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 offer: The Baby & Toddler Show 2014

At The Baby & Toddler Show, you?ll find everything you need to get ready for your new arrival and guide you through the early weeks and years of parenting.

An open letter to Tony Abbott: please salvage our super

We face financial ruin, but most of us don?t realise it. If we don?t act together to salvage our superannuation, I have no doubt the new GFC will be the Girls? Financial Crisis.

'I'm happy to know I'm changing lives': surrogate mum of two

I know that once the baby is born, I will focus on the gift I have given, and watch the parents with their new child. I can't wait for that day.

Birth trauma and the issue of informed consent

There is a perception that women should just be happy they have a healthy baby in their arms. But for women who experienced birth trauma, there's a lot more to it.

Tips for managing pollen allergies and hayfever

They're simple tips, but they can have a big impact on those who suffer from hayfever and pollen allergies.

Ada Nicodemou shares tribute to her stillborn baby

Just over one month since Ada Nicodemou and her husband lost their second son, the Home and Away star has shared a touching poem for her baby.

Mum causes stir breastfeeding on train

?To the woman breastfeeding her kid on the train. Seriously! On the train?" began the letter of complaint.

10 things they don?t tell you about being pregnant

As I slowly waddle my ever-changing pregnant body towards the finishing line of my due date, it?s becoming increasingly clear there are a lot of things they just don?t tell you about pregnancy.

Overcoming a fear of the dark

A toddler's fear of the dark is very normal, but there are ways parents can help children through this stage in their development.

Kids, TV and movies: how young is too young?

It seems you don't have to throw the TV and iPad out the window - it all boils down to moderation, supervision and interaction.

Video: Baby's first birthday is a special day for mum, too

?A baby?s first birthday is also mum?s first birthday.?

The day Supernanny came to tea

Prince William's favourite celebrity child trainer Jo Frost puts Bryony Gordon and her toddler through their paces.

Tales from the homefront

When you're at work you sort of assume that your house is basically just sitting there quietly doing nothing until you return. However, since spending my days at home, I've learned this couldn't be further from the truth.

The words I hated hearing as new mum

It was less than a week after my son was born that I first heard it - from my mother.

To the pharmacist who sold me baby formula

On the rare occasion I catch sight of you at school, or around town, I think back to our earliest exchange. I?m sure you have no recollection of it at all.

Babies may benefit from autism therapy

Children showing signs of autism don't usually receive early intervention until well into toddlerhood or later, but a new study suggests infants with symptoms of the developmental disorder might benefit from therapy from as early as six months.

Knatalye and Adeline born with an everlasting bond

Knatalye Hope and Adeline Faith are a lot like any other identical twin girls, but there is one dramatic difference: they're joined at the chest and shares several internal organs.

The question this dad wishes he'd asked his wife

I should have seen that my wife wasn't the same person I'd fallen in love with, but we were both too focused on simply trying to get by.

Why we should talk about the deaths of the Hunt children

The deaths are too horrible even to think about. Yet we owe it to the children - Fletcher, Mia and Phoebe Hunt - to think long and hard about it all.

Baby dies of meningococcal weeks after vaccine application denied

A six-month-old girl has died from meningococcal disease just weeks after an application for government funding of a vaccine for the most deadly strain of the virus was rejected.

Finding the right balance when playing with your kids

Being too involved in our children?s play and not allowing our kids enough free time for unstructured activities can mean our kids miss out on the value that play offers.

Creative DIY light shades

The Pop Light light shade comes in a flat pack already made - it's up to you to design it as you'd like.

The battle of iParenting versus imagination

Have we forgotten how to be imaginative, resourceful parents?

Why movement is so important for your baby's growth

Letting your child move as much as possible in the early years ? using all senses, engaging in the real world, preferably outside ? will help them grow up healthier, smarter, calmer and stronger.

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

Special offer: The Baby & Toddler Show 2014

At The Baby & Toddler Show, you?ll find everything you need to get ready for your new arrival and guide you through the early weeks and years of parenting.

Losing yourself to motherhood

While watching your baby grow into a unique little person is exciting and wondrous, the intensity of meeting everyone else?s needs can ever so sneakily overtake your own needs for self-care.

Tearing during delivery: the facts

Almost all women will experience bruising, grazing or tearing after a vaginal birth. Depending on the degree of tearing, there are various treatments available.

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.

Why I invited a dozen people to watch my son's birth

I sent invitations on burgundy scrapbooking paper stamped with a field of poppies, and told each person why I wanted him or her there. I warned that there would be nudity.

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.

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.

That's my boy: a dad's diary of the first 4 months

Unbearable anxiety, unspeakable joy, constant exhaustion and bouts of frustration ... The many shocks of first-time fatherhood resound in a dad's diary of his son's early months.

One of the most important things a new mum can do

Finances may not be as cute as a newborn, but with many women?s working arrangements changing post-baby, monetary matters need attention too.

Single, pregnant - and 51

She first became a mum at 49 - now, two years later, Tracey Khan is pregnant with her second child.

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.)

 

Reader offer

2 FOR 1 TICKET OFFER

For Shopping, For Advice, For Baby & You. Enjoy a special day out with fabulous shopping from over 200 brands, leading parenting experts offering advice on a range of topics, and amazing children?s entertainment

 
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.