How will I manage as an older single person once kids have left

[Dogmam9273]

I'm currently married with two teens. Wanting to separate but have felt trapped financially and with the kids as I couldn't have provided for them if i was single as I earn minimum wage, husband a high earner.
Very soon I will file for divorce, won't get any money out of it as we have hardly any savings but i will be able to buy a small apartment /house outright so will be mortgage free.
I work full time on minimum wage, can't see this ever changing, if anything i need to work less. I have chronic painful conditions , depression and anxiety (although that may go away once apart from husband) I have 2 elderly parents that I will be caring for as I'm an only child.
I know I can claim UC whilst children are with me /in education but what about when they are adults?
My income is £1500 which won't cover my outgoings or enable me to live any kind of life that I desperately crave. I feel so trapped and can't see a way out of my situation.
How do older single people manage financially? Especially if they have health conditions?

Utilities are more expensive for a single people though. It costs as much to heat a room or run a fridge for one person than for two. Also about 1/3 of my utilities is the standing charge which is the same however little gas and electricity I use. If two people share it, the standing charge halves per person. Broadband is also half the price each if two people live together.

It's £884.80

@ThunderLeaf its a nice way to look at a budget.

Im realising that some stuff is harder to deal with - like our council tax is much higher than what you ‘planned’ and there is little you can do about it.

That’s per four week period; to calculate it monthly it’s £958 pcm( for the “new” state pension; less for the older full one)

I'm always amazed at how some people's 'frugal' pans out.

I'm comfortably off but I've always been very careful.
Even with a good income I'd never spend -
£30 on subs (we only have a TV licence.)
£20 for charity (most of it is wasted and goes to the CEOs.)
£37 gym (we've devised a gym in the shed! or use free weights.)

One thing that stands out from this thread is (and dare I say it's mainly women) that so few appear to invest in a private pension.

We don't pay tv licence, only watch streaming, so that's £170 saved! I wasn't setting myself up as a paragon of frugality anyway, just offering an example budget.

Thank you！

says the poster who started a thread yesterday asking whether Trinny make up any good as usually you buy Bobbi Brown or Nars… hardly budget buys 😆

You are surprised about that?!?

You stalking me or something around the site?
You've actually made the point for me very well.
I economise on some things and spend on others that I can afford to after years of being careful.

Why shouldn't I be?

I am when they are on a money part of MN and say they will rely on the state pension (when they are still working now and could have started a private pension years ago even for a few pounds a month.)

and it doesn’t occur to you that the person who listed their budget up thread prioritises those things over premium make up? nope, clearly not!

It would have likely come up on that posters “actives” rather than making a bee line for Money chat

It's a bit weird that you're insistent on having a dig at me and following me around the board looking at my other posts. Something's hit a nerve with you.

I can spend my money on what I want! I made it clear that I was comfortably off . The point is I can afford make up because for decades I've been careful with money and have savings as well as income.

I can't see anywhere that the PP said she couldn't afford make up and was using her money for subs instead.

Because

• most people are in debt rather having savings. I mean there was a thread recently on the fact many people with high salary (£100k+ a year) were heavily in debt. Not mortgage but all the rest!
• because CoL
• because the OP says she is on MW
• because most people already pay into their company pension - and you have no idea of they do just the minimum rather than the max

So no. I doubt that people’s priority is a private pension. Rather it should be increase savings/repay debts, put more on their company pension (better than a private one).

you started a thread about premium make up yesterday 😆
i wasn’t following you around!

I can spend my money on what I want!

bingo! 😆

First work out your outgoings

Not on a large house

But small house /flat

Yes uc will help while kids in education

But

Once older /working then they pay you some rent to go towards food /bills

Look at a diff job. Full time nmw isn't a lot but then you will be mortgage free so only bills to pay so maybe 600/800 a month so leaving £500 ish spare

£1500 and mortgage free?? I am not sure what you are worrying about. Thats plenty to live off.

You might be able to claim UC but with that sort of income and no rent it’s likely to not be a lot if any at all. When I took home £1800, had some childcare to pay for and £600 rent I only got £400 UC with one child.

You could look at retraining in a higher paid role to an area of work that might be more manageable in the long term and with any health conditions you live with?

If you're rent/mortgage free £1500 is plenty, especially if it's just you or your adult children are working and contributing to food/bills. Whilst the children are in education you'll still get UC to help.

You say you have some health issues? Are you claiming PIP? It's not always easy to get, but would help you out once you've got it.

You should be able to live ok on £1500 a month if you have no mortgage.

A lot of pensioners do so on less

Essentials:
£340 - rent
£70 - utilities
£100 - food
£60 - petrol
£35 - car insurance (but I pay yearly)
£50 put aside for car maintenance
Total essentials = £655

@Raspberryripple11 1) your rent is soooooooo low

2. utilities for 70? A month 🙀🙀

Times that by 4/5

Council tax 150 ish at 25% discount
Gas and electric varies but 100/150
Water 30/50

As basics

Then

Tv license 13/14
WiFi
Phone
Any sky/prime/now /Disney etx

Food 100 a month ??

Obv area depending but I'm shocked at the rent and bills

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Sooo the rent is double that @Raspberryripple11 and no council tax as a student

Not sure how utility bills are 70 a month

Clearly tho your situation is nothing like ops

I’d get a good solicitor and look into spousal maintenance if your spouse earns significantly more than you. A fair settlement may be more than just splitting the proceeds of the house 50/50.