Anyone worrying about the rising costs of life

[Needanewadventure2021]

I know this is money related but im aiming it more towards single parents. I know everyone will be feeling the pinch but as a one income household it's making me feel sick.

I recently posted about taking my son on holiday. Luckily I have been able to save over the last few years to be able to take him next year. However I am now feeling like I cant justify taking him away.

I read tonight that household bills are set to rise a further £1500 a year! I'm already feeling a huge strain financially and the thought of it getting worse is making me feel ill. I have pounds left a month so what the hell are people meant to do?
We have no social life, no luxuries. Live hand to mouth.
It makes me feel shit to be honest and scared that it's going to get worse.
You get yourself to a place where you feel you can manage with what you have, then it gets ripped away from you.

I work in a low paid job. 30 hours but unable to work more. Constantly looking for a new job. Intermittent/insulting maintenance payments paid via CMS (DoE) and tax credits top up.

Sorry posted too soon

But I guess I'm just venting my worries whilst unable to sleep with worry

Do you claim Universal Credit

I just read the same thing and am having the same thoughts. There’s so much pressure with just one wage coming in. It feels like such a scary thing.

At the minute just worried about losing my job
If I can keep my job I know we'll manage somehow

I claim tax credits. UC somehow sees me lose 2/3 of my tax credit entitlement. I'm told it because I am mortgaged.
Yes I hope I keep my job too but even in my Job I am struggling now already

I think you mean that you read the Daily Mail and they said that household bills would rise £1,500 in a year, which pretty much guarantees it will not happen.

Inflation in general is a bit high at the moment, currently 3.6% with some things like gas and electricity rising by 5-10%, but it also looks like wage inflation is even higher, up to 20% in many lower paid jobs and 5% or more even for higher earners, the self employed, trades etc. The jobs market is incredibly buoyant at the moment, businesses can not get enough staff and wages are rising quite quickly because of that. Even the pubs in town are offering £12-15 per hour, pre pandemic that would have been £8.50 so now is really the time to look for a new job if you are on close to NLW.

Realistic projections have gas and electric costs finishing the year around 15% higher than June this year, before probably falling back 5% next year. Food will probably rise between 2-15% but it will depend on the items, with processed food and imported fruit being at the top of that and fresh items and ingredients and dried goods being at the bottom end. Other items will probably be in the 2-3% range, although there will be some differences across different items.

The reason I'm talking about losing my job is because it's in danger of happening soon

I'm still on tax credits. I hear people say here that UC pays more than tax credits if you're working. This is worrying then if yours has gone down 😟

There's a pay freeze in the public sector, so no wage inflation at all for many.

Im sorry about your worries about your job.

I'm too scared to move to UC as several better off calculations put me at a significant loss. Its 1/3 of what I get on tax credits. I'm told it's because I am mortgaged but it seems unfair. I've read on the money thread what some couples get, working with a child and it makes no sense at all. But for me even with the fear of overpayment, TC still entitles me to more.

Yes it was the daily mail. But even if it doesn't happen we cannot dismiss the fact that costs are now rising in everything essential. I've seen a huge increase in food and I'm buying less, my energy has shot up despite being fixed in the cheapest deal available to me and using no more than I usually do. Cost of running the car has increased. I'm finding my direct debits are all increasing too. If CT rises again and insurances then I'm just saying its making life extremely hard. I'm already ready paying 100 more a month for everything and yes I've made cutbacks. .

Jobs may be easy to walk into now, I'm looking all the time, but when you have the security of being somewhere for 7 years and it's flexible around your child (school hours during term time) it's hard to move to a job that will require me paying for childcare. Even with help towards it it still doesn't leave me much better off a month

My pay has never increased in the whole time iv been there only whatever NEW is and I was always told they wouldn't look to increase it more

It must be very worrying

Can you do any side hustles? This month we’ve been squeezed financially (childcare) and I’ve done the following...

Sold baby equipment in loft on Facebook marketplace. Made £130. The second hand market is very strong right now I think. Haven’t even scratched the surface in clothes and shoes.

Sold used perfumes on eBay- that I wasn’t using. All fairly decent brands like Kenzo. Have made over £100. Who knew people would buy used perfumes?!

Made £40 on prolific completing surveys while eating breakfast/ lunch/ dinner.

