Earn 40k single parent and struggling

[Noncomplyturkey]

Never thought I would get to 47 be earning 40k and struggling financially, I’m JUST getting by, before you ask I don’t live an extravagant life, no flash card or holidays, just two teenage sons with a £1k a month mortgage and regular bills. I have no idea how others in similar circumstances that earn less are managing. My monthly outgoings have gone up by over £300 due to increased int mortgage rates, food, petrol, energy. Child maintenance is due to finish in September too as my twins go to uni (fingers crossed). I’m going to have to get a second evening job, anyone got any suggestions or miracles?

I earn slightly less than you and am a single mum with one dc BUT with no housing costs and while I'm not struggling I don't have much spare, I would definitely be struggling big time with a £1kpcm mortgage. I don't get Child maintenance though

Wow 40k, I'm living off £12,000 a year. I can only work part time and my partner gets PIP. If you are having financial issues you need to downsize, over £1k a month seems excessive. I'd get a smaller place. The more money someone has the more expenses go up, usually due to having more cash, bigger house, extra cars, shopping in M and S etc, people really don't like downsizing because it feels like they are dropping down a class but it's the only option if someone is really struggling. If someone on £40k is struggling, imagine how bad it is for people at the bottom of the financial barrel. But then again people at the bottom adapt to having no money, we have to for survivals sake.

OP I hear you. It's tough.

I think you can and will get by as long as inflation doesn't continue and interests rates go higher. If they do though our Gov will have to do something.

I'd be aiming to hang on in there. We will come out of recession and you will have a good asset once your mortgage is paid off. Just crack on, save where you can and just keep thinking about the day you are mortgage free, child free and have your salary all to spend yourself!

Are you paying housing costs out of the £12k and PIP? Remember the £40k isn't take home. A lot will go on tax, which you don't pay. When £40k before deductions is your only income, you have a £12k a year mortgage (it doesn't necessarily mean it's a grand house) and you have a family, a car, it really isn't that easy to make the money stretch.

Yes Op has said her take home is £2200 take off housing costs and £1200 (14400 a year) isn’t a lot when you’re paying bills, council tax, commuting costs and feeding three people with adult sized appetites. Im sure Op gets child benefit and maintenance which will help not sure whether it’d be manageable otherwise.

I will be in a similar position in a few months time (applied for a divorce). I am not sure how much child maintenance I would get, as I don't have the calculations. With the current rent and interest rates being so high, downsizing is not an option.
I think you are doing your best to save and have a comfortable life. You seem sensible with the choices you have made with your budgeting. In my opinion, it is going to be hard until children leave for uni. Although, it may still be a bit of a challenge if you want to continue to support them financially.
The only suggestion I have is, have you considered "degree apprenticeships for uni". It is a great option if your children find it interesting.

This phase will pass soon and your children will soon be financially independent. Wishing you the very best of luck.

£1k per month mortgage really isn't a lot these days. My dd pays £1350 per month to rent .