You should count your blessings that you're single but can still be a stay-at-home mom. Most single parents have to work to put a roof over their child's head and food in their tummy. I imagine you either have a large trust fund you're drawing from (which I have a friend who's doing), or have a family member who's paying your bills for you (which is what my ex is doing).
As for the house, you will probably not be able to get any kind of loan without a job. Banks like to see that you have income before giving you money that has to be repaid. Their theory is that if you don't work, you can't pay anything back. While that's not always true (maybe you have a rich uncle willing to pay your mortgage?), they're in the banking business to make money, and loaning money to someone that's unemployed is generally a losing proposition. The same goes for trying to get a car or even renting an apartment. I was unemployed when I moved here to Las Vegas, and they wanted six months worth of rent up front to let me move in (luckily I had it).
As for daycare, it's not such a bad thing if it's not every day. My daughter went to daycare once a week just for the socialization. My ex was a stay-at-home mom (we broke up before our daughter was born, though) and watched her most of the time, but needed a break every once in a while. So we put her in a daycare one day a week, so my ex could get all her stuff done, errands, cleaning, etc.
Finally, as for the "so called father", you really need to go down to your local court and file papers against him. You deserve to have child support paid to you, even if he doesn't make a lot and they don't give you a lot, it's something, especially if you don't plan to work any time soon. However, be prepared to have to arrange visitation because unless he really wants nothing to do with you or your child, he'll probably want his rights if he's paying for support.
P.S. to actually answer your question, you should save the money for the future! If you have no pressing debts to pay off, then open a savings account, or even put it into a money market account (they have higher interest rates, but you have to keep a minimum balance).
2007-02-09 03:10:46
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answer #1
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answered by caysdaddy04 3
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Take 5 grand and put it in a savings account for his schooling. They will tell you to contribute between $20 and $50 a month for the next 10 years or so and by that time the fund will be up to about $25,000 with enough for his university education.
Take another 10 grand and start and RRSP for you and your child. I know one is early to start thinking about retirement, but my professor today was telling us that he has been contributing $20 to his sons RRSP since his son was born, and by the time his son is 65 there will be 1.05 million in it. A lot of money if you think about it! Assuming that you are 20-30 years old and don't have a pensioned job, you really need to consider this option, as it will help you a LOT in your future! (no one wants to be working at 75).
For the last 15 grand, put 10 of it aside in a fund so that when you get a job and save some money, you can afford a good down payment.
Take the last 5 and get your child a year or two of daycare so you can get a job, at least 3 days a week. If you have no financial support, it sounds like you need to get some cash from somewhere! And if you aren't careful you can blow through this money in less than 6 months.
To get information on all of the above, contact your bank representative. They will help you decide the best options for free or a minimal charge ($50).
Good luck!
2007-02-09 03:16:10
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answer #2
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answered by bpbjess 5
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I am a single stay at home mom. Fortunately, I have monthly income. I am a hard worker by nature, but when the opportunity came to stop working, I ran with it. There is nothing better than to be able to stay at home with your children, especially in these days. What I did want to say is that your child is only a year old and maybe you should think about working in a child care center, where you may get free child care or at least a discount. This is what I did initially, I had both of my children in the same day care that I worked. Day care work is hard work, but at least for the time being you will be around your child and be able to peep in to see how they are doing. You should invest most of that money. Please INVEST - SAVE and make a list of goals for you and your child. I receive not a dime in child support and have been a single stay at home mom for years. Get all the assistance you can, medicaid, food stamps, whatever you qualify for---- if nothing else get the medical assistance. Also check into your city, state guidelines for low income housing. There are so many programs available to help you get a house, if that's what you want to do. It's all do-able, but you need a plan. The most important thing I did however was PRAY. Good luck to you and your baby, Be Blessed!
2007-02-09 03:06:01
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answer #3
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answered by Ginger 1
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I am also a single mother, so I understand what you are going through however, you are going to have to work if you want a stable future for your child. Do some research, there are many programs for low income women for free or reduced child care. After you have your child in day care, find yourself a good job, one with benefits, like health and life insurance, you need that with a child. Once you have about a year on your job, then try for a house, I know it sounds like a long time but it worth it. I bought my house last year and it was kind of hard getting financing because of being a single parent. Also once you are working, put something aside for your child. Good LUck, don't get discouraged, it can be done but it will take some time.
2007-02-09 01:48:50
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answer #4
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answered by Cocoa 4
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Hey there, I was in the same position as yourself when my son was that age, I waited until he was about 18 months old before I returned to work part time. I too wanted to have some sort of nest egg for my son, I took out a life insurance policy. It wasn't that expensive, but it was peace of mind that if something terrible happened, he would have something to help him in the future.
I seriously think you should invest the money, talk to a relative or friend who is really good at that sort of thing and let them help you make the right choice...
Although you may not think about it, I'm sure in years to come, you will meet someone and you will be able to "dream home" with them. Why would you want to put yourself under that much pressure, you are already under enough...
My son is now 8 and well I have a partner now and we are about to buy our first home. Just enjoy this time, they don't stay that little very long....
Hope this helps! Good luck!
2007-02-08 22:44:25
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answer #5
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answered by psycho_faerie 3
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Some people will cringe at this idea, (and DON'T ever buy the first one you look at) but if I was in your situation, I'd buy a decent used mobile home outright, and then your monthly "rent/mortgage" would only be your lot rent.
I'd start by looking for a trailer park that you think you could raise your baby in. Some are decent. The one we were in did criminal back ground checks and other background checks before letting people move in.
When you find the park, check out the trailers that have "for sale" signs on them. When you walk through, if the floor feels week, take caution. It WILL fall through. Buy a different one. I replaced flooring in mine like 4 times in the 9 years I lived there.
The good and the bad: Trailers, like cars, depreciate in value. This is good news when you purchase it, bad news when you want to sell it. That's why I'd make sure it's in decent shape and in a decent park before you move in. You might not like the options of getting rid of it. It can be expensive. We donated ours when we bought our condo. I paid about $15,000 for it.
2007-02-08 22:38:23
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answer #6
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answered by Gabby_Gabby_Purrsalot 7
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put the money in a saveings account get a job and 12 months from now when you have a year at that job go find you a 60,000 lil house for you and your baby.problem soved.But rember you still need to pay utlitys and food and up keep on a house as well as repairs so being a stay at home single parent will not happen sorry unrealstic.
2007-02-11 16:34:57
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answer #7
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answered by christine h 3
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As long as you have a decent roof over both your heads...Just use some of the money to take care of your child and put some away for his future. When he gets older you could work. Time will catch up with the father.
2007-02-08 22:34:37
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answer #8
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answered by Afi 7
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Please tell me how you have managed being able to stay home full time as a single mom! I'm a stay-at-home mom, but i'm about to get divoreced and be a single mom-i'm scared to death of being a single mom-I don't want to leave my son for work, but I have no choice. You must be getting financial and emotional support from family? Anyway, put the money in savings for a couple of years, let it draw interest, and spend it as needed for emergencies. Later, take a big vacation with you and your child, and spend the rest for his/her college.
2007-02-09 02:31:15
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answer #9
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answered by Anonymous
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Why don't you go after the childs father??? Where is he??? Why is he getting off scott free??? Didn't he have something to do with this child??? But, try and get back to work. Invest your money wisely. See someone at a bank, they would help you. If you have some equity they tend to help you easier.
2007-02-09 00:28:10
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answer #10
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answered by winona e 5
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