DH and I are in the very early stages of separating. We have 2 primary age kids.
I've absolutely no idea how I'm going live on a single income. Please can people give my head a wobble?
I work full time, earning £46000. I work in a regulated profession (Social Work) so moving jobs won't improve pay and I haven't got the headspace for a promotion at the moment (plus there are no vacancies in the next level up).
I bring home £2600 a month. Having done a benefits calculator online I will receive £190 in child benefit, £424 UC and then, hopefully £638 in maintenance. But I'm guessing I shouldn't bank on that?
Stbex will have 50/50 custody. Is it reasonable to expect he pays half child care costs and half kids activities and needs? Or is that what maintenance is for?
We currently own and I should get around £100k equity once fees etc are taken out. The cheapest houses in my area are £300k for a 3 bed (kids are b&g, 10&8 and the houses are kitchen and living room, no extra reception room).
I could move to a cheaper area but then costs to get the children to school and my commuting costs go up significantly.
I need to buy a car as I need one for work and does DH, the current family car is his.
I'll need to buy furniture etc.
We have about £40k in savings, I'm guessing I'll get half? Even though it's all money DH got from redundancy and work shares?
Having looked at mortgages, my mortgage will be £1300 and my income will be £3214 plus maintenance.
Is £1914 enough to live off? Gas, electric, water, broadband, food, dog food & insurance, house maintenance, Christmas, kids birthdays, childcare (no non-paid support), kids clothes, uniform etc, kids hobbies? It doesn't seem like much but I'm guessing plenty of people manage?
I did look at reducing my hours, but it's half time or full time, no in-between and the income difference would be too big even accounting for reduced childcare costs.
AIBU to be worried about the finances?