Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Nothing in the pot

43 replies

N4m3Change · 25/03/2021 14:11

So im a single mum to 3 primary aged children. I think im pretty rubbish with money tbh, as in I dont save. As much as I want/need to if the money is there I tend to spend it...I dont spend it on rubbish or on myself more often than not its on clothes for my kids or toys. They want for nothing really. The money comes from my wage, UC, CB and CM. My mortgage, kids clubs and bills come to about 1800 a month and I have about 100 a month spare after all that. I put 15 a week away to attempt to save but I can easliy just tap into it and thats what I usually do if i need to. If I ever had an emergency that costly I wouldn't have no way of paying it and I have no family to ask if I really needed to. Parents died when I was younger and we wasnt a big family.
My ex is still on the mortgage and he wants off understandably but I cant afford to move out or rent. My credit rating is at the lowest it can be, I cant even renew my phone contract, even though I can afford it.
I want to do my garden up but cant afford to and it would take years for me to save to do so! I do t know what advice im after im just wondering if im on my own or theres somone in a similar situation who can offer and advice??

OP posts:
2021isalsorubbish · 25/03/2021 14:16

I only buy second hand toys and clothes - has saved me a lot! And I don’t buy the next size until ive started to re sell the clothes they have grown out of. Same for toys. Find it all just funds itself then.

isitjustlockdown · 25/03/2021 14:20

£100 a month for everything else sounds extremely tight, particularly without savings.

Have you really gone over your bills with a fine tooth comb to see if you can make any changes to move to cheaper providers etc?

Have you checked you are claiming everything by you are entitled to?

Lastly, any options to increase the money you bring in? I understand with three children this may be hard, but even having and extra £50 a month to build up as savings would help.

N4m3Change · 25/03/2021 14:25

My outgoings include all kids clubs swimming, gymnastics ect and disney subscription and things like that and my shopping and petrol. Ive swapped and changed and my utility bill are the lowest I can get and my mobile bill is 10 a month.
Tbh, I thought 100 was alot compared to others I know, is it not??!

OP posts:
N4m3Change · 25/03/2021 14:26

And yes, I do plan to buy more from charity shops when they re open...

OP posts:
BaggoMcoys · 25/03/2021 14:27

I make a bit of extra money each month through rev audio transcription, prolific studies and crisp online moderation. These are all done online as you please.

Go through all bills and make sure you're getting the best deals available. See if there's anything you pay for that you don't.

Food maybe you can cut back, depends where you shop and how you cook but there's a lot of advice on meal planning etc which can help you save.

Clothes and toys - you can get a lot second hand, or even free if you check Facebook groups, Freecycle etc.

Laquila · 25/03/2021 14:32

When you say your ex is still on the.mortgage, is he still actually paying anything? Does he have equity in the house!

It's very hard to save when there's so little to go around. Have you looked at any budgeting apps? Do you make the most of things like Nectar points (eBay, Argos, petrol stations etc) and do you use cashback sites for anything you bit online? (They're good for big purchases like car insurance or appliances.)

Also, do you have a tax-free childcare account to pay for things like kids clubs/childminder/any tutoring? You add money and the gov tops it up at a 75% to 25% ratio - i.e. you add £75 and the gov adds £25.

N4m3Change · 25/03/2021 14:34

What is rev audio transcription??

OP posts:
N4m3Change · 25/03/2021 14:37

No ive payed the mortgage in full for 9 years!
The house needs lots doing to it, new windows, kitchen, bathroom ect and that brings the value of the property down...it would get about 10k equity I reckon max, that will be split 50 50

OP posts:
HmmmmmmInteresting · 25/03/2021 14:47

£100 spare a month is extremely tight. I would have trouble sleeping at night on that budget. Seems unfair that you're paying the full mortgage and he gets half the equity! How has that come about?! Are you sure about the equity figure... that sounds very low when you've been paying for so long.

I know you won't want to do this but I think in your shoes I would stop the gymnastics, swimming, disney etc for a year just to give you breathing space and save every bit of it. Think of it as giving your kids extra security.I know swimming is very important, but just to pause it for a year would be ok I think. They will soon get used to not having Disney.

But the the thing that would have the most impact would be to try and get some more income somehow. Sorry that that seems obvious. But maybe people on here can give you some ideas.

BaggoMcoys · 25/03/2021 15:56

I'd cut Disney and see if you get something else maybe cheaper. Could their father help more, either pay for extra curricular activities or a TV subscription (Disney can be used in more than one household).

Rev is an online company. You sign up and have to do a test to see if you can transcribe to their standards, then the work is transcribing audio or video files. I discovered them on the earn £10 a day threads which are in the money section of Mumsnet somewhere.

Babyroobs · 25/03/2021 17:50

If you needed to rent then you would get the rent element of UC so your Uc would go up significantly although your work allowance would go down. If you got 10k equity from the house then there would just be a bit of a deduction on your monthly Uc for any savings/ capital over 6k.

HollowTalk · 25/03/2021 17:59

How much are you spending on kids' activities?

