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Personal finance expert, Holly Thomas answers your questions

29 replies

RachelMumsnet · 01/03/2011 14:13

Are you looking for ways to get more for your money? Travel rewards scheme Airmiles has teamed up with award winning personal finance journalist Holly Thomas from the Daily Express to answer your questions. With over ten years experience providing top tips on personal finance issues, Holly is happy to answer questions on all areas of money saving and will be offering tips on shopping wisely.

Send your questions to Holly before end of day on Sunday and we'll link to her answers from this page next week.

OP posts:
LemonDifficult · 01/03/2011 22:10

Hello Holly

My question:

How can I get fuel cheaper? Kerosene, Gas Oil, Diesel - they're killing our family spending.

I can cope with the electrics, I know how to turn off lights and so on, but what can we do about cooking/heating/getting to work? We're rural so really have no choice about getting a bus.

I'd love to get a more efficient boiler (though ours is really not bad) but we can't afford it.

TIA

nowit · 02/03/2011 13:05

Hi Holly,
We are about to come to the end of a fixed rate mortgage 5 year plan. Our % rate will drop along with our payments, but in this climate, do you think we should try and get another fixed rate or cross our fingers and stay with our current lender?

tia

southlundon · 02/03/2011 13:56

Hiya

I buy my 2-year-old son's clothes for nursery from Primark because they are so cheap but I feel horribly guilty when I do because I don't trust their ethics record.

Trouble is, my husband's just been made redundant and charity shops are few and far between where I live and often don't stock my son's size.
How else can I buy cheap clothes but also keep my conscience clear? Blush

Thanks very much in advance.

fruitstick · 02/03/2011 14:49

I am self-employed (Freelance) and haven't made any pension contributions since June 09 (when I left permanent job). I have been in my previous company pension for 13 years.

How much should I be saving theoretically every month into a pension so I don't retire penniless. I really don't feel I can afford it at the moment but know I should probably just bite the bullet and find a way.

BoSho · 02/03/2011 15:04

This reply has been deleted

Message withdrawn at poster's request.

ethelina · 02/03/2011 16:22

We will shortly be going down to one wage as I will not be returning to work from Maternity Leave.

Can you suggest a good budget planner to allow us to plan for day-to-day outgoings?

missusp · 02/03/2011 17:11

Not a question but a tip.
Do your grocery shopping online. Save £££ because I plan the weeks menu, only buy what I need so little or no waste and save fuel (how much Shock). I sometimes have to pay for delivery but this is easily offset by what I have previously wasted or bought on impulse!

sobloodystupid · 02/03/2011 20:20

dh works part time (not thru choice - and will soon be let go about 4 months time. he will do all childcare if he can't find work ,as I work full time and am relatively well paid. How do we work out if it is better financially that he doesn't work(am sneakily hoping that it is as he is better childminder, cook, cleaner etc than me!)

Lauri22 · 02/03/2011 21:10

Another grocery tip: do your weekly shop in a smallish store instead of the local jumbo Tesco. Its the same effect as the above poster mentions - the total spend will be less because you are not tempted to buy dozens of unnecessary items

NonnoMum · 02/03/2011 21:38

Maybe a bit unethical but needs must when it comes to faaamlee.

When the CB changes come in, we will just be around the cut off point.

DH is only a teacher so we aren't exactly rolling in it and the CB goes a long way with our 3 kids (4 if you include the teenage DSS but we won't go there as no bearing on CB).

I heard something about making extra pension payments or something to keep under the cut off point?

Any advice?

thank you

DinosaurRumpus · 03/03/2011 11:43

I second LemonDifficult's question about heating oil. The cost is crippling us at the moment. We too are rural so no gas supply to village.

My husband's company have gone down to a 3 day working week due to lack of work :( so I'm watching with interest the questions / replies here....

goldenticket · 03/03/2011 12:00

Is there anywhere on the web that has an impartial "Dummies Guide" to pensions? I've got my head firmly in the sand about mine because I just do not understand them. Any advice very gratefully received Smile

Also, if I;ve got an offset mortgage, is there any point in me having separate savings e.g. an ISA or does that totally defeat the reason for having the offset??

vickibee · 03/03/2011 14:34

Can you please explain the cahnges to child and WTC from april. Will we all be much worse off than last year all other circumstances remaing unchanged? (income childcare costs etc)There is no info available on HMRC website. it just lists changes to the elements which means nothing to most people

raiseaneyebrow · 03/03/2011 14:36

Hi Holly

I want to get a pension (I'm self-employed) but genuinely have no idea how to get one. I don't really trust pensions advisers not just to sell me the one that nets them the highest commission.

