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

FBaby

dekaspace wrote: »

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.

So you don't think £6k is enough for all the above circumstances?

The issue is not saving under that amount but above it. Surely there has to be a limit by which people who are in a financial position to support themselves actually do so?

keaton

FBaby wrote: »

So you don't think £6k is enough for all the above circumstances?

The issue is not saving under that amount but above it. Surely there has to be a limit by which people who are in a financial position to support themselves actually do so?

If you'd even bothered to read the thread you'd see that I said I wass saving not only for my children, but for my partner, so she may pay for my funeral. Hence the two threads. A condition I have that will take me at a younger age than most people, something I didn't want to mention but the amount of criticism I was getting felt I should explain myself.

As I've also mentioned life insurance for my condition is not affordable. But yeah, please feel free to sxkip the details and keep critising, it does me the world of good when all I wanted to get was a little peace of mind.

Mojisola

keaton wrote: »

If you'd even bothered to read the thread you'd see that I said I wass saving not only for my children, but for my partner, so she may pay for my funeral.

You can buy a pre-paid funeral - the money spent on that is not deprivation and the money in the plan not considered part of your savings.

keaton

Mojisola wrote: »

You can buy a pre-paid funeral - the money spent on that is not deprivation and the money in the plan not considered part of your savings.

I was not aware of that, thank you.

Mojisola

Different plans offer different things - some costs are completely covered; others not.

This - http://www.which.co.uk/money/insurance/reviews-ns/funeral-plans/the-costs-of-funeral-plans/ - is a good comparison. Check that the costs are up-to-date before signing up with anyone.

It's also worth asking local funeral directors if they offer pre-paid plans as well.

Ac1961

Great to see someone wanting to save a small bit of cash for their kids getting a shoeing for it,
How dare they be frugal with money that is theirs to do with as they see fit.
Shame the same bile is not reserved for the bankers who f******d us all over:rotfl:
the government has done a first class job of divide and rule.:T

emmsie123

Why pay for a funeral plan when you can get a funeral grant on
Its just a waste.
https://www.gov.uk/funeral-payments/eligibility

keaton

pmlindyloo wrote: »

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.

Thank you, can I ask how you know this, as I can't seem to find a answer anywhere on the internet, and I don't want to get in trouble with my local housing association.

emmsie123

Even you are allowed 6k before it affects anything.

dippy3103

I must admit I thought that if the child's savings exceeded the limit then the applicable amount for that child is lost. Unless I am confusing that with a child's income.

I think you should ask the council that you claim from to confirm in writing what the situation is.