Living pay cheque to pay cheque

[shouldbeandwillbe]

I’m a divorced single mum with two children in my late 40s, basically living pay cheque to pay cheque. I have very little savings and I’m renting.

Realistically, buying a house doesn’t seem possible for me. I don’t have enough deposit, and even if I did, the mortgage I could get wouldn’t be enough to buy a decent place. I’m also not sure moving somewhere else would make a big difference.

its been absolute crazy for me to getting through divorce and everything but now I’m starting to worry about what my future might realistically look like. How long can I keep working? And what happens later on if I can’t afford rent anymore — either because I’m too old to work or if something happens to me?

Does anyone know where I could get proper advice about this or who I should speak to?

I'm a single mum, still working in my 60s.

Have you got your full NI entitlement. You need 35 years for a full state pension so check online how far you have got.
You keep working until you don't need to so do everything you can to look after your health. Stop smoking, vaping or alcohol if you currently use any. Build some regular exercise into your routine, with your dcs.

Then look closely at your budget. What can you cut back so you can save a little? If you have no deposit in late 40s, and you need 25 years to pay off a mortgage, unless your income increases significantly, that is going to be difficult. How old are your dcs?

I guess after 68, you will have your state pension & housing benefit.

I have a feeling that there's a point at which you are better off not trying to save more/buy a property. I'm not sure where this point is and I wouldn't choose to rely on benefits and services that may not be there when the time comes. But it would be very depressing to make extraordinary sacrifices to pull yourself up financially and find you would have been better off living a more carefree life.

Have you looked at shared ownership as an option? How old are your DC? It may be more feasible for you to buy something smaller once they have left home (if they ever do!). Park homes are not ideal long term, but may give you a bit of breathing space to save a deposit for something more permanent. And remember that childcare (if you currently use/pay for it) is not a long term expense.

That’s really tough, do you pay into your employers pension scheme? Have you looked at how much you have in your pot and what that might give you when you do retire?
do you work full time/part time? If your kids are younger and you’re part time, can you increase your hours in the future and put this extra money into your pension/savings?
Shared ownership is a good bet, I dont know if you can use a mortgage like the springboard mortgage with shared ownership.
Depending on where you live there are some good schemes, I had a friend that used rent to buy which got them on the ladder a few years ago.
Also buying a house large enough for you and your kids might not be achievable, but could you get a small flat for your retirement in the future - you could use your tax free pension lump sum towards it if you’re going to have enough.

Are you claiming all you are entitled to? Are you entitled to UC?

I see a few have mentioned shared ownership, its not that good....flats usually comes with big service charges, hard to sell on and dealing with the housing dept can be awful, friend has been trying to sell a 75% owned flat for several years and no interest despite selling cheap...be cautious.

I am foreigner living with visa which don't have access to public fund a the the moment. I think I will have support once I have ILR. I'm living in Uk because my children and my ex was British. Although I don't really want to rely on benefit, what kind of help I can get realistically? I am not interested in buying shareholder flats, if I can I would like to get a small ex-council flats.

I don’t have any helpful suggestions or experience to advise.
Money Saving Expert forum- that’s usually great for money support.
But wanted to bump this thread for you and wish you all the best.