Came into a little bit of money I need to be dependant

[Murb]

Just ended a relationship I come into a little
Bit of money around £7000 not alot now I've always worked but I had a child and work part time now and my ex partner pretty
Much covers everything for me and still does although we aren't together because he wants to although I don't want him too but he says he's doing it for our daughter etc I need to become less dependent on his money at the end of the day he will move on and what's he gonna tell his new girlfriend he can't take her out for dinner because he gives all his money to his baby's mum doesn't seem fair at all.
I don't know where to start, do I start a little
Home business do I invest a little somewhere? Any other mums done anything that's earned a few quid around their kids,
I'm not a spender I don't buy myself anything it all goes on bills and my daughter but would be nice to earn enough to take some money pressure of
The ex
Thank you your a good bunch how have I only just
Found this forum x

You might want to ask MN to move your post to one of the more frequented boards, this is quite a quiet one and it's more for discussion of stock market investing, funds etc which I don't think is quite what you're after
What did you do for work/income before you had your daughter and how old is she now? What are your skills/qualifications? What would you want to do for work in an ideal world? What kind of business were you thinking of? Some mums I know that make a reasonable income from their own small business include a mobile hairdresser/beautician, dog walker, dog groomer, pet sitter, childminder, tutor, music teacher - but these do tend to need some skill/qualifications or equipment to start off with, and also if you want to do fully from home will need a dedicated space. Were you thinking more along the lines of selling things online? If so those businesses can be quite hard work to set up for not always great reward, so I wouldn't put my only savings/capital at risk. And please, please, be really wary of any multi-level marketing schemes, you are totally their target market (young mum wants to make a bit of easy cash from home and be independent) - they will suck away your money and your soul for no reward - HerbalLife, Forever Living, JuicePlus etc. Do your research really carefully (including asking on here) if a random acquaintance or friend suddenly pops up offering you an incredible 'business opportunity' selling that kind of stuff, the sums very rarely add up IMO,

Personally, and this is only me, I'd want to keep the £7k as an emergency fund and would probably be looking for a 'normal' job of some kind, particularly if your baby is approaching the age where she'll get childcare tax credits or funded nursery hours. Being your own boss can be great but if you're the sole provider it can also be incredibly stressful, self-employed income can be so fluctuating and risky. At least with a salary coming in you know where you stand and what your work hours are. It could be just a few hours a week to start with if you can find something part-time. I think you are right to want to be independent from your ex (although it's also completely right for him to pay child maintenance particularly if you and he always agreed you would be a SAHM, please don't worry about what a hypothetical future girlfriend thinks) - have you checked your entitlement to universal credit? As well as a bit of money this would also come with a job coach who can help you think about work options. Perhaps you could use a bit of your £7k to fund some retraining if there's a job you'd really like to do?

Sorry, saw you already work part-time. Can you ask to increase your hours and put your daughter into childcare? Or look for an evening/weekend job while your ex has the baby to have a bit of extra income coming in?

7k is not a lot of money in the scheme of things
if you feel you don't need it for a while - consider high rate fixed with a building society as they are very safe - possibly keep a bit aside for rainy day

Fixed rates will tell you the T&C's ie when you can widraw, how much what the penanalties are if you are allowed to take out early

Shares are a risk and can be a big risk even with well know/establised compaines - there is also the buying and selling costs