To wonder how I’ll ever have more money

[Imustbemad00]

I currently work part time, my work/home life balance is good because I’m able to do the school run. I’m a single mum if that’s relevant.

The problem is I want more, for the future. More challenges for myself. Something I can take pride in. But ultimately, more money.

I’m thinking of fitting more studying around my PT work whilst I can. This will be a huge strain emotionally and I will find it really hard to balance, work, kids, running the home and studying. I therefore only want to do it if it’s really worth it financially in the long run. Obviously I’ll get a loan to pay for it, so there’s that to factor in.

I’m not 100% sure what specific job role I want to do but I know which area. Starting salaries are around £24000, only really rising significantly with supervisory roles which I may never get.

I’ve just worked out using online calculators, that if I earn £25000 (assuming I’d get no benefits too up) it would be equivalent, after tax, to what I get now working part time with benefits, paying no tax, with half the amount of stress and student debt.

What’s the point in putting myself through 2 years of that, then working full time, struggling to manage home life, all for the same monthly wage. Actually less after paying for childcare that I don’t need now.

I just want to be able to earn more money but don’t know how. I feel I’m stuck in a rut and can’t see any logical options.

How old are you? Could you put off studying till kids are more independent? Go for a more mid life career change?

I would not be confident that benefits will be around forever, for one thing.

I think you should study! It is tough at times (especially if you have other commitments) but it's worthwhile. Gives you a better chance down the line.

Surely you don’t want to stay on your current wage forever? You may fail to see the value of studying at the moment but you need to think of the future.
What happens when your children are older and you aren’t entitled to child related benefits anymore?

I’m 32 so no spring chicken. It’s eother now or never I think. Will be many years before children are old enough to not need looking after in school holidays. But I keep thinking if I study now, even if I stay at my current job or similar, building experience, I’ll have the degree to fall back on.
The job I’m looking at doesn’t even require a degree, it requires particular experience, which I don’t have, but obviously
The degree would still open more up to me.

That’s the problem though. I feel like even if I study and get a new job, the equivalent wage would still be like what I’m on now.
But yes hadn’t thought of when I’m no longer entitled to child related benefits. Although then I could go full time in my current area of work and earn a bit more, although would never be Much more than about £21000 before tax unless o became a manager.

Fuck, I'm 45 and looking at retraining! You seem like a spring chicken to me!

Your children will grow up. You need to play the long game.

I’m a single parent of 4 and quit my part time job to study full time for a year and retrain, initially I won’t be any ‘better off’ than I was before financially (once I actually get a job) but, I won’t be dependant in the ‘kindness of the state’ any longer, i’ll be putting more away towards my pension (which is a big deal for me) and ultimately I will be able to earn more than on my previous career path.
It depends what your long term goals are I suppose.

What’s the point in putting myself through 2 years of that, then working full time, struggling to manage home life, all for the same monthly wage.

Because there'll come a time when you aren't paying childcare, then there'll come a time when kids leave home and you won't get the child related benefits. It may mean you're no better off short term, but in the long term you will be, and of course, with more experience you'll move up to get more senior/well paid roles - ideal for when you don't have to work part time doing the school run etc.

Op maybe change your starting point, you know what you do want, a higher income.....find jobs or small businesses that can realistically give you that.
A degree doesn't often guarantee higher income unless it is specific to a high paying role.

as you have Dc and are a lone parent, it would be better to create a home based business or skill that works around DCs...the starting point is what can you learn to do that give you a good hourly rate and you can run from home.
25K is not a lot once childcare is factored in..but if you could earn £30 per hour 6 hours a day, 4 days a week...and NOT pay childcare then that looks much better.....
Think how you can build that income and what you need to do/learn...Good luck!

Long term goals are the problem. The job I’m looking at doesn’t seem to have loads of opportunity for progression but I suppose other doors could open up along the way.

I wish I could see the future, but like the film sliding doors, where how I could see how it would pan out depending on which path I take. I could potentially progress on to chosen job without study, just by working hard and gaining experience and taking what I can. I have no idea where it will take me either way.

