Carer allowance for certain childcare situations

New voucher will help but a stay-at-home Mother may not have a way to help savings account.

15:23 09 August 2013

The childcare plan which is currently being revised allows those who care for disabled relatives to receive monetary support, though it excludes parents who decide to stay at home to raise a child.

Critics claim that it isn’t the government’s responsibility to punish a parental decision by withholding the carer allowance from those who choose to stay at home, especially when the expense of childcare can be sometimes more financially detrimental than the choice to stay at home.

It is not always as much of a choice as some might believe. We don’t always have much of a choice in our initial situation, but there are ways that a family can improve its savings account, which becomes even more important when you are responsible for family.

Here are a few ways that you can try to build up your savings account:

 

• Start out by selecting the type of account that you want to invest in. A regular savings account will not give you much growth, but will simply allow you a place to stash your money so you’re less likely to spend it. A Stocks and Shares ISA is a great long-term savings account that might provide very lucrative, but it is better to save for a distant financial goal. 

 

• If you need to withdraw money from your savings account, do any financial calculations before you arrive at the bank or ATM? Have an idea of how much you need, and then be sure to stick to that amount. If you wait until you get to the bank, you’re likely to take out too much so you are sure you have enough, but then the extra probably won’t be re-deposited and may be spent on unnecessary purchases. 

 

• Put any monetary gifts into your savings account right away. Any other types of gifts that are not needs might be returned for money for your account.