N4m3Change · 25/03/2021 18:07

2 do gymnastics at around 60 each per term and theres 2 terms in a year so thats 240 a year.
1 goes swimming at 23 a month
And football for all 2 cones in at 55 a month.
Only one of the footballs are a real club, the other 2 are a after school football thing which is 3 each for both of them...that is only term time
I was worse off a few years ago and l couldnt afford anything so none of my kids had ‘clubs or hobbies’ they were missing out in a childhood in my opinion

OP posts:
NoSquirrels · 25/03/2021 19:03

@N4m3Change

What is rev audio transcription??
Its typing up audio files but it's not well paid and you need to be really hot on spelling, grammar and so on. I wouldn't think it's a good fit - you have a lot on your plate with 3 kids as a single parent.
NoSquirrels · 25/03/2021 19:12

@N4m3Change

No ive payed the mortgage in full for 9 years! The house needs lots doing to it, new windows, kitchen, bathroom ect and that brings the value of the property down...it would get about 10k equity I reckon max, that will be split 50 50
If you've been paying the mortgage for 9 years, and you both owned it for a year or so before that, there should be more than £10,000 equity, OP.

A typical length mortgage is paid off in 25 years, so you'd be almost half-way through it, so you must have more than you think, even regardless of the stuff that needs doing.

Your ex shouldn't get 50% of the equity if you've been paying the whole repayments for 9 years.

So you spend about £78 on clubs each month - what CM do you get? Has that been reviewed at all since you split?

What you need is to cost out absolutely everything (there's a good budget planner over on MSE) and work out how much you need to spend over a whole year. Then work back. So a monthly amount put by for Christmas, birthdays, clothes & uniform and so on. Then when you do put your money into savings you know exactly what its purpose is - this savings pot is for Christmas & Birthdays, this one is for if the washing machine blows up or the boiler goes, this one is for spending on fun stuff. That stops you taking it out and spending it on toys etc because you can see, if I spend this £15 then I won't have enough in my birthday pot.

I think if you only have £1,200 'spare' every year, with 3 growing kids and a house, then you are really tight for money and you need to maybe think if you're spending on the right things.

Btw, if something needs repairing in the house, your ex should be contributing as he's still on the mortgage.

StephenBelafonte · 25/03/2021 19:20

The advice i'm going to give is to put money into your pension. Any money you put into your pension is excluded from UC workings out so you could work more but put the additional amount into your pension and still get the same amount of universal credits.

Obviously you can't get to the pension till your 55 but you should have built up a nice little pot of money by then?

How many hours a week do you work? Could you increase them?

N4m3Change · 25/03/2021 19:38

Thanks for all your advice so far, it is helping me think about how I can sort myself out!

My ex who is on the mortgage stopped paying half toward it once I got a new partner (understandable I suppose) my then partner never really contributed much and was ultimately a cocklodger, I split from him a few months ago and im currently in the process of sorting CM out with him. My exH pays CM but he is claiming he works part time (he doesnt) so isnt paying what our children are entitled to.
Me and my exH have very little contact, his stubborn choice.
I work 18 hours a week in a nursery, once my youngest is in school I will increase my hours. Childcare is costly as I have no family to help so I worked outbI was better off with the hours im doing

OP posts:
StephenBelafonte · 25/03/2021 19:47

Childcare is costly as I have no family to help so I worked outbI was better off with the hours im doing

I get that - with childcare it's difficult to work more hours. But as soon as your not paying childcare, increase your hours (which increases your pay obviously) and put the extra into your pension which will mean you can still claim the same amount of tax credits.

Remember, all the child related money will stop when your youngest is 18 so start thinking now about how your gonna support yourself when it's just you - and having a little bit of a pension buffer will make all the difference. Don't rely on having a man to ease the financial burden with either - plan as though you're going to be single. Most men just want a "nurse with a purse" as you've already discovered.

Koolandorthegang · 25/03/2021 20:09

Would you be able to rent a spare room in your house out or take in a foreign student over the summer for a bit of extra cash?

N4m3Change · 25/03/2021 20:11

Thank you, il look into putting extra earnings in a pension. I really hate having to depend on child maintenance and I wish I could put the bulk of it into savings for their future...being a nursery nurse isnt the best money, but my boss is amazing and understands my situation so if I need an emergency day off theres no questions asked.

OP posts:
N4m3Change · 25/03/2021 20:13

Koolandorthegang

My house is only a 2 bed, struggling for space as is with the 3 sharing. Im thinking of giving up my room for my eldest (10) who is a girl, I doubt at her age she will be wanting to share a room with 2 boys for much longer!

OP posts:
Koolandorthegang · 25/03/2021 20:27

Ah ok. Hopefully you’ll get some good tips from this thread. Good luck with everything Smile

8dayweek · 25/03/2021 20:44

Are you claiming the Childcare Element of UC for the after school clubs? It wouldn't cover the swimming / gymnastics but if some of it is "normal" ASC then you may qualify...?

www.gov.uk/help-with-childcare-costs?step-by-step-nav=f237ec8e-e82c-4ffa-8fba-2a88a739783b

N4m3Change · 25/03/2021 21:08

Il take a look at that 8dayweek thank you...

OP posts:
N4m3Change · 25/03/2021 21:09

I feel really stupid, im 36 for goodness sake and im asking for money help Blush

OP posts: