swellmomma Posted August 5, 2009 Share Posted August 5, 2009 I got great news today! We have been approved for dd's disability benefit, AND they are back dating to 2002. They said it should be on my Sept 20 child tax benefit payment, so I am expecting around $16,000 in addition to my normal monthly amount, and then my typical payments jump another $200/month for her. That is 2 years salary for me. Pretty sad that it is, but when you are a single mom that stays home to get a lump sum equivalent to twice what I earned last year is insane and a God send. I am going to pay off all my smaller debts, buy stuff for the kids for school/fun, a kitchen aid mixer, fix my van and dryer so they are working properly again, and what ever else I can squeeze into that money. The news is that as the realization that that "small" amount is worth twice my typical salary sank in, I knew I had to increase my earning. So I am reopening my dayhome this September. I am taking some of the above mentioned money to buy a few things I need to start up. I have interviews already booked for this week and next and hopefully by September have at least a couple kids registered. The laws in my province changed meaning my earning potential as a private dayhome has tripled from what it was years ago when I had one. I am still going to take 1 course via distance learning per term, while doing all this, but am cutting back on the plans for the kids extra curric's. My plan is to use 1/4 of the money I earn to boost my monthly income, put 1/4 into savings and use 1/2 to pay off my 2 biggest debts(student loans). If things go well with the dayhome, and I use that lump sum to pay off smaller debts, I will have reduced my total debt load from almost $40,000 to $12000 plus have money saved. By the end of the second year I would be totally debt free. We are going to continue to live as if I do not really have that amount of money in order to do this. I have never had much discipline when it comes to money but I am tired of having nothing but debt and crap and the combination of these 2 steps will make a world of difference for me and my kids. After my parents told me they would not help with the housing situation I have been very down because I am not in a situation to move on my own right now, as much as I thought I was. Between the schooling, the dayhome and this lump sum, I think we can truely be financial stable within 24 months. So I have at least 2 more years living here with that crazy neighbor but I think we can persevere knowing that there is a light at the end of the tunnel. After all the chaos that has been my life this last 6-8 months, and posting about it all to you ladies, I just had to share that things are turning around for us and I think in the end we will come out on top, and I am not going to let crazy people, or hurtful family(there is a lot more than saying no to the house) stop me. The majority of the issues in my neighborhood have stopped now that I have had the police involved so much, I cut off ties with my sister and my folks to stop from being torn down yet again by either of them, have switched churches, made some new friendships that are helping me branch out more, and over all feel a change coming into my life. Now that I am done my novel, you all can get back to your normally scheduled posting. I just needed to share and say thank you to all that have listened and supported me through these difficult months, I appreciate you all so much, for being such a great sounding board. Quote Link to comment Share on other sites More sharing options...
LaxMom Posted August 5, 2009 Share Posted August 5, 2009 That. Is. Great!! I am so happy for your household. :001_smile: Quote Link to comment Share on other sites More sharing options...
Ottakee Posted August 5, 2009 Share Posted August 5, 2009 That is great. For those who don't have special needs kids, it is hard to understand the added costs, etc. I would suggest that you read some books by Dave Ramsey, Mary Hunt, etc. on personal finances. They are easy to understand and follow and can make a huge difference in your financial situation. Quote Link to comment Share on other sites More sharing options...
Desert Rat Posted August 5, 2009 Share Posted August 5, 2009 I'm so glad you're looking at sunny skies! Quote Link to comment Share on other sites More sharing options...
Kathy in MD Posted August 6, 2009 Share Posted August 6, 2009 This is great! But I'd be trying to show that I'm spending the money mostly on my disabled child. Food expenses, some housing and utility costs and the the child's educational expeses fall into this category. But I'd be careful of spending it on your educational expenses and setting up for a private business (unless you can prove that it allows you to work from home mostly for the benifit of your disabled child), The back payments may give you a bit more leway if you can show that you delayed these other expeditures in order to pay for dc's direct expenses. I don't have experience with these things, but I'd just be naturally careful in how I used this money. Quote Link to comment Share on other sites More sharing options...
swellmomma Posted August 6, 2009 Author Share Posted August 6, 2009 This is great! But I'd be trying to show that I'm spending the money mostly on my disabled child. Food expenses, some housing and utility costs and the the child's educational expeses fall into this category. But I'd be careful of spending it on your educational expenses and setting up for a private business (unless you can prove that it allows you to work from home mostly for the benifit of your disabled child), The back payments may give you a bit more leway if you can show that you delayed these other expeditures in order to pay for dc's direct expenses. I don't have experience with these things, but I'd just be naturally careful in how I used this money. This is not a payment that has to be documented. In Canada all parents are eligible for the child tax benefit. This is a monthly amount paid to the families based on the number of children they have and their annual income. This disability benefit is a supplement to that amount. It is added to my Child tax benefit and deposited into my account monthly to be used however I deem worthy. Setting up a business will keep me home longer which is for the benefit of my kids. Tied into this is tax credit that is applied directly to my income taxes each year which helps change my tax bracket to leave me with more money at the end of the year (less taxes). I have postponed EVERYTHING in order to stay home with the kids without much income. I have been getting this benefit for ds for 3 years now, and now dd is added to it. Other than having a doctor fill out the appropriate forms to initially apply and then again every 10 year to maintain the benefit there is no documentation to deal with. It has taken years for the dr's to acknowledge that dd qualified, but now that they did we get it. Quote Link to comment Share on other sites More sharing options...
Lovedtodeath Posted August 6, 2009 Share Posted August 6, 2009 :thumbup:So happy for you. Quote Link to comment Share on other sites More sharing options...
Kathy in MD Posted August 6, 2009 Share Posted August 6, 2009 This is not a payment that has to be documented. In Canada all parents are eligible for the child tax benefit. This is a monthly amount paid to the families based on the number of children they have and their annual income. This disability benefit is a supplement to that amount. It is added to my Child tax benefit and deposited into my account monthly to be used however I deem worthy. Setting up a business will keep me home longer which is for the benefit of my kids. Tied into this is tax credit that is applied directly to my income taxes each year which helps change my tax bracket to leave me with more money at the end of the year (less taxes). I have postponed EVERYTHING in order to stay home with the kids without much income. I have been getting this benefit for ds for 3 years now, and now dd is added to it. Other than having a doctor fill out the appropriate forms to initially apply and then again every 10 year to maintain the benefit there is no documentation to deal with. It has taken years for the dr's to acknowledge that dd qualified, but now that they did we get it. This sounds very different from what I was imagining. That will make spending it on general family needs much easier.:001_smile: Quote Link to comment Share on other sites More sharing options...
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