What’s the point in putting myself through 2 years of that, then working full time, struggling to manage home life, all for the same monthly wage

It's not the same monthly wage though is it. Benefits are not a wage.

Reasons to do it? A better life for the children rather than being on benefits, work satisfaction, pride, role model, having something for yourself when they have left etc.

depends on what you want to study and what career you want. If you're planning on studying a less prestigious subject just to be an office manager, you're likely not to get the same future wage as if you did accountancy or engineering, I guess says the voice of bitter experience

can you think of a higher-earning career? what are you aiming for?

The benifit of working though would be pension and that would be your starting salary so you will get more. Soon your kids will be grown up and you won’t be getting those benefits.

I was in your position at 32, a single parent and I started doing a degree with the OU. I finish it in September and have my eyes on a masters degree starting the following year. I work 3 days a week, it's been tough but I've done it and I can really recommend the OU.
I've probably got 6 years before my DC can get themselves to school and home by themselves but the way I see it I am 'future proofing' myself and getting myself in the best position to get a good full time job as I can when I need to. I'm really proud of myself.

I think you need to try and separate earnings from income. Your earned wages/income will go up and your reliance on benefits will go down, and your longer term financial security will increase.

I'm 53, and an adoptive mum, I have worked part time for the last 6 years because of my son's additional needs, I expect I will need to stay part time for another 3-4 years. About 40 % of my income comes from benefits. Its had a huge impact on my pension. I feel at the mercy of govt changes to the benefit system and other local authority funding.

I'm really grateful that the benefits have been there but its not as secure as a full time wage. One day your children will grow up and you lose benefits anyway. You need to think about your financial future when the kids are off your hands.
I had a career before my son, so I have a reasonable earning potential when he's gone. In your shoes I would be looking to increase that earning potential

My mam retrained when she was in her 40s she's been nursing for about 15 years now and has a very successful career. I'm 33 and planing on retraining as a teacher in 2 years time. I'd say you have plenty of time.

I'm really surprised that someone working part time can have benefits topping up to a salary of 25k.

So if full time it would be £35-40k?

You might be worth just working more hours?

I’m doing training in my current job as I’m looking forward to the day when I won’t get help through tax credits etc (I’m also a single mum). I need to be earning about £25K a year. Currently I’m a shade over min wage,full time but term time only. I’ll be able to work all year soon without childcare concerns so that will increase earnings by itself but I can’t run the house on a full time min wage job hence the training now.

I'd do it op, I'm currently doing an access course with a view to going to university and so on. The end result career wise who knows but its better than not doing anything.
I'm in the same boat really single parent with no real prospects as I am but I am aware that when my dc becomes an adult benefits and leniency will reduce massively so the future is uncertain.

I use that fear to get myself educated atleast. My dc also has sn so I'm preparing for having to support her well into adult hood.

If you can do something now then it is worth it for the long run.

Can you be more specific in your field? Some expert on mumsnet may be able to advise. Also you are young. You will have easily 30 years more working. Even if you have to sacrifice now, getting qualifications and experience will set you up for the future. You need to target the right industry for well paid jobs and that generally means being more highly qualified.

I'm a working mum, I work full time and pay x2 childcare. I have the luxury of jobs finding me but I'm talking about 20 years industry experience behind me and employers look for those who have grafted and put known companies on their CV. There are no shortcuts .

Unfortunately this is a big problem with the welfare system as it stands because depending on your position welfare is too generous or wages are too low.

I gave up being p/t self employed to do the access course. My anxiety was through the roof doing it but it's temporary as far as I'm concerned and possibly a worthy gamble.

I’m 31 and a single mum of 2 kids, I’m currently working part time and studying a full time masters degree (2 days a week). It’s hard going but you can do it. If I didn’t do this extra qualification I would be trapped on WTC and a shitty wage.
When I qualify in April I will be working full time in a nearby city (1 hour minimum commute) and long days. My work/life balance will be out of kilter for a few years at least but then I will have so much more money, better work opportunities and more ultimately be able to offer my children financial stability and a permanent home rather than renting.
If you want to study and have a career change then you can do it... you’ll be stronger than you think

Sorry didn’t mean the envy! I meant to put a smiley face