Savings requirement with children?

I'm sure you have good reasons to not do so, but have you considered applying not through savings, but instead through your sponsor's income? The amount is less onerous, and depending on where and how much the income was the exchange rate may not be material.

I'm sure you have good reasons to not do so, but have you considered applying not through savings, but instead through your sponsor's income? The amount is less onerous, and depending on where and how much the income was the exchange rate may not be material.

Thank you very much for this. I think there was some statistic which stated that ~47% of the UK doesn't make the amount of money required. Well that would probably apply to my spouse unfortunately. I am the bread winner as I was when I last lived in the UK....when that mattered.

If I have done my homework correctly (and it's possible that I haven't since I have ADHD), there is a high probability that my spouse and I could be apart for quite some time as my spouse searches for one (or perhaps several concurrent jobs) to meet the required threshold in the desired low cost of living/low wage area of the UK. Not sure if that is right for us.

I'm probably not completely correct with this, but I think you can combine sponsor's income and top up with savings, so depending on how much your spouse has earned and how much you have in savings (for 6 months at least?), it could be that you've already met the threshold.

I'm probably not completely correct with this, but I think you can combine sponsor's income and top up with savings, so depending on how much your spouse has earned and how much you have in savings (for 6 months at least?), it could be that you've already met the threshold.

RRRR....you are probably right....my spouse quit their job to relocate with me to another part of the USA.....RRR....

Even with that, my spouse wasn't making enough due to it being part time work and not great pay.

So my spouse made 12,820 pounds per year before. Do you have any idea how that could be combined with savings? Maybe we should move back there for a little while. I also sent you a pm.

The calculation for savings is:

£18,600 - annual salary = shortfall
shortfall x 2.5 = shortfall over 2.5 years
shortfall over 2.5 years + 16,000 = amount of savings required.

So if the annual salary was 12,820:
£18,600 - £12,820 = £5,780
£5,780 x 2.5 = £14,450
£14,450 + £16,000 = £30,450

The calculation for savings is:

£18,600 - annual salary = shortfall
shortfall x 2.5 = shortfall over 2.5 years
shortfall over 2.5 years + 16,000 = amount of savings required.

So if the annual salary was 12,820:
£18,600 - £12,820 = £5,780
£5,780 x 2.5 = £14,450
£14,450 + £16,000 = £30,450

Looks like some viable doors might be opening here.
I used to be captain of the math team but something went wrong. Now all I can do is digest the post.

Thanks.

Looks like some viable doors might be opening here.
I used to be captain of the math team but something went wrong. Now all I can do is digest the post.

Thanks.

Essentially, if he earns a guaranteed £12,820 per year, you will need a minimum of £30,450 in savings, held for at least 6 months

Essentially, if he earns a guaranteed £12,820 per year, you will need a minimum of £30,450 in savings, held for at least 6 months

Thank you for this.

So say that the Oanda Exchange Rate goes up to something that drops my savings below 62,500 pounds for one month. See the below example for March. Do I have to start saving again for 6 months? 62,500 is no joke for most people and I am almost there. I'd hate to start over because the exchange rate made my effective savings lower for a month, or two, or three.

Example:

March 1.25:1
February 1.25:1
March 1.40:1 <----
April 1.25:1
May 1.25:1
June 1.25:1

So say that the Oanda Exchange Rate goes up to something that drops my savings below 62,500 pounds for one month. See the below example for March. Do I have to start saving again for 6 months? 62,500 is no joke for most people and I am almost there. I'd hate to start over because the exchange rate made my effective savings lower for a month, or two, or three.

Example:

March 1.25:1
February 1.25:1
March 1.40:1 <----
April 1.25:1
May 1.25:1
June 1.25:1

The rate used is the rate on the date of application.  It's not a variable rate throughout the six months.

But yes, there is risk with fx.  Luckily for you it's great for USD to GBP right now.  Not so great when you are moving money the other way (me at the moment).

I am still encountering a mental block on this one sorry. So say the rate is where I need it to be on the date of application.

If my savings dip below the 62500 at any point during the 6 months because the exchange rate was unfavorable for the dollar/pound I am ok?

Again, making sure I understand correctly.

Thank you.

All that matters is the exchange rate on the age of application.  It could plummet the day before or the day after.  Say you apply on February 1st, that's the rate that's used for the full six months.  It is absolutely okay if the rate dropped below an acceptable level in the six months before.

All that matters is the exchange rate on the age of application.  It could plummet the day before or the day after.  Say you apply on February 1st, that's the rate that's used for the full six months.  It is absolutely okay if the rate dropped below an acceptable level in the six months before.

Thank you for helping me understand it KFdancer.

Here is one more question. Not sure if I asked before. So at the end of this month, I will have my first bank statement which will (hopefully given the rising exchange rate) exceed the 62500 pound requirement.

However, it will take me most of the month to get to this level.

So say that February 26th is the first day that I am able to get to 62500 and my bank statement is issued on February 28th which will still show 62500 or higher.

Does the clock start from February 26th or does it start from February 1st?

6 months is a long time for me. I just need to try to plan ahead.

Thanks

Feb 26.