tzijlstra Posted April 26, 2016 Share Posted April 26, 2016 This I agree with. In that case I just made it up. People should spend whatever they can! Link to comment Share on other sites More sharing options...
sutty27 Posted April 26, 2016 Share Posted April 26, 2016 In that case I just made it up. People should spend whatever they can! It would stimulate the economy if everyone took your new advice. Link to comment Share on other sites More sharing options...
Michaeldyn Posted April 26, 2016 Share Posted April 26, 2016 (edited) ??? why do you think that? Look how many people post on loan threads and wanting everything cheap Look at the forsale section. Any car over £500 are never sold but any car under £500 will sell in no time. All the stuff are crap brand and cheap and cheerful, Edited April 26, 2016 by Michaeldyn Link to comment Share on other sites More sharing options...
Bob Arctor Posted April 26, 2016 Share Posted April 26, 2016 £6k in case you get too ill to work. It's the most you can have without it affecting your benefit entitlement and you could be waiting a year or more on the basic £73.10 per week until you are offered your medical assessment. Even then, you may not get sickness benefits even if you are too ill to work so you might need another chunk to keep you going until your appeal which will be at least six months. Link to comment Share on other sites More sharing options...
I1L2T3 Posted April 26, 2016 Share Posted April 26, 2016 Factor in the specificity of your job as well. I work in a highly-specialised field, like-for-like jobs available are few and far between, and frequently far apart geographically. Whilst jobbing/contracting for contacts is sometimes a possibility, it's relatively rare and only ever a highly-fluctuating and short-term fix. With payment terms to factor in (e.g. at 30 days of invoice, means no income in first month of activity). Personally, I consider 6 months' worth to be optimal, and less than 4 month's worth to be problematic (all excluding all investments incl. short-term). But then, I'm a worrier (...about a decade ago, my Mrs and I both lost our jobs overnight at about the same time, right when we became expecting, with a mortgage and finance on cars, not much in the way of savings, and no entitlement to any benefit or relief whatsoever: it was fairly traumatising, and left a very long-lasting impression, I don't have any compunctions admitting that). Similar story here. Some very challenging times about 20 years ago left me averse to being in debt and never wanting to be in a situation where that last fiver really was my last fiver. 3 months minimum set aside, but ideally 6 months. Link to comment Share on other sites More sharing options...
Cyclone Posted April 27, 2016 Author Share Posted April 27, 2016 Look how many people post on loan threads and wanting everything cheap Look at the forsale section. Any car over £500 are never sold but any car under £500 will sell in no time. All the stuff are crap brand and cheap and cheerful, I don't think that tells you very much at all. I've never seen a car for sale on the forum that I wanted, and it wouldn't be somewhere I'd really consider looking. ---------- Post added 27-04-2016 at 07:28 ---------- This I agree with. Except for anyone claiming benefits whilst in work. Then you think that they should be unable to save at all, so they have literally nothing set aside. These are the people that need it the most of course, on such a low income that debt is a problem if they have to take out a loan, where any financial shock is likely to be crippling. Link to comment Share on other sites More sharing options...
sutty27 Posted April 27, 2016 Share Posted April 27, 2016 Except for anyone claiming benefits whilst in work. Then you think that they should be unable to save at all, so they have literally nothing set aside. These are the people that need it the most of course, on such a low income that debt is a problem if they have to take out a loan, where any financial shock is likely to be crippling. Benefits aren't there to enable someone to save, they are there to cover the cost of everyday living expenses, not sure why you are finding this concept so difficult to understand. You put money aside when times are good, when times are bad you dig into that pot and if you don't have a pot to dig into you claim benefits. If you want more, get a job, and if you still want more, work overtime, if overtime isn't available get another job, if 2 jobs isn't enough to cover the cost of the life style you want get a 3rd job or a better paid job. Don't assume that everyone else should fund your chosen lifestyle through the benefits system. Link to comment Share on other sites More sharing options...
Cyclone Posted April 27, 2016 Author Share Posted April 27, 2016 Benefits WHILST IN WORK. How does "get a job" apply to someone claiming IN WORK benefits? So, just to avoid any confusion. People should put aside as much as they can. Except anyone claiming in work benefits (WTC, CTC, etc...) because they shouldn't have 2 pennies to rub together at the end of the week. Link to comment Share on other sites More sharing options...
sutty27 Posted April 27, 2016 Share Posted April 27, 2016 Benefits WHILST IN WORK. How does "get a job" apply to someone claiming IN WORK benefits? You can work for more than one employer at a time, you can work for an employer and be self employed at the same time, you can work for as many hours as you want, there are no restrictions on the amount of hours you are allowed to work. Get another job or work longer hours applies to someone that is working but isn't earning enough to fund their chosen life style. Benefits aren't there to enable someone to save, they are there to cover the cost of everyday living expenses, not luxuries. Luxuries and saving should come from your own efforts not someone else's efforts. Link to comment Share on other sites More sharing options...
Cyclone Posted April 27, 2016 Author Share Posted April 27, 2016 So, someone working full time and claiming any IWB should not have any savings or ability to save. According to you. Is that correct? Link to comment Share on other sites More sharing options...
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