I’ve made £100 doing matched betting so far. It’s risk free but you do need a float. The smaller your float, the longer it takes. If you’re interested start watching the videos on profit accumulator. It’s not illegal, not a scam, tax free and I’m so pleased I found it!

Thanks for the tips. All worth looking into because i need to do something

I work a full time job and 2 young children- not a single parent so can’t imagine how tough that is. But just showing there are side hustles you can fit around a busy schedule, doing them from home.

God I'm a bit worried now about if UC will be less than tax credits
I own too
(Although I don't claim housing benefit)

(i mean before when I rented I didn't claim housing benefit)

@purpleme12 get a better off calculation. There is also a website which tells you have to calculate it though I've forgotten what it is. Universal Credit something. Me wanting to believe I was being told wrong I calculated it myself using their instructions and no they weren't wrong. I'm only entitled to the basic elements in UC. It works out a third of what I get now

Yep. I'd love to work more hours but can't as my 13yo is a nightmare.

[quote Needanewadventure2021]@purpleme12 get a better off calculation. There is also a website which tells you have to calculate it though I've forgotten what it is. Universal Credit something. Me wanting to believe I was being told wrong I calculated it myself using their instructions and no they weren't wrong. I'm only entitled to the basic elements in UC. It works out a third of what I get now[/quote]
You can use Entitled To ans either put in your legacy benefits or compare it to what you currently get.

www.entitledto.co.uk/

I feel trapped. Having to pay for childcare even with help towards it, barely makes me better off so you do wonder whats the point being more tired and less time with your child to actually still be penny pinching every month. Ive worked that out too so I know the take home isn't much better working more as I'll be paying out more.
I was hoping when my DS hit teens I would be able to work more as he will be able to take himself to school etc.

Same as you OP single mum and worried sick. I've just been advised that my low budget energy company has gone bust and i need to find an alternative, with the cost of fuel rising I know I'm going to be paying an absolute bloody fortune. I'm renting at an extortionate cost each month but can't get a mortgage even though I could easily pay as it would be a lot lower than my rent!! everything is so expensive, the summer holidays completely broke me. My salary covers rent, bills and food but that's it, no money for any nice things. It's shit!! Where is the help for people like us?

I've used entitled to too. Ive found the website offered on the money thread more accurate to what was calculated for me but both showed a significant difference

@lollipoprainbow makes you feel shit doesn't it. I really feel for you. Thankfully my mortgage is lowish, but definitely much lower than renting.

It's the gas an electric that upsets me the most. I've never paid past 68 a month to be exact. But I was always in minimum 300 credit each year. Because of this I've never worried about heating our home. I moved supplier in May and the cheapest I could find was 90 a month which is what I am paying now. That increase hit me hard. Then to find my usual monthly usage was eating up pretty much all my DD so I'm not building up credit like I've always done. Out of curiosity I ran a search the other day to make sure I was on the best deal before the cap is lifted. The new cheapest to me is just shy of 120 a month so nearly double what I am used to paying. I think that scared me alot as I'm only fixed until next June so am already panicking about what's going to happen then

@Needanewadventure2021 I've been paying £57 a month for electric and gas and was very happy with that, it was from peoples energy a company set up to help fuel poverty but they haven't been able to carry on due to the rising cost of fuel I thought I had my budget all sorted and now I'm going to have to pay a lot more. Just as you think you are managing as much as you can this happens !!

I've recently moved to octopus for my energy and I do like that they ask for meter readings every month so I'm always on top of my energy credit/debt.

@lollipoprainbow

Same as you OP single mum and worried sick. I've just been advised that my low budget energy company has gone bust and i need to find an alternative, with the cost of fuel rising I know I'm going to be paying an absolute bloody fortune. I'm renting at an extortionate cost each month but can't get a mortgage even though I could easily pay as it would be a lot lower than my rent!! everything is so expensive, the summer holidays completely broke me. My salary covers rent, bills and food but that's it, no money for any nice things. It's shit!! Where is the help for people like us?

Was it utility point? I've just had that news too and really worried about costs with whoever replaces them. I'm with one of those companies that apparently swaps you across to a better deal when one comes up but I'm certain it's going to cost more as my G&E has been so so cheap with utility point - probably why they went bust!