PM's 'Help To Save' Plan For Low-Paid Workers: save up to £50 a month

[arista]

Save up to £50 a month
And after 4 years you get added £1,200


[People on low incomes will be eligible
for a bonus of up to £1,200
over four years if they put money
away in a new savings scheme,
David Cameron has announced.
Under the Help to Save initiative,
around 3.5 million workers on
universal credit or working tax credits
will be able to save up to
£50 a month and receive a
bonus of 50% -
a maximum of £600 - after two years.]


http://news.sky.com/story/1659247/pms-help-to-save-plan-for-low-paid-workers

[Kizzy]

Why are the govt wanting everyone to put their money into their schemes?...help to buy, help to save :suspect:

[Cherie]

It's a good incentive to save and get in the habit of saving I guess

[Kizzy]

Who's to say they aren't saving already?

[Cherie]

Who's to say they aren't saving already?

There was some statistic given out about the numbers of families with no savings, (it's in the link) didn't labour try similar with child trust fund payment which is now scrapped?

[Kizzy]

There was some statistic given out about the numbers of families with no savings, (it's in the link) didn't labour try similar with child trust fund payment which is now scrapped?

That was money to invest wasn't it not a specific scheme.

[Cherie]

[QUOTE=Kizzy;8561095]That was money to invest wasn't it not a specific scheme.[/

Wasn't the incentive behind it to get families saving for their children :shrug:

[arista]

Who's to say they aren't saving already?


They may be saving
but will not get £1,200 after 4 Years

[Kizzy]

[QUOTE=Kizzy;8561095]That was money to invest wasn't it not a specific scheme.[/

Wasn't the incentive behind it to get families saving for their children :shrug:

It wasn't money for investment that could be added to I guess.
But then people could better afford to save then, with the changes to tax credits that's not very likely now is it?

[Cherie]

[QUOTE=Cherie;8561102]

It wasn't money for investment that could be added to I guess.
But then people could better afford to save then, with the changes to tax credits that's not very likely now is it?

It's a pretty impressive return for those that can I just wonder if people could save from their Universal Credit will they say they are being paid too much D:

[Kizzy]

It's a pretty impressive return for those that can I just wonder if people could save from their Universal Credit will they say they are being paid too much D:

There is no fear of that Cherie, I would think it's nigh on impossible to save anything from universal credit.

[billy123]

Its enough to make me wish i had £2400 spare cash rattling around that i could throw into the jar.

[arista]

Its enough to make me wish i had £2400 spare cash rattling around that i could throw into the jar.


Yes its sounds Hard
but I assume it will not work
if no one takes it up ?

[Cherie]

If you could find 5 trustworthy people who could do without 10.00 each a month, put it in one persons name and collect the interest at the end of the term it's a nice bonus...like a co op :hee:

[arista]

If you could find 5 trustworthy people who could do without 10.00 each a month, put it in one persons name and collect the interest at the end of the term it's a nice bonus...like a co op :hee:



Yes Wise Move

One Person
& 5 of you

Feck the rules

[Kizzy]

If you could find 5 trustworthy people who could do without 10.00 each a month, put it in one persons name and collect the interest at the end of the term it's a nice bonus...like a co op :hee:

You devious little minx... I love it! :laugh:

[Josy]

People on low incomes generally can't afford to save though, some struggle to bloody eat.

[joeysteele]

People on low incomes generally can't afford to save though, some struggle to bloody eat.

Therein lies the issue with this scheme.

[hijaxers]

Save up to £50 a month
And after 4 years you get added £1,200


[People on low incomes will be eligible
for a bonus of up to £1,200
over four years if they put money
away in a new savings scheme,
David Cameron has announced.
Under the Help to Save initiative,
around 3.5 million workers on
universal credit or working tax credits
will be able to save up to
£50 a month and receive a
bonus of 50% -
a maximum of £600 - after two years.]


http://news.sky.com/story/1659247/pms-help-to-save-plan-for-low-paid-workers

Yet another crap idea from Cameron - what an idiot ! People on the minimum wage saving , I'd like to him try !

[user104658]

I dunno, I'd say most people on lower incomes (low paid working, not NO income) could save £50 a month by cutting something out. Certain expenses when you telly them up can be quite alarming... For example, I was adding some things up recently and realised that we spend over £40 a month on Ribena. And £50 a month on cheese :umm2:...

I realise this is potentially not normal, but still, I would say a large proportion of people on tax credits COULD save that if they wanted to.

My concern, like others, is that if too many people take it up it'll give the govt. An excuse to say "See? Everyone CAN live on less, cut cut cut."

