Newbie - Where do you save money if on Income Support and DLA

calleyw

Invasion wrote: »

Most sorry Calley, tax time of year, and I got confused between taxable and means tested, my brain goes on strike...

You will no longer be entitled to IS if you have savings of over £16000, and I believe the amount you will be entitled to will decrease if you have savings of over £6,000. Best thing to do is phone the DWP or check to see if it's in one of the many little booklets the DWP send with most of their letters regarding IS!

That's ok. I just wanted to make sure that it was clear.

My brain turns to mush and my eyes glaze over when I start to think about income tax and NI:rotfl:

Yours


Calley

freezspirit

I used to go by that I could have only £3000 saving before it effected my benefits so it wasn't until recently that I discovered it had gone upto £6000.

But about savings, I usually put an amount every month into one of those fixed % for a year accounts then spend it on something when it matures. Two years ago it went onto a 2nd hand moped, insurance and cbt - it now comes in handy getting to hospital appointments and increased my personal confidence. This year I spent the money on a pc. The only reason I have a small amount each month to save is that I don't drink or smoke and live a dull life.

But yep its best to look around what interest rate the banks etc are giving. Make sure you fill in a R85 form when setting up the savings account, every little helps.

I've never had a large amount at once to use for saving with but as someone before mentioned ISA is a good way.

If you daughter can do without the money for a long time possible set up a trust fund - I think thats what there called.

Moamethyst

I haven't filled up an R85 form for my daughters savings in the past because I didn't know about it but if it would benefit to do so I will do it now. Where do I get the form from?

daska

You can download it from HERE.