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 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




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

Tell us what you think

to WIN 1 of 2 $500 Coles/Myer gift cards

IKEA begins massive safety campaign after two toddler deaths

Two children were killed when pieces from their Malm furniture line tipped over.

Beaneasy: sweet nursery furniture with a twist

If you're looking to introduce an organic element into your baby's nursery but want to step away from natural timber, we have the perfect alternative.

A dad's guide to hyperemesis

I am in no way qualified to advise women on how to cope with hyperemesis, but I've learnt some lessons that might be worth sharing with other partners.

Woman adopts best friend's four daughters after cancer tragedy

Best friends share everything - and for these two life-long friends, that includes family.

Baby Leo's mum excluded from $500K trust 'for her own protection'

Samuel Forrest didn't want his wife as a trustee of their baby Leo's half million dollar trust for her own "protection", it has emerged.

Confirmed: men gain weight when they become dads

Men who become fathers experience weight gain and an increase in body mass index, a measurement of body fat based on height and weight, according to a new, large-scale study

Carer investigated over washing machine photo posted 'for a laugh'

She said the photo of a boy with Down syndrome in a washing machine was taken just for fun, but no one else was laughing.

Mum's premature labour nightmare after high tea salmonella outbreak

An opulent high tea at a luxury Melbourne hotel has left 44 people with salmonella poisoning - including a pregnant woman, who went into early labour.

The day my son started a fire

Would you know what to do in a fire emergency? How safe is your home and family?

Prince George celebrates second birthday

Prince George's second birthday has been marked by the release of an official picture showing the toddler smiling as he is held by his proud beaming father.

Which beauty treatments are safe in pregnancy?

Is it safe to use fake tan, hair dye and nail varnish during pregnancy?

The five ways I know my 'baby' is no longer a baby

The truth is, I can no longer deny that my walking, babbling, somewhat-independent little miss is no longer a bona fide 'baby'.

Review: Cybex Platinum PRIAM pram

I'm not usually one who believes in love at first sight but that's exactly what happened when I first saw the Cybex PRIAM.

The science of 'hangry': why some people get grumpy when hungry

Where does hanger come from? And why is it that only some people seem to get hangry?

What a baby with whooping cough sounds like

It's a heartbreaking video that anyone who has ever considered not vaccinating against whooping cough must see.

Couple's million dollar bill for premmie baby born on holiday

An Australian couple could face a medical expenses of more than $1 million after their baby boy was born three months prematurely while they were holidaying in Hawaii.

What your child's drawings can tell you about their personality

Through their drawings, children can be classified into their dominant sensory modes - that is, if they could be classified as visual, tactile, taste/smell, or auditory.

Coffee a day to keep disease at bay

Don't be surprised if your morning brew does more than wake you up. There's more to this magical elixir than you might think.

Why Prince George has 'two different looks'

Days out from Prince George's second birthday, his parents' tendency to dress him in classical style clothing has been revealed as a cunning ploy.

Womb to world: transitioning your new baby

One minute they're contentedly snuggled in the sanctuary of their mum's tummy, and the next they arrive into an overwhelming reality of lights, cameras and action.

Husband films mum giving birth in moving car on freeway

An incredible birth video shows a mother delivering her own baby as her husband drives along a freeway in a vain attempt to reach hospital.

Breastfeeding while pregnant: is it safe?

Many women happily breastfeed well into pregnancy while others wean sooner; yet others continue to breastfeed both infants together. This is a personal choice.

Gadgets

iSperm: the iPad home fertility test for men

A new gadget uses a tiny microscope and the camera on an iPad to calculate sperm count and motility.

One day when I didn't know

Julia Watson, a mum of four young girls, was diagnosed with stage 4 bowel cancer in December 2013. She shares her latest blog piece with Essential Baby. 

The tiny twins who were strong from the start

I cried when a specialist told me at exactly 28 weeks that our twin boys would have to be born within 48 hours.

Win Love Child Season 1 & 2 on DVD

To celebrate the release of Love Child Season 2 on DVD from July 9, Essential Baby and Universal Sony Pictures Home Entertainment are giving away Love Child Season 1 & 2 on DVD to 13 lucky winners.

Get your FREE Baby & Toddler Show ticket!

Get your free ticket to the Sydney Essential Baby & Toddler Show for September 25-27 - register online now.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Tell us what you think

to WIN 1 of 2 $500 Coles/Myer gift cards

Why I'm choosing to be a single mother right from the start

I believe that you get out of families what you put into them, and I will give mine my all.

Mother and baby units are a necessity for mental health, not a luxury

I have had two postnatal psychotic episodes. The first when my eldest child was six weeks old, and another after my second child was born.

30 French baby names

French names are always in fashion, but a few have risen in popularity in recent years.

New mum's Spanish maternity nightmare

A British woman who gave birth in Spain has told of her ordeal after spending weeks trying to convince medics the baby girl was hers.

Preparing Rover to be a good dog with baby

Some friends of ours say that it's dangerous to have a dog around a newborn and that we should start looking for a new home for him. Is it?

Company offers to ship working mums' breast milk home

First Apple and Facebook announced they would pay $20,000 towards the cost of their female employees freezing their eggs, now IBM in the US has come up with an innovative new policy aimed at retaining female employees.

Prince William speaks of his pride at wife Kate and 'little joy of heaven' Charlotte

The Duke of Cambridge opened up about family life and his plans for the future in an interview to mark his first day as an air ambulance pilot.

'Glowing' eye saves baby Mason's life

A simple photo taken in front of an evening fire gave new mother Sarah Bowers the power to save her baby's life. 

Parenting and decision overload

Of all the advice people told me before having a baby, no one warned me about the amount of decisions involved.

Proof that toddlers can't be left unsupervised - ever

Parents of toddlers all know the moment when realise your child is being suspiciously quiet. It can only mean one thing - trouble!

Meet Jeremy Ryan, The Voice contestant with seven kids

If you have trouble recalling the ages of Jeremy Ryan's seven children on The Voice, you're not alone. So does he.

Baby's adorable reaction to wearing glasses for the first time

Getting glasses can be a formative moment in a person's life.

Police officer buys supplies for family after mum of six caught shoplifting

When a mum of six was caught shoplifting nappies, clothes and shoes for her kids, the last thing she expected was for a stranger to pay for her haul.

Why pregnant women on antidepressants shouldn’t panic about birth defect claims

The risk of having uncontrolled depression is far greater than the small increased risk of birth defects that may be associated with specific antidepressants.

Arrests made over children's birthday party brawl

Police have raided properties and arrested a number of people over a brawl at a child's birthday party at a play centre in Sydney's west.

Family shares awesome drone baby announcement

Looking for a creative way to share some big news? Look to the skies, like this family did.

Young warrior Owen defies doctors' predictions

Little Owen DiCandilo's name means "young warrior", and it's a description that perfectly fits the inspiring 18-month-old

Advice for dads: when to approach your wife for sex

The exhaustion that comes with caring for young children often means romance between parents becomes a thing of the past.

I might be fat, but I don't need saving

I've been fat for pretty much most of life, besides a few crazy moments of being less-fat, but for the most part I've existed on this earth with a little more meat on my bones than desirable.

The rookie mistakes we make as parents

Since the dawn of civilisation, generation after generation of new parents have had to rely on instinct, trial and error - and sometimes get it wrong.

 

FREE TICKET

See Pinky McKay live in Sydney

Get your free ticket to The Essential Baby & Toddler Show and save $20 - register online now!

 
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.