Saving when on social welfare?

peppapig24

Iv just started to recieve one parent family allowence of 230.30 a week and am not in current employment so i get the full whack,however,i wish to put aside some money each week but have heard that once they see you have savings they cut your payments?
Im just wondering does anybody know if this is true or not and is there a way around it.?

All help much appreciated

Gael23

Your payment will only be reduced if your savngs reach a certain amount. I'm not sure what that is for one parent family but for Disability allowance its €20.000.

blossom180

peppapig24 wrote: »

Iv just started to recieve one parent family allowence of 230.30 a week and am not in current employment so i get the full whack,however,i wish to put aside some money each week but have heard that once they see you have savings they cut your payments?
Im just wondering does anybody know if this is true or not and is there a way around it.?

All help much appreciated

you are allowed to have 20.000 and still get your full allowance,your payment will not be cut.

seahorse

It's beyond my understanding how anyone could save even a few pence weekly while trying to raise a child on that kind of money; fair play to you if you manage it. As the other posters have said, the cut off point is €20.000

peppapig24

Thanks to all three of you for clearing that up trying to get a straight answer from the welfare officer is like taking blood from a stone! Have to start looking at the best saving options now some say credit union as you can take out a loan in the future just not sure yet any suggestions?

Thanks also Seahorse it is hard but still living at home so it could be worse;housing lists are sky high up here il be waiting years.

blossom180

peppapig24 wrote: »

Thanks to all three of you for clearing that up trying to get a straight answer from the welfare officer is like taking blood from a stone! Have to start looking at the best saving options now some say credit union as you can take out a loan in the future just not sure yet any suggestions?

Thanks also Seahorse it is hard but still living at home so it could be worse;housing lists are sky high up here il be waiting years.

hi peppa,fair play to you for trying to put a few bob away.my suggestion would be the credit union.best of luck:)

moretothegirl

blossom180 wrote: »

hi peppa,fair play to you for trying to put a few bob away.my suggestion would be the credit union.best of luck:)

+1 on this!