To struggle with living costs even though my job is well paid

[redpompoms]

I am a single parent although my children are at an age where I don’t need childcare costs which is a relief.

However I feel as if luxuries my friends have without thinking about it - holidays and new cars and appliances for the home - are our for me.

I can only put it down to everything coming out of one income; does anybody else find this?

I work in debt recovery so only see the far end of the scale, but a lot of people certainly don't 'afford' these luxuries. I live within my means, and life is very simple with few extras.

I don't see how it makes a difference if your sole income is greater than the income of a couple.? You say you are well paid, so what kind of income are you talking about?

Do you have a budget of income and outgoings so you can see what you need to save for, and where savings can be made?

I’ve no idea what your income is but I suppose what I am saying is that I don’t feel on my income I should struggle to make ends meet, yet I do. I’m not in masses of debt or anything, but it’s just hard.

Yep!
Also single parent I currently work 70 hours a week some at home, all day Sunday too (and Monday to Friday) and now finally no longer qualify for tax credits as it pushed my income too high.
But I’ve never been able to save and never got any inheritance so live in rented property which costs over £800pm, teen DD’s do not come cheap. I run an old shit car and go on holidays which involve staying with friends so it’s very cheap.

I honestly can’t work more hours and feel like I never get out of the ‘hole’. I’m not in debt but still don’t have enough left over for a new car or appliances.

What I have found is that over 10 years even when my earnings rise all this does is balance out tax credits so I have effectively been trapped earning the exact same amount for a decade. Does this make sense?

bm I suppose because (for example) if I was on less money but living with a partner on a similar income then combined we would probably earn a lot more.

I’m tired so probably not the best point in the world! My mortgage is £600 so for example if that was split two ways £300 wouldn’t be much at all.

How much income are you talking about? What are your outgoings like if you struggle to go on holiday?

It’s hard pookie as I feel I should now be able to enjoy my life more than I do if that makes sense.

What is your income?

Try asking those friends how many of the things they have are paid for in full up front?
I spent my 30s and 40s buying things on credit and having lots of holidays, also on credit. I was always juggling debt, remortgaging or consolidating loans. I had the material things along with the stress of paying for it.
Now everything is paid off apart from cars. We both have new cars but get them on a lease basis. So it's a set cost every month and we will do this until we are no longer able to drive. ( yes, it's not the most economical way to have a car, but we can afford it and have had years of driving round in unreliable,old bangers)

So say 10 years ago I earned £800pm and tax credits gave me £800pm.

When I now earn the other £800 as well without the help of tax credits 10 years later i am still bringing home the same amount

I feel the same. I'm a nurse manager. Earn £35k a year but since dh left I'm really feeling the pinch money wise. It's 2 weeks till pay day and I have £98 left.

pookie I have applied for a new job and the pay is quite good. I won't see any of it as you say the tax credits will reduce. I'm retraining in uni at the moment. The only chance I will ever have to increase my income properly.

Net monthly including any Ben's maintenance etc

Leasing cars is really expensive. Don't understand the obsession with having a new car. Bought mine for 2k and touch wood its had 100 quid spent on it in three years.

@donajimena

I don’t think non single parents realise that this happens!
I got a payrise and 2 extra jobs because I only have a couple years left until 1 child is an adult and tax credits will stop. I don’t want to rely on them any longer but I earn over £12ph and I still only just break even out of tax credits

I was born and live in the SE which is kind of my enemy as it’s so expensive here. But there are a lot of jobs

Well, when I say new car I don’t necessarily mean a literal brand new 2018 plates but mine is a 2010 model and is starting to look like it’s seen better days. It’s MOT isn’t due till April but I’ll probably look about replacing it then.

But anyway it isn’t so much about specifics. I suppose it’s more that we are told as women not to rely on men and I never have but in all honesty the reality for me has been working extremely hard, sometimes being extremely stressed, and now having a life that isn’t as comfortable as many of my friends.

Red I get it
Not in poverty or on the breadline but don’t have much disposable income

I think this is being a single parent. If I lived with someone who brought home the same as me we would be quids in

What I have found is that over 10 years even when my earnings rise all this does is balance out tax credits so I have effectively been trapped earning the exact same amount for a decade. Does this make sense?

^this^

We're in really hard times financially with "things" increasing in cost all the time but many people's wages staying the same.

I'm a single parent too and just can't break through the Tax Credit barrier and financially it's tough.

2010! That's only 8 years old!

I guess we have different priorities.

It is very demoralising to be in the trap

Yes same pookie

mama yes but there’s a bit of a backstory with it which i didn’t include as it’s not really relevant ... I was thinking out loud I suppose. The point is, the car has had recent trauma which means it won’t pass its next MOT and fixing said trauma will cost more than its worth.

I am sure we have the same priorities. Most people do I find.

@Mamamanatee

She’s using it as an example - despite working really hard she wouldn’t be able to buy a new car

All I can suggest is strict budgeting and putting it all into savings. I put all my income from job 2 into a savings account for Christmas

You say you have a mortgage OP? Can you downsize and enjoy any equity? Probably not the most sensible plan but you sound miserable and life is for living. You will still own a property which is more than most do!

2010 is not old!!! I drive a 2008 car and I feel it is still good and newish. We live on different planets.