Working tax credit living with parents

Moneysaver57

I!!!8217;m not saving much, this money would boost my saving helping us.

w06

The other thing to consider though, if you've an income of £13000 and are struggling to save whilst living at home even with a deposit you're unlikely to be able to get or pay a mortgage. Really you need to find either a second or better paid job

Darksparkle

Why are you earning below nmw? Are you self employed? Could you increase your hours? Take on a second job?

NYM

Is your £13,000 after tax & NI?

NMW is £7.83 p/h for over 25 yrs
35 x £7.83 = £14,250.60

marliepanda

Moneysaver57 wrote: »

I!!!8217;m not saving much, this money would boost my saving helping us.

You can't just say 'this money'

There is no this money. You are not entitled.

I would love some WTC to save too, but I'm not entitled.

Save £200 into a HTB ISA and you GET £50 a month. Its not hard, where is your money going, look at that. You have no 'rent' or bills, just whatever you pay your parents.

MacMickster

marliepanda wrote: »

You can't just say 'this money'

There is no this money. You are not entitled.

I would love some WTC to save too, but I'm not entitled.

Save £200 into a HTB ISA and you GET £50 a month. Its not hard, where is your money going, look at that. You have no 'rent' or bills, just whatever you pay your parents.

Exactly this. I hate to break it to the OP, but with net income of around £1100 per month and just board to pay rather than mortgage/rent and bills, they will probably never be as well off in terms of disposable income than they currently are.

Ask mum for a few lessons on budgeting.

Darksparkle

Moneysaver57 wrote: »

This isn!!!8217;t outlined on the gov website. I!!!8217;m struggling to save and live, and can!!!8217;t get any help from the government just for a short time!

It's very clear on the gov site.

https://www.gov.uk/working-tax-credit/eligibility

Eligibility depends on your age and how many hours of paid work you do a week. Your income and circumstances will also affect how much you get.

Your income
There’s no set limit for income because it depends on your circumstances (and those of your partner). For example, £18,000 for a couple without children or £13,100 for a single person without children - but it can be higher if you have children, pay for approved childcare or one of you is disabled.

maisie_cat

PasturesNew wrote: »

The easiest option is "get another job", when I was your age I had three.
Mon-Fri, 9-5, full-time in an office
Mon-Thu evenings, telephone canvassing for double glazing sales
Sat-Sun, 7.30-5, on the till for petrol sales.

Any job of just 2 hours/week will have you better off than claiming WTC.

Everybody had at least 2 jobs, I had 3, until we earned enough to give one up. I had office Mon-Fri, 3 nights a week in a pub and Saturday/Sunday working in a market. Bonus was that the pub fed me as well!

LilElvis

Moneysaver57 wrote: »

I wish I was that easy, to get 3000 incentive for help to buy.

It is that easy - you put your savings into the ISA and then, when you buy a house, the government pays you 25% of the ISA value as a bonus (up to a maximum of £3,000).

It's £3,000 more than the government gave me when I purchased my first home, plus you will likely not have to pay stamp duty which I did.

huckster

You do not claim benefits, so you can create savings.

Seems to me that this thread is really about working and how to save up money. I.e increase earnings and budgeting.

How many people complain they can't save money, but always appear to have the latest mobile phone, have takeaway food several times each week etc ? I have this conversation with people quite often, where they say it is only £20 a month for this, £20 for that. It all adds up ! When they make a list of their discretionary spending, it suddenly dawns on them, why they don't save any money.