that extra $20 into the savings.  It is tempting to divert that $20 somewhere else but if you can put it back into your savigns so you don't feel so guilty.  

I would also look into seeing if you can use your centrelink payments as income.  I don't know the area you live in, but if you were able to get a mortgage which was less then the rent you are paying even if the house was more a unit you would be better off financially.  Remember that your mortgage repayments will be able to come down the more you pay (ie you can refinance.) Yes interest rates will go up, but so will rent.  When we moved to my area we were paying a bit more then what the rent was, now we haven't adjusted our min repayment (so it is the same as what it was 3 years ago) but the rents have gone up to at least $50 extra a week.  Realistically it is $100 more then what our min repayment is.  Now we are lucky we had a big deposit, so our mortgage is on the lower side but our mortgage would still buy a unit or a house in the not so great area of our town.  I don't know how banks treats centrelink though I know for personal loans they treat it like income but not 100% sure about it for home loans.  Just a thought original.gif



#11 corbel

Posted 04 December 2012 - 03:40 PM

Lodged the commission home application this afternoon. That was not quite as productive as I had hoped. She took my forms and said I would be placed on the database but no one is being placed at all from the database and probably wont be for the next 12 months. brilliant.

#12 MrsLexiK

Posted 04 December 2012 - 03:47 PM

QUOTE (corbel @ 04/12/2012, 04:40 PM) <{POST_SNAPBACK}>
Lodged the commission home application this afternoon. That was not quite as productive as I had hoped. She took my forms and said I would be placed on the database but no one is being placed at all from the database and probably wont be for the next 12 months. brilliant.



sad.gif

#13 SlightlyLeftFeral

Posted 04 December 2012 - 03:58 PM

Knowing the amount of rent the place is, from the sp thread, I think it is doable.

My last place before this one was $330 a week, and we still had money to live.

I am now in a NRAS house, national rental affordability scheme, which is a brand new 4 bedroom home in a nice area for $316 a week. Have a look for NRAS properties in your area, it is Australia wide.

#14 corbel

Posted 04 December 2012 - 04:09 PM

cool thanks PP I will do now. original.gif

In fact have just shot off an email to the local scheme manager. Thanks again

Edited by corbel, 04 December 2012 - 04:16 PM.


#15 corbel

Posted 05 December 2012 - 09:34 AM

I had a nearly immediate reply letting me know that this scheme isnt in my area and apparently not even in the state yet.

I think for the moment I will have to stay put as the options just arent there as far as I can see. I will see if I can have a shorter lease renewal time.

#16 YodaTheWrinkledOne

Posted 05 December 2012 - 09:46 AM

QUOTE (jessie123 @ 04/12/2012, 10:09 AM) <{POST_SNAPBACK}>
I wouldn't use savings unless you really cannot find something else. If your financial situation is unlikely to change you are delaying the inevitable.

I agree with this.

I would extend rental in current house for 6 months, giving me time to find a place that I could afford and only use some of my savings.  I wouldn't want to blow it all on rent.

#17 corbel

Posted 05 December 2012 - 10:57 AM

Yeah I think that is going to be the plan. Have some savings and giving myself some breathing space to find a new place I think is the best option.

#18 KT1978

Posted 05 December 2012 - 11:10 AM

How much savings will you be using?

If its $30 a week, but by moving you end up paying bond, moving costs etc to live in a worse location, then I'd use savings.  You live near school now - what will transport cost you if you move?  

I'd stay where you are comfortable if possible, especially if you have a good rental that you are happy with.

#19 Illiterati

Posted 05 December 2012 - 11:42 AM

I would try to stay put for at least six to - twelve months even if it meant I needed to supplement the rent with savings.

Not for any financial reason, but to let the dust settle on your separation and to minimise any further change the kids would have to deal with and process right now. You too.

That said, for your own secuirty and peace of mind - having a savings buffer is important so you need to minimise how much you eat into that if you can.

Good luck




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

Special Ticket Offer, Save $8!

The Essential Baby & Toddler Show is back this April! Save $8 off the door price for a limited time only!

Finding baby name inspiration in unusual places

Sometimes the greatest baby name ideas come from the most unexpected places, as these EB members show.

The case for inducing at 37 weeks

While we often think of pregnancy as a 40 week affair, experts agree that 37 weeks is actually “full term". So is there an argument for inducing all births at 37 weeks?

Does controlled crying really work?

Controlled-crying techniques may help some babies sleep through the night, but for many exhausted new parents, it's just a recipe for more tears all round.

How I taught my infant to use a toilet

As people become more aware of these benefits, I hope more parents will practice this method, so we can cut down on nappies and improve baby bonding.

'I thought it was impossible': Emily Symons pregnant at 45

Aussie actress Emily Symons has announced she is pregnant with her first baby.

Shallow water blackout kills fit, healthy dad

A little girl will grow up without her father after the fit and healthy 34-year-old passed away while doing something he had practised his whole life.

Afternoon naps may be bad for toddlers' sleep

You could be doing yourself a disservice by encouraging your toddler to have an afternoon nap, according to new research.

Best gifts for newborns, new mums and christenings

We've compiled a guide to some of the most popular presents for newborns and new mums, and for christenings and naming days.

Jaime King to be a mum again

Actress Jaime King is pregnant with her second child, giving 16-month-old James a sibling.

