Savings & managed migration

[Sunsetshimmer1]

No nasty comments as genuinely looking for advice without nasty comments for being savvy and saving over the years.

Family of 4 , ( children 14,8 ) received the dreaded letter and have until start of March to move over to Universal credit from tax credits unless there is an extension I could get somehow?

My long term partner works around 35 hours a week roughly comes out with £1500 a month.

I do not work as I look after the children school runs, housewife duties etc.

We have savings of 20k although it’s slowly going down as dip into it for various things now and then eg just had an electric and gas bill quite high , only 7k is locked away in savings account, other 13 ish is just in normal current acc . I saved most of this many years ago when I worked full time.

Will I be expected to work too?
What will happen regarding savings is it better to use 4K for rent / bills in advance if possible etc as been told 16k is the limit.
On tax credits savings didn’t matter etc .

Does it include children savings? As they have their own kids saver ( one has just under 4K , one has 1k ) they do not withdraw from these and we only put money in now and again but would take us quite a bit over if counted.
Just for extra information we rarely go on holidays etc not been for years so thinking a U.K. summer break next year which probably would cost £800 ish , would that be ok as heard universal credit ask what spend money on etc which I don’t believe in as it’s invasion of privacy.

Any advice for savers appreciated

Thanks DragonFly98 appreciate the info

Hi OP. You need to try to keep it ABOVE £16k during transitional protection period. If it drops to £6k - £15999 your award would be reduced.

It’s hard to find school hours jobs which you need when you are a single parent or your partner works funny hours or works away. You have my sympathy. I have one DC who’s an adult but one who is an A Level student which is why I still claim - I’m glad that migration is happening now rather than ten years ago tbh.

That said, I found the migration process straightforward. The DWP advisers were super. But of course, they work to the rules and you will probably have to seek work. Might your partner’s place give you some shifts, not coinciding with his?

It's reduced anyway on the amount between £6k and £16k. £174 a month.