[Relly23]

I am starting to REALLY stress about money. My DP and I both work crappy paid retail jobs, and with two of those it's enough to get by comfortably enough... but once bub comes i'm going to be completely out of commission for a little while. How on earth are we going to live on $1200 a fortnight?

To make matters worse, my DP has inheritance money in term deposits (yep, this actually makes things worse) - that he doesn't want to part with. He's willing to spend about $20 000 for a house deposit to get us set up, but refuses to use more as a mortgage is "forced saving"... he said if we can't find a house that his income can support, we may even have to rent for the next few years (how is that forced saving?). ARGH, it drives me mad... when I first met him, he owned a house outright, but recently sold it as he prefers to have the money in a term deposit. I can't even talk to him about it because he says "I don't like to speak about money, and that money is untouchable at this stage". He wants to save it for retirement.

My parents are still young and work full-time, so there's no-one who can babysit... and DP works 6 days a week... So at most I might be able to do some casual work on sunday and saturday night, which will only be another $150 or so. But I don't know how old bub will have to be before I can leave her with her dad. Looks like I won't be affording shampoo, conditioner or toilet paper for a long time.

I bet centrelink is going to refuse us parenting payments, discounted child support and any financial assistance at all because of that bloody money. If he's not intending on ever using it I wish he would just give it away to charity or something, so that we don't have to suffer because of it!

Signed,
A very distressed pregnant woman

[missjoads1234]

He actually sounds quite sensible about the money if you ask me. It seems he wants for you all to be set up for the future and doesnt want to throw the money away willy nilly.

he said if we can't find a house that his income can support, we may even have to rent for the next few years (how is that forced saving?)

How is this a bad idea? Do you want a morgage you both cant afford? By the sounds of your income i doubt the bank would loan you much anyway. Whats wrong with renting? Until the baby is a bit older and you can go back to work for as bit, and have more income whats so bad about renting?

I dont know you're living siutation now but $1200 is EASILY doable. DH, DS and I were living on almost half that when he was a 1st yr apprentice.

[Holidayromp]

What you should do it contact Centrelink and find out if it does affect any payments and that is a big if you are entitled to them.

Also with income of $1200.00 a f/n I doubt whether you are going to be eligible for any sort of support which is another reason you need to get onto Centrelink.

Unfortunately you are going to have to learn how to tighten your belts - there are plenty of families out there that try to survive on not much more than that.

I cannot believe the spendthrift ways of DH and I pre-kids but now we live by a very strict budget. I think you should start saving your wage and learning to live on your DP's wage and stop worrying about spending his inheritance.

[in(s)ane]

He sounds like a tool.

Actually he sounds like a bloke who is doing his best to keep that money seperate from your relationship so you will not ever have a claim on it. Made toolish by refusing to discuss it and the fact you are about to have a child together.

Wether or not you think he's doing that, its time for some couples financial counselling. You need to think about how YOU are prepared to approach those funds (ie would you be happy to sign a relationship pre-nup type thing acknowledging he has brought these funds to the relationship) and then you/he need to get some good financial advice (I prefer experienced accountants to financial planners but that's my own thing) about how to make the best of both your financial situations.

[lozoodle]

Also with income of $1200.00 a f/n I doubt whether you are going to be eligible for any sort of support which is another reason you need to get onto Centrelink.

Surely $1200 a f/n they'd be eligible for FTB or something? $1200 a f/n is minimum wage ($606 p/w).

[Guest_Dinah_Harris_*]

The term deposits must be generating income? Can you suggest that you use the interest to help with expenses while not touching the principle? It may not be much, but it'll all help.

[in(s)ane]

Dinah_Harris I thought there were asset tests though? Usually your primary place of residence is exempt, but any cash in bank will count toward the asset threshold.

[futureself]

Wether or not you think he's doing that, its time for some couples financial counselling. You need to think about how YOU are prepared to approach those funds (ie would you be happy to sign a relationship pre-nup type thing acknowledging he has brought these funds to the relationship) and then you/he need to get some good financial advice (I prefer experienced accountants to financial planners but that's my own thing) about how to make the best of both your financial situations.

Absolutely agree. You are his partner and you are having a child together, of course you need to talk about money!
He is also wrong about the term deposit - the tax you pay on interest earned is darn high, why he thought that was preferable to using the house he owned as an investment property is beyond me - I doubt he sought financial advice on that decision either!

You need to get to Centrelink and get a clear idea of where you will stand in regards to FTA and B and child care benefit etc. Those can be in your name but yes, he will need to disclose exactly how much money he has squirreled away.

[missjoads1234]

Surely $1200 a f/n they'd be eligible for FTB or something? $1200 a f/n is minimum wage ($606 p/w).

Not if you have huge amount of assests, including assets generating income. The OP didnt state how much he has in a term deposit however Centrelink really dont allow a great deal of assets before cutting off payments. The OP may however be eligable for the BB. It pays for 6 months OP in installments so it can be quite a but of money fortnightly.

[cj82]

Without being nosey, roughly how much money is in there?

You need somewhere to live, living mortgage free or with a low mortgage is a smart way to live, then you can put extra into super or term deposits over the years.

Rent money and bank interest is only dead money if you have an alternative, and you do!

Definitely go to a financial advisor together.