Nannies should receive government funding

The Abbott government should extend funding to nannies, and direct childcare payments to low and middle income families, a landmark study on childcare has found. 

Common skin irritations in newborns (and how to treat them)

As many as one in two newborn babies suffer from skin irritations in their first few weeks. So what are the most common rashes and irritations to look out for?

10 wall decals for the nursery or playroom

Wall decals are the answer to creating a beautiful nursery or children's space without lifting a paint brush, a spirit level or even a hammer.

Preschooler walks 2.4km home alone

Three-year-old Cain Trainor headed off home after his first day at a new preschool without telling anyone.

Video: Why mums get nothing done

In spite of being in an almost constant state of motion while looking after the kids and trying to keep things together at home, it can seem as though parents have managed to get nothing on the to-do list done by the end of the day.

The middle name game

The middle name is no longer an afterthought, and parents' inspiration comes from many places.

Have a baby or your money back - but there's a catch

A new IVF scheme offers couples the chance to fall pregnant and give birth - or get their money back. But there's more to it than you might think.

A rare glimpse inside the womb

A baby born still inside the amniotic sac gave US doctors a rare glimpse at life inside the womb.

Battered mum forced to write to her attacker ex in jail

Three years ago Jason Hughes viciously attacked his ex-partner. Now she has to write to him three times a year.

Woman pleads not guilty to ultrasound scam

A West Australian woman will fight allegations that she scammed expectant mums by selling them fake ultrasound pictures of babies.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Brain damaged mum receives compensation

A Sydney mother who suffered brain damage when she was hit by a car while pushing her newborn baby in a pram has reached a confidential out-of-court settlement with the driver's insurance company.

Indigenous midwives break down the barriers

A culturally sensitive midwifery service has gained the trust and respect of Aboriginal women.

The Katering Show's next big delivery

Most mums-to-be plan to take things easy and perhaps have a little break from work as the birth of their baby draws near. Not Kate McCartney.

53 creative pregnancy announcements

Announcing that you're expecting can be a time to express your creativity, sense of humour and imagination. Check out how other parents and parents-to-be have broken the news to friends and family.

Why I have mixed feelings about Cindy Crawford's leaked photo

Last week an un-retouched photo of model Cindy Crawford surfaced, showing the 48-year-old mother-of -two posing in underwear.

How to create a Peppa Pig pancake

Thought your toddler could not love pancakes any more than they already do? How about if the breakfast treat came in the shape of every two-year-old's favourite cartoon character?

'It's a little life, not a little loss': pregnancy after miscarriage

I thought I was never going to be able to have a successful pregnancy. I decided that I wasn't going to form an emotional attachment with this baby.

Bonds Baby Search 2015: what you need to know

February 18 marks the start of one of the most prolific annual baby competitions in Australia: the Bonds Baby Search. And this year is going to be more special than ever.

Who will manage your Facebook account when you're gone?

This is not something that people like to talk about, but Facebook has announced that it will grant users more control over what happens to their pages after they die.

Struggling mum of four wins $188 million

Mother of four Marie Holmes was financially struggling after quitting her jobs at Walmart and McDonald's in order to care for her children.

Pregnant obese women a 'relatively new problem', coroner hears

A first-time mother whose daughter died hours after her frightening birth insists she was never told of the risks of being obese and pregnant.

'I'm angry as hell': the story behind mum's passionate vaccination plea

She has labelled parents who do not vaccinate their children "misinformed imbeciles" - and for that, she makes no apologies.

IKEA hacks for the nursery and kids' rooms

Are you one of those that know the whole IKEA catalogue by heart? Love their stuff but want to personalise it? Here's some inspiration to help you realise the potential of IKEA furniture and fittings.

8 different kinds of tantrums

I never thought I’d say this, but for a brief moment last week, Kim Kardashian and I had something in common: both our kids had public tantrums.

Polycystic ovary syndrome: symptoms, treatment and your fertility

Polycystic ovary syndrome (PCOS) is the most common female hormonal condition, affecting roughly one in 12 Australian women.

What's the best position for giving birth?

If doing it on your back is out, what's the best position for labour and birth?

Wife forgives snake catcher husband for car surprise

With Valentine's Day coming up, Nat Gilbert could be forgiven for thinking her husband might be planning a surprise for her.

Kids who meet milestones at their own pace

We usually only hear the success stories: tales of the two-year-old who’s talking, running and completely toilet trained. But other stories need to be told too.

Ruby shines as Bonds Baby

Sarah Kiss has a word of advice for proud mums and dads who are keen to enter their babies in this year's Bonds Baby Search Competition - just have fun.

Why dads should go to sleep school

If your family needs to go to sleep school, go with them. You are part of that family and you are part of the solution.

36 baby names inspired by food and drinks

A French court may have ruled out Nutella as a baby name, but that doesn't have to stop you from taking inspiration from the supermarket (or bottle shop). See what parents in the US have chosen for their delicious little ones.

Clever breastfeeding products

Check out this range of products designed to help make your breastfeeding journey more enjoyable, manageable and convenient.

 

Win a KitchenAid Mixer

Let's celebrate 300,000 fans on Facebook

To celebrate, and to thank our amazing fans, we?re giving away a KitchenAid Artisan Tilt-Head Stand Mixer.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.