£25,000 in cash - what to do?

Mikeyorks

Jake'sGran wrote: »

I don't like very hot weather but they do.

A week around Norway on a cruise line specialising in single travellers, then? Stunning place. Saga does come to mind! They have very sedate English captains - who will not put you at any risk.

And I suspect the insurance will be easier than you think.

But I think we had this exchange a year or so ago ....... and you've still not been! One of the best holidays ever - get yourself off.

atush

Jake'sGran wrote: »

I love them very much and yesterday it cheered me when I was talking to the youngest about things in general - and money - and I said "just think about the money you will get sometime he said
I don't think like that Gran. He was very sincere. I am so proud of him. All A's in his A levels, two of them starred. He won't need
money from me!

In any case I could no get insurance and I don't like very hot weather but they do.

I have twins doing alevels at the moment and one is all As. So that may mean law at Warwick. Which means 9K per year tuition plus 10K per year living costs.

So he may very well need money from you later. But bet he's rather have happy memories with you ;-)

Old_Git

put in in the bank in joint names .Some benefits will only take half the amount into account if it is in joint names .

Jake'sGran

Old_Git wrote: »

put in in the bank in joint names .Some benefits will only take half the amount into account if it is in joint names .

Not quite sure what you mean but I have taken care of the joint
name thing. I have changed the house to Tenants in Common not Joint Tenants. If I popped off my daughter would own half and my husband would own the other half of the house.

Nine_Lives

Jake'sGran wrote: »

Not quite sure what you mean but I have taken care of the joint

If the money is in a joint account then it's basically half-&-half.

Put £26k in a joint account & that £26k no longer belongs to one person - each person now has £13k each.

So for the means tested benefits, the one on benefits will now only have £13k, not £26k. I think this means their benefits wont get effected as harshly.

If i understand rightly that is.


You'll have to be careful about what you say on here regarding benefits & what road you wish to go down. Some members don't seem to like people getting benefits, even if they're entitled to them (personal opinion).

VfM4meplse

atush wrote: »

And do help her to spend the money on making her life easier and better. Going forwards, see that she spends rather than saves her money.

This is advice we don't hear enough of! We save all our lives for a rainy day, but should enjoy it when we need to. It's a question of realising that its wet outside.

atush

You'll have to be careful about what you say on here regarding benefits & what road you wish to go down. Some members don't seem to like people getting benefits, even if they're entitled to them (personal opinion).

Not really. More we take a stand against benefit fraud more like. Benefits are there for people who need them, not those who want them and don't need them and fon't qualify ;-)


So, you just need to make sure anything you put into 'joint' is done before you have any reasonable expectation of needing care as then it would fall foul of deprivation of assets rules.

thistledome

How has OP's mother accumulated £26,000 in cash if she's housebound and can't go out and spend? How did she go out and get the cash in the first place? Or is someone cashing her pension and bringing it to her? Sounds like a wind-up to me.

I'm having similar trouble with elderly relative, but nowhere near that much money involved. Not in cash either!

cheviot

Hi,
I am new on the forum but in a similar position.Nearing retirement age I have for the first time in my life come into a bit of money £25000.I havent a clue what to do with it.Except I took advice of this website and have applied for a isa.The money is in an ordinary bank account.I do need some for home improvements but would like to save the rest for my kids.

atush

Pay off debt, make important home repairs (as they get more expensive if left and lower the value of your home). Fill your cash ISAs, but the rest into an easy access acct. Do you have pensions?

You could start regualr savings for your kids out of the income.