[arista]

I dunno, I'd say most people on lower incomes (low paid working, not NO income) could save £50 a month by cutting something out. Certain expenses when you telly them up can be quite alarming... For example, I was adding some things up recently and realised that we spend over £40 a month on Ribena. And £50 a month on cheese :umm2:...

I realise this is potentially not normal, but still, I would say a large proportion of people on tax credits COULD save that if they wanted to.

My concern, like others, is that if too many people take it up it'll give the govt. An excuse to say "See? Everyone CAN live on less, cut cut cut."


Yes TS
some may .


Plus our Very Clever Cherie's
secret idea.

[Cherie]

I dunno, I'd say most people on lower incomes (low paid working, not NO income) could save £50 a month by cutting something out. Certain expenses when you telly them up can be quite alarming... For example, I was adding some things up recently and realised that we spend over £40 a month on Ribena. And £50 a month on cheese :umm2:...

I realise this is potentially not normal, but still, I would say a large proportion of people on tax credits COULD save that if they wanted to.

My concern, like others, is that if too many people take it up it'll give the govt. An excuse to say "See? Everyone CAN live on less, cut cut cut."

D: so much Ribena

I dont understand the negativity, some people won't be in a position to take advantage but there will be some on with few committments who live at home with low bills who might be able to do it, its 300.00 a year for free (no tax on interest on savings up to 1000 from April 2016)

[user104658]

I actually think the most likely explanation is that they don't expect huge numbers of people to take it up. We're a nation of credit, most people live in negative money, not many savers around. So I guess they don't expect it to cost them massive amounts, making it cheap good publicity?

[bots]

If you take out a loan from the bank for £50 a month and put it directly in the scheme, the interest charge will be much less than your final amount that you would get from the scheme. Its a no brainer

[Cherie]

I actually think the most likely explanation is that they don't expect huge numbers of people to take it up. We're a nation of credit, most people live in negative money, not many savers around. So I guess they don't expect it to cost them massive amounts, making it cheap good publicity?



Probably :oh:


If you take out a loan from the bank for £50 a month and put it directly in the scheme, the interest charge will be much less than your final amount that you would get from the scheme. Its a no brainer

Good thinking :clap2:

[user104658]

If you take out a loan from the bank for £50 a month and put it directly in the scheme, the interest charge will be much less than your final amount that you would get from the scheme. Its a no brainer
Low-earners are highly unlikely to get a £2400 bank loan, unless their credit is well established and immaculate.

[Kizzy]

Hang on if you're taxed on savings over a grand and you're putting your wages in it if you're a low wage earner that pays little tax initially isn't this just a way to squeeze a bit more?

[hijaxers]

I dunno, I'd say most people on lower incomes (low paid working, not NO income) could save £50 a month by cutting something out. Certain expenses when you telly them up can be quite alarming... For example, I was adding some things up recently and realised that we spend over £40 a month on Ribena. And £50 a month on cheese :umm2:...

I realise this is potentially not normal, but still, I would say a large proportion of people on tax credits COULD save that if they wanted to.

My concern, like others, is that if too many people take it up it'll give the govt. An excuse to say "See? Everyone CAN live on less, cut cut cut."

This has got to be a wind up - £40 a month on the biggest rotter of teeth known to man :joker::joker::joker:

[user104658]

This has got to be a wind up - £40 a month on the biggest rotter of teeth known to man :joker::joker::joker:
Isn't that coke? :joker:

And no, for over a year it was all our youngest (who is autistic) would drink. Literally ALL she would drink. It was that or, well, death...
Basically. She will thankfully accept other juice these days...

No problems with her teeth though, but then, I've never had a filling either so we may just have genetically strong teeth? :shrug:

[Kizzy]

Isn't that coke? :joker:

And no, for over a year it was all our youngest (who is autistic) would drink. Literally ALL she would drink. It was that or, well, death...
Basically. She will thankfully accept other juice these days...

No problems with her teeth though, but then, I've never had a filling either so we may just have genetically strong teeth? :shrug:

Have you ever considered putting other juice in a ribena bottle?
Kids are notoriously stupid.
:laugh:

[Cherie]

Hang on if you're taxed on savings over a grand and you're putting your wages in it if you're a low wage earner that pays little tax initially isn't this just a way to squeeze a bit more?

From April you will not be taxed on INTEREST received up to 1000 if you are a basic rate tax payer not savings

[Kizzy]

From April you will not be taxed on INTEREST received up to 1000 if you are a basic rate tax payer not savings

Ah right thanks :)

[golddragon42]

Was in Budget 2005 and 2010. This time £70M to help 116000 savers, cheap con if it happens. 2020 next election

[Kizzy]

Was in Budget 2005 and 2010. This time £70M to help 116000 savers, cheap con if it happens. 2020 next election

Thanks Gideon :)