# Working out finances



## Amelia81 (Mar 2, 2014)

I'm going through the planning/practicalities of being single mum by choice and spent the past hour or so trying to work out costs and any tax credits etc I would get to see what is affordable.

So I currently work 37.5hrs a week on £27k. If I went back to work, say 3 days a week (22.5hrs), and had three days childcare to pay, I think I've calculated I would get around £900 a month in benefits/tax credits? Does that sound right? I used turn2us but I had to put in theoretical figures and dates as the baby isn't even conceived yet, so it is possible I've done something incorrectly.

It says I would get working tax credit (£127 pm), child tax credit (£277 pm), housing benefit (£448pm) - I'm not sure why it's given me that?, council tax support (£47pm), child benefit (£90pm). Does this sound right? It sounds a lot!! I'm not sure why it's given me housing benefit, is it because I would be a single parent?


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## Herts85 (Oct 10, 2014)

I don't have a child or know anything about benefits. I just wanted to say be careful relying on anything calculated using today's rates as I've heard the benefits thresholds are changing a lot next year. 

Good luck

Herts x


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## Tincancat (Mar 19, 2012)

It does sound a lot.  Check the entitlement rules to housing benefit because if you are not entitled then that will change your figures massively.
TCCx


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## Me Myself and I (Dec 30, 2012)

I tried doing this beforehand too and it was out.
Tbh you may get an idea of income etc. But I would calculate the minimum you could survive on and then work from there. So then assume if not working get approx 1k inc hb. Work out take home pay for 3 days week and receiving 70% of child care costs. Could you manage on that with likelihood of £50 max of wtc.

Not sure if that makes sense?

What I will say is I am a solo mummy and you learn to cut corners and save money with a lo; frozen veg and lentis for bulking foods, sales for clothes, only buying nappies when on offer, bulk cooking etc. 

Hth


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## daisyg (Jan 7, 2004)

Hi,

I would really recommend calling the Gingerbread helpline. They are experts on single parent finances who will calculate all this for you.

http://www.gingerbread.org.uk

D xx

/links


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## LondonKat (Feb 2, 2012)

Yes http://www.gingerbread.org.uk ... are your guys should you need correct info regarding benefits...

Your calculation results seems totally possible for a single parent but as mentioned above things will change next year. That being said I don't think with one child and your income level you will be affected. Better call gingerbread they are super effective!

/links


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## deblovescats (Jun 23, 2012)

Hi
Just to give you some info - if you look on Tax Credits helpline, that will probably give you a better guide to what you're entitled to. I think it's unlikely you'd get housing benefit unless you're on income support and not working, and you wouldn't get help towards Council Tax - I think you have to be on a very low income for that. 
When working full time, (37.5 hours) I earned £22,400 and now working 3 days (22.5) so pay is £13,400. I get Child Benefit of £82 per month, and tax credits/working tax credits is about £748 per month (that includes 70% of childcare). I don't get housing benefit or Council Tax support. I find it brings me almost what I got when working full time, but not quite. However, I'm happy as I have DS!
Hope this helps
Deb


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## Blondie71 (Oct 26, 2011)

You could always consider a career change and go as a registered childminder that way you get to be with your own kids everyday and have no childcare costs   very useful in school holidays as that is tough for most parents to arrange when kids start school, also you have instant little companions for your own before they start school, best of all you get paid and are your own boss and free to plan your day doing whatever you feel like with the kids.


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## Amelia81 (Mar 2, 2014)

Thanks for the responses, it definitely helps hearing how others have managed.

Blondie it's funny you should say that as years ago I used to say when I had my own kids I would probably do childminding so I could spend time with my lo but still earn some money. I used to work in nurseries and have a childcare qualification. My career is up in the air at the moment anyway as it's very stressful and I'm struggling to cope as it is. I love the actual job but there are some bad senior management decisions being made and there are a lot of stressed out folk and I'm just not paid enough for that level of stress! If I am struggling in this job now then I think it would kill me trying to do it same time as being a solo mum (or would i feel different about work as my priorities change?)


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## Blondie71 (Oct 26, 2011)

I think it's the perfect option esp for solo mums like us as childcare is your biggest outlay


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## BroodyChick (Nov 30, 2009)

It's worth registering your baby with all the council run nurseries in your vicinity at birth, so you have a space that will be cheaper than child minders or private nurseries since they take your income into account.
I'm on around £22.5k part time (3 days a week) and got some tax credits during the unpaid portion of maternity leave, but just a warning: the tax credits 'helpline' can get things very wrong and then you'll owe them!
There are a lot of ways to save money on toys and clothes, most of my sons stuff has been given to us, all you need is one friend with an older baby, they will be desperate to find a new home for their old stuff 
I cycle to work and did airbnb for a while, also try to have a solid chunk of savings as it will stop you worrying.
You will barely spend money on going out etc, so it may be easier than you think x


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