Another Benefits Savings Limit Question (Please read)

Penguin90

Mojisola wrote: »

Of course they are entitled to claim - I just don't understand why anyone would put themselves through what can be a very stressful time claiming for money that they don't need.

I do need the money. My parents are not well off - I have no idea what would happen if I didn't receive these benefits. I use it to pay rent, buy clothes, most of my food etc. Also, I can't stay at home forever, they want to sell-up and downsize. I would like to save as much as I can to make that transition as painless as possible.

Nullboris

WHy not pay it into a pension ? altho you state that , at present, you cannot travel, in the future you may have increased mobility via better technology. Also you may want to buy a car or house or flat. This does mean your money is locked away till age 50.
It would certainly be prudent to keep claiming all your benefits as they may be cut off at any time or reduced :eek:

pmlindyloo

Penguin90 wrote: »

I do need the money. My parents are not well off - I have no idea what would happen if I didn't receive these benefits. I use it to pay rent, buy clothes, most of my food etc. Also, I can't stay at home forever, they want to sell-up and downsize. I would like to save as much as I can to make that transition as painless as possible.

If you want to build up savings for when you have to move out is it possible for you to buy items that you are likely to need in the future with some of the savings?

If you could give us an idea of exactly what you are saving for then we might be able to give you some ideas.

There is no way you can keep savings over £6000 and not have your ESA reduced (unless it is contribution based - I am presuming ESA is what you claim?)

Penguin90

pmlindyloo wrote: »

If you want to build up savings for when you have to move out is it possible for you to buy items that you are likely to need in the future with some of the savings?

If you could give us an idea of exactly what you are saving for then we might be able to give you some ideas.

There is no way you can keep savings over £6000 and not have your ESA reduced (unless it is contribution based - I am presuming ESA is what you claim?)

Uh, not really, I would need furniture and there's nowhere to store it in my parent's house (and I have no idea when they're going to sell up, it could be years away).

I don't have any clear idea of what I'm saving for. Ideally, I would like to use any money I save to help me get better, and for that to happen I really need to move away from my town, somewhere with few people. I guess that sounds a bit silly, but if I could up sticks and move from the Home Counties to the Hebrides, I would. No idea how much I would need to do that. A lot, I imagine.

I know I can't get around the saving limit rules and I'm not trying to, I just wanted to know how often I would need to inform DWP as my total savings increased.