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keep savings or supplement rent?


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#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 Queen Yoda

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




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