So how should I go ahout choosing a pension - or would I be better off with ISAs for example? Can I cash in ISAs when the time comes and buy an annuity?

Thanks

cornerstone75 · 03/03/2011 15:56

Dear Holly,

Not sure if this comes under the remit, it is personal finance!

We are currently renting and letting our previous home which we had outgrown. We want to sell up and buy a permanent place in the next few months.

We are about £15k in debt for various reasons (studies,childcare costs etc) and we are thinking of selling our property and using some of the proceeds to clear the debt. This would obvs then affect our deposit for a new home.
Would you agree this is a sensible option or would it be better to attempt to get a bigger mortgage when we buy and cling on to every penny of the deposit?

Thanks in advance,

Guacamole · 03/03/2011 19:30

I also have a pension question...
I have worked for the NHS since 2000 and have been contributing to their pension from the beginning. I'm currently on the 1995 section, but I have to decide whether to move on to the 2008 section by May of this year. I've read the leaflet provided and cannot see any benefit to moving on to the 2008 section at all, it's very give with one
hand and take with the other. I'm tempted to just ignore this is happening and therefore remain on the 1995 section (which is a final year salary scheme). Do you know anything at all about this, don't worry if you don't, I realise it's very specific?
Thank you.

DailyDaisy · 04/03/2011 05:12

I haven't made any National Insurance contribution for about 6 years (went freelance and then stay at home mum). I've read that this will effect any state pension entitlement in the future. Can I make up the contributions / is it worth it?

Poxykids · 04/03/2011 08:49

Daisy, I'm pretty sure that if you claim child benefit then your NI payments are protected.

I think that is one of the objections to means testing it.

Could be wrong though.

Guacamole · 04/03/2011 18:11

Poxy I phoned HMRC last week and they said this was not the case. Our CB goes into DHs account, but I'm on maternity leave and thought if I changed it to me it would keep my NI protected, they said no.

makemineapinot · 05/03/2011 08:41

Daisy i was told last week at the Job centre that I didn't need ot sign on as my NI contributions would be protected as I was claiming CB.

I would like to ask a wee question about pensions.

I ahve a frozen private pension, a company pension from my last job (PT)with a local council, now I ahve moved I am working 8 hours and am paying into the new local government pension - should I keep my other 2 pensions frozen or transfer them into the new scheme (I really don't earn much in this job at the moment that's why i thought it was best to keep them frozen.).
Thank you.

amidaiwish · 05/03/2011 11:20

Where do I start with ISAs? What are the different ones, pros and cons?
If i invest in a fund - is it better to go for a simple FTSE tracker with low fees rather than a managed fund. This is all a mystery and meanwhile we have the money sitting in a savings account doing nothing.

amidaiwish · 05/03/2011 11:21

Also re pensions

dh is a HRT
i am not earning

i have been led to believe there is NO benefit to investing in a pension rather than other investments anymore. infact as we will be forced to buy an annuity then pensions are the least attractive/flexible option. is this correct? (dh is 39, i am 37)

Maiakins · 05/03/2011 16:58

Hi. I'm another person worried, as I have no pension. I work freelance and am in my mid-30s. My husband has a small pension, which his employer contributes a bit into too.

What would be the benefit of me having a pension? I put any extra money into the savings bit of our offset mortage instead, into my personal ISA, and into the kids' Child Trust Funds.

Is this wise? Or should I have a pension of my own as well (not that I could afford to put much into it!)?

Thanks.

CradleCrap · 06/03/2011 15:19

This reply has been deleted

Message withdrawn at poster's request.

CradleCrap · 06/03/2011 15:22

My son aged 3 was entitled to a Child trust fund, my daughter was born on 1 Jan this year so is not eligible for one. I believe The Junior ISAs that will replace the CTF won't be available untill the Autumn. What can I do with her money? I have a lump sum of £300 and want to put in £10 per month. Ideally I would like it linked to shares rather than a savings account.