what to do with my inheritance???

poisonizzy

i recently got some inheritance, £12,500
i'm currently unemployed but living with my parents
i live in a very small town and have been unable to find a job althou i'm working on that
so i'm currently on jobseekers
i would like to save this money as it obviously more money then i have ever seen and its the only money i have and i dont want to dwindle it away living on it
where can i save it? and if i bank it, will i loose my jobseekers and have to live off it?
thanks
iz

alyssa_liss

imo you should use it to live off untill you find a job

Newbie2saving

From a quick look on google I found the following...

Any savings you have may affect your entitlement. If you are under 60, savings between £3000 and under £8000 affect the amount you will receive. Over this amount usually means you cannot claim.

... but you could ask on the benefit page for further clarity.

This is right though, when you have the means to live on savings....

opinions4u

poisonizzy wrote: »

where can i save it?

An easy access savings account. The AA would be a good starting point, paying 3.15%. When you find work, then perhaps other options that pay more interest in return for tying the money up should be considered.

and if i bank it, will i loose my jobseekers and have to live off it?

There a two forms of Jobseekers allowance.

One is based on National Insurance contributions and only pays out for 6 months. This is paid whether or not you have savings.

The other is means tested and can be reduced or removed based on your level of personal savings.

Richie(UK)

Hi iz, welcome to the forums.

You can find some info regarding savings accounts here.

Given what Newbie found out regarding the likely impact on your entitlement to benefits you will probably wish to look at instant access accounts for at least part of your money so that you can withdraw money on a regular basis without any interest penalties.

Oh, and congratulations for giving the matter some serious thought and not just blowing it all - I'm sure it must be very tempting. Of course, there might be some advantage spending some of it on buying a car (if you don't already have one). This would improve the range of locations where you could reasonably look for work and will also reduce the amount of your savings, thereby potentially lessening the impact on your benefits. Good luck with the job-hunting.

mummytofour

The chance is you will have to live off this 12.5k which is equal to 4 years worth of JSA.

I would use this an a motivater to get a job/education. Each week that your not working your savings will go down but £60..... The longer you are out of work the less savings you have. I understand that there are not many jobs around anywhere but I still feel that there are areas where you could get work earning at least £60 a week(macdonalds or health and social care for a start)

Another thing you could do is use this money to help you get an education in a subject where there is lots of work.. Social work is an area that is crying out for staff ( just highlighting that even now there are areas worth training in)

Use this money well and it could change your life, use is unwisly and you can live off it at £60 a week for the next 4 years.....

amcluesent

>i live in a very small town<

Take the £12,500 and move to London, there's always work for those that want it and it'll get you out of the small-town rut.

poisonizzy

well the whole reason i want to save the money is because i'm trying to study to be a counseller
i'm currently on a part-time course that i need to do before i can get into full-time one
the money i've been given could pay for my education
i'm applying for jobs, so i'm hoping to get something soon which i can work around my classes/studies

Asheron

I would Buy Gold and Silver 1oz Coins

Aegis

Asheron wrote: »

I would Buy Gold and Silver 1oz Coins

What a shocker, the goldbug would buy gold!

You do realise that this is someone who probably needs quite a lot of cash reserves because of their current jobless position, right?

Asheron

Yes I would put it all into Gold and Silver.

These banksters do not care about you, the laws, anything, they are going to pull the plug, and when they do, your going to wish you had Gold and Silver.

They are laughing at you.......