To ask how single parents of grown up kids manage financially?

[TheRippedOutPage]

I've been looking into the logistics of ending my marriage. Not a definate decision yet but something I fear may be on the horizon.

Realistically, by the time this ever happened I'd have no dependants at home. Just a grown up teen son who would probably be working or doing an apprentiship of some kind.

Therefore I'd get no child benefit, no child tax credits, no child maintanance - nothing. Because of my £22k salary I also wouldn't get working tax credit. (Fair enough, I'm not moaning).

So this leaves me with roughly £1600 a month to live on. This has come as a bit of a shock to me as I've been living in a married 'hubby on good salary' bubble for a good few years now.

Is it doable??? mortgage would be around £500 a month. Council tax around £80 a month.

We've not been married long, less than a year in fact although we have been living together for around 5 years.

600 per month after food petrol and all bills? For just you? Of course that's doable!

The trouble is unless you live somewhere with low house prices a 16k salary would only get you a mortgage of 80k or so (I'm assuming), are there houses or flats in that budget where you live?

My base salary is £22k but I do often earn more than that because of unsociable hours payments etc. I can bring home anywhere between £1500 to £1900 a month depending on what shifts I've done.

The house prices around here are low. The house I've seen is £115000. Putting on a £15000 deposit on it I'd need a £10000 mortgage.

The house is big, but a cosmetic shit hole (lol) so cheap with tons of potential.

600 a month after all bills and petrol etc is loads. I would feel wealthy with that amount left over! Totally doable. Just cut your cloth accordingly

So you don't have joint kids? If you've only been. With him a few years it shouldn't be too hard to figure out where you'll be financially?

Also, there's loads of great budgeting tips and advice here and on other sites. I know it's scary, but you've got this. You can do it.

I know it's frowned on a lot on here, but the reality is that your DS is going to have to contribute to his living costs by paying you some keep, even if he has a very low income.

Otherwise you would be in the situation where you don't have 2 pennies to rub together and he has a few hundred pounds a month or more to spend on what he likes.

If he didn't live with you, you would be able to buy a 1 bed place for less money, so have more money left for yourself. There is also the council tax unless he is exempt as a student, food and possibly extra utilities, TV, broadband, mobile phone etc. Or if he wasn't there, you could get a lodger if you had a spare room.

That council tax is very low. I think you might struggle to get a mortgage with such a low deposit and low earnings.

Definitely doable, I wish I had £600 a month disposable income! However, I think you are going to struggle to get a £100k mortgage if your salary is only £22k

I am not convinced you would get a £100k mortgage with that level of income.

I think you should look at getting a flat/much cheaper property. If DS is working he can contribute but then that will leave you exposed if you have a large mortgage to pay and only you paying it.

It is doable but large expenses such as the things houses need like scaffold and boilers can be scary as there is little spare for savings.

your not going to get 100k mortgage on 22k wage. You need to go into some bank sites and use affordability calculator to see what mortgage you could get - i'd say about 70k at most

That's perfectly doable! We're in SE England and living as 3 people on 18 500. You're fine!

I've managed for many years on a similar income with bigger mortgage (£700pcm)
Both my adult DC contributed even when they were students as they had p/t jobs
I also sell things on eBay which pays for holidays Xmas etc
The biggest issue for me is no savings for emergencies and not being able to pay into a pension

Could you get a better paid job or move to a cheaper area or a smaller property? Instead of a £115,000 house are there any properties available for around £80-£90k in your area?

We survive nicely as a family of five on 1700 pm, OP.
Simple happy life, no complaints!
Why do you want a big house if it's just you and maybe an older teen for a shortish amount of time?

yes of course its doable, millions of people do. I don't really understand the question to be honest! Can a single person live on a single person's salary?

erm, yes, of course.

child benefit, tax credits and child maintenance are for spending on children. And they don't cover the cost of the children. So you are better off financially without children, much better off.

but you might not get a mortgage. But even renting, yes of course its doable

Take in a lodger or two ? You can earn up to a certain amount doing that before liable for any tax on the income.

I have CFS and work part time as a primary supply teacher. If I don't/am not able to get back into full-time work by the time DS (14) finishes A-levels, I'll be living on less than £300 a month, so IMO, £600 is plenty. On months when I don't/can't work, DS and I are fine on £750 a month, after contributing to the rent (housing benefit covers most of it).

A big house that needs a lot of work? No, don't do it. The repairs and heating costs alone will eat significantly into your budget. Keep your housing costs low so you have more to spend on living.

Gosh, just saw £600 is after all your expenses, so definitely YABU. My £750 has to cover everything, including saving £85 a month.

Your finances look fine to me. I don't see what the problem is really.
I have 2 adult children (and one child of 16 who is learning disabled). My attitude to them is that they have to be financially independent. Although I would help them out in an emergency (and they would help me also) I am unable to support them. They have to pay their own way.