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

 

6 tips for a day out with a baby and toddler

Outings can be lots of fun with the kids, but there are inevitable challenges. Here's some information about days out to help you be a little more prepared.

Getting labour started: tips for a natural induction

When your baby?s due date comes and goes without so much as a pop - let alone a bang - it can be disheartening. Mums and a doula share their stories of natural inductions.

My four months of breastfeeding madness

You imagine that everyone is thinking badly of you, and you tell yourself you have to keep trying. Even though you are in an impossible situation, you still won't give yourself a break.

Little girl's foul-mouthed ice bucket challenge viewed by millions

It starts out innocently enough, but soon Scarlett-Rose Davis is letting loose with an emphatic swearword.

Australian push for compensated surrogacy

A team of Australia fertility experts has advocated legalising commercial surrogacy.

Clever panda fakes pregnancy

News that a giant panda was pregnant prompted much excitement, but it appears there were never any cubs on the way.

'I survived placenta percreta'

When writing her birth plan, Simone Pavil included an item most women wouldn?t even think about: what should happen if she was put on life support. The mum had the potentially fatal condition placenta accreta.

Managing personal space as a mum

In the midst of the early parenting years, our bodies and minds can seemingly be overtaken by our offspring. How can we balance our need for personal space with the needs of our children?

'If love could have saved you, you'd have never left'

The words "spontaneous abortion" on the hospital paperwork really got to me. My baby died; I didn't spontaneously decide to abort him.

15 classic Aussie ads

Watch some of the classic Australian ads of the 80s, 90s and 00s, and remember the catchphrases and jingles we all used to know so well ...

For and against

Should Blue Ivy have been at the VMAs?

Many were quick to condemn Beyonce and Jay Z after appearing on stage at the MTV Video Music Awards with their two-year-old daughter, but others thought it was a sweet family moment. What do you think?

Toddler attacked at gym creche

Two-year-old girl Eva Ness was left with a black eye and bite marks on her face and body after an altercation with an older child at a health club's child-minding facilities. Now her parents are calling for the centre to be closed.

Pregnancy a tricky matter of timing for FIFO couples

Manipulating rosters, coordinating 'conjugal' visits, working on site with your partner; getting pregnant can prove stressful for FIFO workers.

WIN a $100 RedBalloon for Dad

Enter now for your chance to win 1 of 5 $100 RedBalloon experience vouchers. Helping you make Dad's Day EXTRA HAPPY.

Carseats have twice as many germs as a toilet

Most parents know their child's carseat is not always squeaky clean, but they might not realise just how dirty it really is.

Doctors remove foetus from 'medical marvel' after 36 years

Doctors in India have removed the skeleton of a foetus that had been inside a woman for 36 years.

Nine months in six seconds: new parents' Vine clip a hit

We?ve seen some memorable time-lapse pregnancy and birth announcement videos before. Now one new couple has taken it to the extreme, capturing it all in just a six-second Vine video.

Sonia Kruger speaks of baby joy

Celebrity mum-to-be Sonia Kruger has spoken candidly about using donor eggs and IVF to fall pregnant at age 48.

Dressing to not impress: life through the eyes of a three-year-old

When it comes to getting dressed, my three-year-old has only one criterion: ?I don?t want to look beautiful.? And now I've worked out why.

Win back some precious time and get FREE coupons

Membership to eBay's Bubs? Corner is free and includes a $10 coupon to spend on nappies each month - a win for multitasking mums!

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

WIN a $100 RedBalloon for Dad

Enter now for your chance to win 1 of 5 $100 RedBalloon experience vouchers. Helping you make Dad's Day EXTRA HAPPY.

Win back some precious time and get FREE coupons

Membership to eBay's Bubs? Corner is free and includes a $10 coupon to spend on nappies each month - a win for multitasking mums!

Do you suffer from Precious Firstborn Syndrome?

Testing ?no more tears? shampoo in your own eyes, warming cucumber sticks so they're not cold straight from the fridge, waking a sleeping baby to check they?re still breathing: these are all symptoms of Precious Firstborn Syndrome.

Ezra's tragic death not in vain, mum says

Little Ezra was a "Harry Houdini" who loved trying to escape the family home. Now, after his tragic death, his parents are doing what they can to help others.

7 mistakes old hands make with new babies

As I sat across the table from my friend ? me, a seasoned mother of three; her, a brand new mum ? I thought of all the mistakes an old-hand parent can make when visiting a newborn baby.

Video: When adults act like children

Ever wondered what would happen if adults were allowed to act like children? This dad's hilarious video clip will give you an idea of what life would be like.

Mums hit hardest as flu cases skyrocket

The number of confirmed cases of influenza in Australia has doubled the number for the same time last year - and women are 25 per cent more likely to get it.

The mum who had four babies in nine months

Feeling exhausted due to the demands of caring for a baby? Imagine the life of this mum, who gave birth to three boys and one girl in just nine months.

Everything baby at Big W

Lowest prices on everything baby, only at Big W. Sale starts August 4 and ends August 20 2014.

Going viral

Daycare death shows licensing need

A baby's tragic death in a family daycare centre has underlined a need for better licensing laws in the US.

Personalised baby gifts

We've scoured the internet to find gorgeous personalised keepsakes and nursery decor to record baby name and dates. They make great gifts for christenings, name days and birthdays! (All prices in AU.)

 

Mind, body, beauty, life

Making time for me

We look at your wellbeing, covering health, relationships, beauty and fashion, mind and body.

 
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.