To think that if you’ve got savings, you’re not poor?

[CleverTealGoose]

I’m not saying that having savings automatically makes someone wealthy or financially comfortable, but I do think there’s a difference between being poor and having money set aside.

If you’ve got savings that you can fall back on, even if you’d rather not touch them, surely you’re in a different position from someone who has absolutely nothing to fall back on?

I sometimes see people describe themselves as poor or broke while also mentioning that they’ve got thousands sitting in savings accounts.

I appreciate that savings can be earmarked for particular things but ultimately that money is still there.

Like there is a difference between being genuinely poor and simply not having much disposable income.

You don't get a bus pass? You aren't eligible for council tax benefit? You don't mention prescriptions so assume that's a hell yes I do so you should be getting the others too.

https://www.gov.uk/apply-council-tax-reduction

Ur most welcome

I don't have kids.
I could live in Scotland or Wales, and not pay for prescriptions anyway. Or have a dodgy thyroid.. that would mean I wont pay anything anyway. Or I could pay £10pm like anyone else can, and not have extra costs at the pharmacy.
What social tariffs? I pay the same for electricity and gas as everyone else. Same for water. My water supplier caps bills for people on UC, but I don't use anywhere near the cap anyway. Useless to me.
Broadband? The social tariff for my supplier is about £3 less then the standard one, and it is shit unless you do nothing but scroll on your phone.

Oh also discounted water charges and exception from hosepipe bans

Any kids get maximum uni support

Free new windows and boiler if needed

There is no bus pass for people on UC. You can get one if you are not allowed to drive or on certain parts of PIP.
I did mention prescriptions actually. I could be living in Wales and not have to pay anyway. Or have a thyroid condition which would exempt me from paying in England.
And UC alone does not mean someone is exempt from prescriptions and council tax. It also depends on what you earn too. You can be working and on UC, and also have to pay fully for both things. Each council has their own rules about council tax.
Exemption from hose pipe bans is again for people on certain parts of PIP, or have a Blue Badge.

You seem to think that being on UC means all the freebies... that is simply not true at all.

Some folk definitely like people to think they have less than they actually have. They don't want to seem plush. It's like a form of compensation for themselves. 'Just incase' money. I had a friend Who always said she was broke but had disclosed that she had been saving for a mortgage down the line on a night out. It wasn't really fair on the rest of us as sometimes we would pay for things but really we were worse off than her. We all want the same things in life, no need to be sneaky or stingy.

Me? 😂

Not sure why you are making things up / posting complete rubbish @CurdinHenry
If you are deliberately spreading ies or just ignorant.

Or, here's a thought, they could use some of their savings.

Isn't that what people save for, 'A Rainy day' ?

@ItalianoSl I would think that maybe reluctance to move area , no bungalows in price range, lack of smaller properties . Any any profit swallowed by fees , legal ,Sell and move isn't always straightforward.

I agree op. I have been in the position of zero savings and checking my bank balance to make sure I have enough to pay for food. I agree with you.

Lol you are not broke with a £100k in savings.

But savings are not part of my daily spend…if that was the case then they wouldn’t be savings and not would they exist. If I consider my social budget spent and I have day 170 in my current account and my friend calls and says “do you fancy dinner and drinks tomorrow night?” I would say “ah I’m so broke but let’s get a bottle of wine and I’ll call over if that suits?” I’m not dipping into savings!

Cash poor, asset rich isn't really poverty. I think you are definitely poor if you have no assets or savings and an income that doesn't cover the basic necessities such as putting a roof over you head, some food in the cupboard, fresh water and fuel, and don't qualify for any state help.
The state regards someone a low income and h savings below £5k as poor but no income and any savings above £16k is deemed sufficient to live . Assets such as property are discounted completely, so those without any assets and no savings are poorer compared with those that own something. The point is it's relative to others.

But surely you don't consider yourself poor with £100k savings tucked away for future use/safety net, you are just choosing to budget your expenditure based on your income to ensure that you don't have to dip into them, and telling people you are ' broke' is just part of your way of managing your expenditure so that you don't dip into them. That's not poor, that choice. Poor really means those who have no choice .

Yeah that’s exactly what I said in my post, I literally said “I would never call myself poor…” but when my account goes to a certain amount I will definitely say I’m broke…

Only idiots who live in debt would say that.

Not using capital to cover revenue is a basic principle of sound financial management.

I refer to people who have amble savings e.g 100k, not saving for anything. Have a
Paid for home etc.
They still claim they are 'broke' and deny themselves a night out.
That's tragic.

It’s very simple…if i indulged myself in every night out and every piece of clothing etc etc…then i wouldn’t have any savings.