Where to now? Another help me post!
Hi all, I really need to get some advice. Or just get pen to paper about my current situation.
I am 39, a solo mum to an almost 3-year-old and currently live next door to my parents renting very cheaply. This is changing and I will be moving around September into a private rental close by which will be putting me in the $550 ish weekly rent bracket. With this in mind, I'm trying to get to grips with what will happen next from a financial standpoint.
I have a student loan of $25,000. I was overseas for many years and only paid off the necessary. I only have $32,000 in my Kiwisaver, unfortunately I was very silly and didn't contribute to it for over 10 years... I have my Kiwisaver with Kernel.
So in assets all I have is:
- $32,000 KS
- $1100 Global ESG
- $1200 emergency fund
Debt:
- $25,000 SL
- $2500 GEM visa all interest free and will be paid off within the timeframe (just put $1000 from my EF onto it to pay it down and have another $200 to add).
Weekly Income:
Consistent ongoing - $668
Additional until end of Sept - $32
Additional until Sept - $81
Additional until mid June - $74 (will not count)
On-going until the end of the year - $130
I also do some contracting. It changes week to week but overall it's $200 - 250 a week but it change and I feel uncomfortable relying on it.
Total income $911 - $1161 per week.
Once I move it will likely be $953 - $1203 which includes $668, $130 and accom. supplement of $155.
Budget: Current to around August/September
Rent - $150
Petrol - covered
Power - $50
Buffer/Household/clothes etc - $70
Preschool - $55
Groceries (incl. cat) - $150
Spending (coffee etc) - $80
Car (wof/rego/repairs) - $20
Car (Insurance) - $20
Phone/Internet - $30
GEM - $100
Kiwisaver - $20
Kernel Me - $20
Kernel Daughter - $50
Netflix - $5
Total - $820
Obviously, my budget will have to change significantly since I will have a lot more rent to cover. I'm hoping in a more modern home my power over will be cheaper. Also, my daughter will be getting 20 free hours and doing an extra day of preschool so I can earn more during that time (there is still a small "donation" for her preschool though).
Here is where my question really comes in. What do I prioritise and focus on? I have $4000 in my daughter's Kernel Global ESG and I have been trying to put more into that since she has compound interest on her side. My parents have said I shouldn't worry about that as "they will be leaving her money". But it's not up to them to do that and I feel responsible for her future. But that being said, I also would love to own my own home one day.
I have more earning potential but as a single parent working more is difficult at this time. Over the next 2-2.5 years before my daughter is at preschool I need to figure out what to really focus on to build something for myself. I want to feel hopeful about my/our future.
My parents have helped me a lot so I'm reluctant to ask for much more although help getting into a house would be wonderful! I want to make it myself though. They have offered me $200 a week to help for the first year of our lives away from them (and into a more expensive rental). Again, I'm trying to figure out how I don't have to rely on that, although I am very grateful.
I would really appreciate some guidance, advice or even some reassurance or hope! Thanks so much :)