Can I save for my children's futures without it affecting my housing benefit?

keaton

Poppie68 wrote: »

I don't think you have helped endear yourself to many on here due to the other thread you started a few days ago.....You asked about being allowed to save for yourself and your partners future( no mention of the kids). After you realised the ramifications of that idea you start a new thread asking to save money in the kids names for their future... It does seem like you want to try and get under the radar, which would be fraud.

I want to go under the radar By opening not a normal children's account, but one that is locked until my children are adults? In there names, which I will legally have no control over?

Care to explain?

Maybe just maybe I've been thinking about my family's futures and the fact i have a disease i was born with that will probably take me away from my family sooner than most people,hence the two threads.

God forbid I want them looked after.

And before its mentioned life insurance for my condition is way more expensive than I can afford.

emmsie123

Well in that case you can have between 6k and 16k before benefits are knocked out.
Which will include child benefit and tax credits when uc is rolled out nationwide.

missbiggles1

emmsie123 wrote: »

Well in that case you can have between 6k and 16k before benefits are knocked out.
Which will include child benefit and tax credits when uc is rolled out nationwide.

And, as I said earlier, if the OP is genuinely only planning to save the amount she said, the total for both children will be well under the £6k limit.

dekaspace

Thomas_The_Tank_Top wrote: »

You need a rest, precious. You appear to be heading for a stroke.

Benefits are NOT given out so people can save!

Yet people complain when people on benefits can't afford sudden emergencies like a broken washing machine, or can't find work as they dont have a driving license so they can never win as they expect them to spend every penny they get and when they do they get accused of bad money management and wasting it on luxuries and if they can afford luxuries they don't need benefits.

Or they tell people to move to places where they can find better work(or work at all) then say they should of saved money to afford deposit and rent in advance!

You can't win when benefits are involved.

emmsie123

Well the gov say the amount you can have and as they make the rules.
It is none else's problem.
Even the powers that be don't dictate what benefits are spent on.
They would be in meltdown, if we had to send in every single receipt.

xylophone

The legal and beneficial owner of the money in a CTF/JISA is the child.

Short of the death of the child, it cannot be accessed by the parent and the child cannot access the money until he or she becomes 18.

https://www.gov.uk/child-trust-funds/overview

[Deleted User]

Wow, I get tax credits and child benefit, and I save money for my son, £25 a month. Am I deceiving the system? I also save for myself. But, I never go out and manage this by shopping at Lidl, cancelling Sky/Mobile contracts and basically being a tight git! I don't feel guilty at all. I have cut back loads and I feel safer with some savings for 'just in case' situations, why is it any different than me spending £100 on smokes or gambling? I don't get why saving money is such a no no? Should I spend the money I'm entitled to on crap I don't need? I'm hardly going to give it back to the Government now am I?

SnooksNJ

densol wrote: »

He knows your parents does he ? Some random person on the internet picking on you personally ? Is the computer speaking to you too ?

So according to your logic asking if the computer is speaking to me, aka an accusation I'm a schizophrenic, is really not about me because you don't know me or my parents. In fact, you are referring to some other totally other random person who had the diagnosis.


Who could expect such awesomeness on a Monday morning.

missbiggles1

dalo wrote: »

Wow, I get tax credits and child benefit, and I save money for my son, £25 a month. Am I deceiving the system? I also save for myself. But, I never go out and manage this by shopping at Lidl, cancelling Sky/Mobile contracts and basically being a tight git! I don't feel guilty at all. I have cut back loads and I feel safer with some savings for 'just in case' situations, why is it any different than me spending £100 on smokes or gambling? I don't get why saving money is such a no no? Should I spend the money I'm entitled to on crap I don't need? I'm hardly going to give it back to the Government now am I?

Neither tax credits nor CB are means tested benefits in the way that HB is.

pmlindyloo

Oh for goodness sake, give this a rest.

These kind of posts give the forum such a bad name.

Whatever the imperfections of the benefit system are if any savings are in the child name's and cannot be accessed by the claimant then they will not be counted as capital for any means tested benefits.

End of.