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

FBaby

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. 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.

You do have options and the benefits system will be there to support your partner if required. Your children will be like most in this country, able to take on loans and entitled to grants to help them through Uni if applicable.

Do you actually believe that most people who earn enough not to be entitled to any benefits are in a position to continue to save above £6K for their future? Most will have less disposable income than many families on benefit and could only dream of being in a position to save that amount.

emmsie123

children can have £3000 each, before it affects the child premium on hb.
So op can have 6k before it affects anything. plus 3k for each child.

Mojisola

emmsie123 wrote: »

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

Two problems - the nearest relative to the deceased has to be receiving certain benefits in order to claim it and you'll be lucky to find a FD who only charges what the grant pays out.

emmsie123

She will be on benefits, ie housing benefit. You just pay the difference.
I did that when my dd died. So did mil when fil died.

NYM

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. Hence the two threads.

In your other thread you actually stated...

keaton wrote: »

I'd like to save up for mine and my partners future, but we receive a amount of housing benefit.

But back to this thread....

As Junior ISAs replaced the Child Trust Fund (CTF) ( according to the gov.uk site, CTF doesn't affect any benefits or tax credits someone receives. I imagine the same is true of the J.ISAs ) You can save up to £4080 in this financial year (15/16) Usually there is a minimum monthly payment.

So long as it's not used to hide income from an ebay/Paypal account or undeclared income from any source, then I don't see that savings should be very much of an issue.

keaton

NYM wrote: »

In your other thread you actually stated...



But back to this thread....

As Junior ISAs replaced the Child Trust Fund (CTF) ( according to the gov.uk site, CTF doesn't affect any benefits or tax credits someone receives. I imagine the same is true of the J.ISAs ) You can save up to £4080 in this financial year (15/16) Usually there is a minimum monthly payment.

So long as it's not used to hide income from an ebay/Paypal account or undeclared income from any source, then I don't see that savings should be very much of an issue.

I didn't really want to state on a public forum my medical condition. It's not something I like to talk about. But after the criticism thought it was the only way.

Sorry I don't understand the last bit with regards to PayPal or eBay? If you mean from the tax man, no not at all. Ive always been led to believe there's one person you don't mess with, the tax man.

GirlFromMars_2

The Beneficial Ownership of the cash appears to have been covered in this thread, but I can't remember anyone mentioning Deprivation of Capital.

If you were to give your child a large lump sum then you may be treated as if you deliberately deprived yourself of capital & treated as if you still had the money, even if you had not access to it.

Darksparkle

GirlFromMars wrote: »

The Beneficial Ownership of the cash appears to have been covered in this thread, but I can't remember anyone mentioning Deprivation of Capital.

If you were to give your child a large lump sum then you may be treated as if you deliberately deprived yourself of capital & treated as if you still had the money, even if you had not access to it.

But the OP was talking about saving a fiver a week, not a lump sum.

wolvoman

McKneff wrote: »

How can you say your 2 wages are not enough so you get housing benefit.


Your 2 wages are enough to save from for your children so why not enough for rent.




You are contradicting your self.

Whilst there are millions of benefit recipients spaffing cash away on booze and tobacco, I think it's spectacularly daft of you to presume that putting aside £5 per week (less than 2 coffees) for childrens' savings should preclude someone from receiving such benefit.

The OP's actions may go some way to preventing his/her children from needing to receive benefits then they grow up.

As such the OP should be congratulated on his/her attitude to this.

(and I say this as someone who would like to see many benefits cut).

GirlFromMars_2

Darksparkle wrote: »

But the OP was talking about saving a fiver a week, not a lump sum.

I know, but thanks for reiterating! Based on some of the responses on this thread anyone would be forgiven for assuming the OP is trying to hide their millions & continue to claim benefits!

But it doesn't hurt to point out where someone saving for their children may actually run into trouble.