Hi All, I'm new to UC and I don't want to come off as crass as I know my sitution isn't many people's reality but wondered if anyone could give me advice?
-I'm a single mum, on UC, gave up work a couple of months ago as my son's condition and care needs deteriated and became life limiting, he receives DLA both parts at higher rate.
-My outgoings are very small, I've already overpaid my mortgage as much as it allows and it is now a very low monthly amount (£140ish), my dad is a chef so our food bill is tiny as we get alot of leftovers and unused ingredients delievered daily. Although we do lots as a family it's generally free/cheap like parks and museums as it's accessible and they are only young; we haven't ever gone on holiday due to the youngest's needs. I've always grown up being frugal so all clothes and toys are second hand. The only larger than average expense we have is fuel due to high heating costs.
-My income from UC is more then I'm regularly spending, is there anything I can do with it other than increase (what feels like to me) more 'frivolous' spending. Again just to clarify I am not judging other's spending or calling it frivolous, it's just not been my typical spending and we haven't needed to have larger expenses. I was wondering about setting up a private pension- it was hard to find information on but my understanding is the most I can put in is £2,880 per year?
Other than a pension is there anything else productive I could do with it without saving it and going over the £6,000-£16,000 limit? Would I be limited to £2,880 annually putting into a private pension?