Parental Financial Help can backfire - beware

Lokolo

bestpud wrote: »

So how would you feel if you had to claim JSA and were told you couldn't because you have money in the bank?

Do you think your parents would regret giving you the money?

I don't think so? They don't think I've saved most of it so wouldn't know lol. Can't be angry at something they don't know

bestpud

Lokolo wrote: »

I don't think so? They don't think I've saved most of it so wouldn't know lol. Can't be angry at something they don't know

Is there a reason you haven't said? Being the nosey so and so I am... :cool:

I asked as I'd have thought most parents would be happy they'd been able to help out and their child didn't need to claim benefits (so long as they weren't deliberately not working iyswim).

I don't think I'd feel as the OP does tbh but I've never had that much cash so it's hard to say for certain.

Lokolo

bestpud wrote: »

Is there a reason you haven't said? Being the nosey so and so I am... :cool:

I asked as I'd have thought most parents would be happy they'd been able to help out and their child didn't need to claim benefits (so long as they weren't deliberately not working iyswim).

I don't think I'd feel as the OP does tbh but I've never had that much cash so it's hard to say for certain.

I get given more than I need so I save some of it. Plus my student loan 'which I shouldn't get as it means I owe money' (thats what mother and grandparents said) I also get, and save.

It's not that I haven't said, it's just that it's never comes up in conversation. When I talk to grandparents about the money, they jsut ask me how much my accomodation is, pay that, plus a little each month for food, and thats it. I do say I don't need it but they transfer it anyway. I just buy them big xmas and birthday presents in return!

scottishblondie

So... don't help your kids out and throw the burden of their living costs onto the tax payer instead? Awesome advice! And great for the kids who then have to live on the very little money.

I don't have a problem with people who actually need to be on benefits, but the OP seems to be suggesting people should intentionally leave their (albeit grown up) children in poverty just so that they can get money from the state. Doesn't make a lot of sense to me.

Voyager2002

Time for a reality check...

You would need a bank balance of 15,000 or more to be disqualified from income-based JSA. If you have more than 6,000 then your benefits are reduced, but you still get something.

Even a student who received generous financial support during their course would not have sums like this left over afterwards.

Lokolo

Voyager2002 wrote: »

Time for a reality check...

You would need a bank balance of 15,000 or more to be disqualified from income-based JSA. If you have more than 6,000 then your benefits are reduced, but you still get something.

Even a student who received generous financial support during their course would not have sums like this left over afterwards.

You can quite easily. I will have.

Financial help I get: Acc paid for (just over £2000), plus £200 a month food 'essentials'. That covers food, bills, and petrol.

I also have a partime job. I also get fulltime job in summer.

I save student loan; £3400x3 = £10,200.

This year I am on placement, so I manage to save around £300-500 a month, so, say £4000.

Plus money I save from part time job and summer jobs, that gets me around £15,000. Thats why my target is £15,000

(although I will admit, I wouldn't quite get to £15k without this placement)

I also budget and get cashback for internet and phone every year to make sure I get most out of my money.

bestpud

Lokolo wrote: »

You can quite easily. I will have.

Financial help I get: Acc paid for (just over £2000), plus £200 a month food 'essentials'. That covers food, bills, and petrol.

I also have a partime job. I also get fulltime job in summer.

I save student loan; £3400x3 = £10,200.

This year I am on placement, so I manage to save around £300-500 a month, so, say £4000.

Plus money I save from part time job and summer jobs, that gets me around £15,000. Thats why my target is £15,000

(although I will admit, I wouldn't quite get to £15k without this placement)

I also budget and get cashback for internet and phone every year to make sure I get most out of my money.

An mse graduate as well then! :T

surfsister

so what exactly is jsa? I assume job seekers allowance?

Lokolo

surfsister wrote: »

so what exactly is jsa? I assume job seekers allowance?

Yep thats the one.

Indie_Kid

I had someone on here moan at me because I admitted to saving my student grant and loan. It's not my fault I get so much money and that I managed to save quite a bit before coming to uni.