By Annette J Beveridge
Many people are struggling to make ends meet right now, especially if on benefits like Universal Credit and with the cost of living crisis still biting, it may be difficult to even contemplate saving money.
The Help to Save fund is backed by the UK Government and is a way for those on a low income to achieve extra cash bonuses.
For every pound saved, there is a bonus 50p. Save between £1 and £50 each month (it is not necessary to pay every month) and achieve bonuses at the end of every two and four years. These are tax-free bonuses earning 50% of the highest amount saved.
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The most you can pay into your account each calendar month is £50. That would equate to £2,400 over 4 years with £1,200 received in bonus money, but realistically, anyone on Universal Credit is unlikely to be able to afford more than £50 each month.
If you think you can manage to put aside even a pound each month as a minimum, then, it will reward you in the long term. The more you can save, the better the return. Worth looking into, though.
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