Saving for a down payment /savings..

amother

Tangerine

Tue, May 16 2017, 2:15 pm

Just trying to figure it out, how does it work when u start saving money /or saving for down-payment,

Does school start demanding full tuition from u bc now u can so to speak save?
Do u go off foodstamps? Bc they see money piling up in your savings account?
( we will still be eligible but they will see a savings account with money-hopefully lol)
Btw I'm not talking big money here, I'm talking about being really frugal and hopefully putting aside between 200-300$ a month,

amother

Green

Tue, May 16 2017, 2:25 pm

School tuition
Ask your childs school. How can we answer that

F stamps.. Its advisable to open a custodian acct in a minor childs name

mha3484

Tue, May 16 2017, 3:20 pm

I think each school is different in regards to savings and tuition assistance. I would ask the administration yourself.

I would not keep taking food stamps while saving for a house. I see food stamps as for when I'm really desperate. Being able to save 200-300 dollars would fall in the not desperate category to me.

amother

Blue

Tue, May 16 2017, 4:18 pm

amother wrote:

F stamps.. Its advisable to open a custodian acct in a minor childs name

If the money is savings for a house to be owned by parents- that advice sounds like fraud.

amother

Vermilion

Tue, May 16 2017, 4:48 pm

mha3484 wrote:

I would not keep taking food stamps while saving for a house. I see food stamps as for when I'm really desperate. Being able to save 200-300 dollars would fall in the not desperate category to me.

I don't agree. A poor person is also allowed to try save money as well if they decide to live even more frugally in an attempt to improve their financial standing. If going off food stamps means they can't save anything and it's legal to continue taking then I would definitely recommend it. The saving will allow them to eventually become more self-sufficient.

amother

Blue

Tue, May 16 2017, 4:54 pm

In New York State, the SNAP Program now allows you to have more money in a checking or savings account, or even a retirement account, without affecting your eligibility for SNAP benefits. As of January 1, 2008, most households applying for SNAP benefits no longer have to pass a savings/resource test in order to get SNAP benefits. This means having money in a savings, checking or retirement account, or having other resources, will not keep you from being eligible for SNAP benefits, as long as you meet the income guidelines.

allthingsblue

Tue, May 16 2017, 4:55 pm

mha3484 wrote:

Op, If you still qualify for food stamps I see no reason not to accept them.

amother

Green

Tue, May 16 2017, 5:49 pm

amother wrote:

If the money is savings for a house to be owned by parents- that advice sounds like fraud.

If the house is jointly owned by parents and minor child my accountant said its ok

amother

Blue

Tue, May 16 2017, 5:55 pm

amother wrote:

If the house is jointly owned by parents and minor child my accountant said its ok

What is the objective?

amother

Tangerine

Tue, May 16 2017, 5:58 pm

I will still be Eligible for foodstamps, so yes I will definitely have...
There is no reason why not.. I am obviously earning very little and am being very very frugal in ways u guys probably can't imagine to be able to save...

amother

Blue

Tue, May 16 2017, 6:02 pm

amother wrote:

Good for you!

amother

Green

Tue, May 16 2017, 8:09 pm

amother wrote:

What is the objective?

Duh!!!!

To live in a house instead of an overcrowded apt....

amother

Blue

Tue, May 16 2017, 8:13 pm

amother wrote:

Duh!!!!

To live in a house instead of an overcrowded apt....

What is the objective of putting the money in the name of the children?

amother

Tangerine

Tue, May 16 2017, 8:14 pm

Op here, I didn't necessarily mean down-payment.
I really meant some savings, just even a thousand dollars on the side to be able to breathe a little.. Not live day to day.

cholenteater

Tue, May 16 2017, 8:17 pm

amother wrote:

Wow! Would you be able to share some tips? We can have a spin off thread, I am always looking for ways to cut my spending!
No pressure tho, just an idea. We can bounce ideas off each other and maybe we can both benefit!

amother

Blue

Tue, May 16 2017, 8:24 pm

amother wrote:

Op here, I didn't necessarily mean down-payment.
I really meant some savings, just even a thousand dollars on the side to be able to breathe a little.. Not live day to day.

It's not 'on the side' that sounds sinister. It's very good practice to have money in the bank.

amother

Tangerine

Tue, May 16 2017, 8:29 pm

That's basically what My question was if I iyh have let's say $2,000 in my account by the end of the year
Would the school say I'm not giving you a break, you should be giving us that $2000?

amother

Blue

Tue, May 16 2017, 8:44 pm

amother wrote:

That's basically what My question was if I iyh have let's say $2,000 in my account by the end of the year
Would the school say I'm not giving you a break, you should be giving us that $2000?

Did they ask you for your bank statements when you applied for the break? did they ask about your assets?

We don't know how your school decides these things. I'd be very disappointed if they don't consider $200-300 a month for savings reasonable.

amother

Seafoam

Tue, May 16 2017, 9:09 pm

green- this should really be a spinoff but do you only have one child? is that child going to co-own the house and get it after 120 while the other children are resentful? I come from an extended family who did all sorts of these shinanigans for tax reasons- where did it get us, years and years of court cases between various parties. My dh claims that we probably lost more money to lawyers then we gained from circumventing taxes and that's not talking about the machlokes, agmas nefesh, and time spent on it. I highly highly highly did I say highly discourage it.

to op- I think most schools understand having a little savings as a buffer. You aren't talking a huge sum of money.