Is it silly to see a financial advisor if I don’t have money?

[IWantAMassiveEasterEgg]

Maybe it’s turning 40 but I really would like more knowledge about how to plan for the future and to learn more about money.
My parents openly admit they were rubbish with money and I’ve never been very good either (I can generally live within my means but not great at saving).

I have a small amount on a credit card and I have 10k left on a car loan. I’m a home owner with about 60k of equity in the house. Hardly any savings but my credit rating is brilliant.

my mortgage is due up for renewal in September but I’m in a lot stronger of a position then when I last remortgaged to buy my ex husband out.

I only have one dependent instead of 3 now (others are self sufficient) and I work full time with a salary of 32k instead of a part time salary of about 18.

i pay in to a gov pension.

I just find it all really overwhelming and would like to know should I overpay mortgage or pension? What about savings? I’d like to get some jobs done on the house so should/ could I remortgage to release some equity?
Its only me and I don’t have a partner so don’t know where to turn for money advice.

If anyone could point me in the direction or have suggestions of where I could go I’d be massively grateful.

Focus on paying down debt (not the mortgage) and building up 6 months of an emergency fund in cash.

Check your state pension forecast and what your gov pension is forecast to provide and how much longer you have to serve to get that (and when).

That will likely take you 12-24 months depending on how much you can put aside. Then you can start thinking about whether to pay more into pension or something like a S&S ISA.

You talk about overpaying the mortgage but then also about releasing equity. Releasing equity could have been an option for people when mortgage rates were practically zero, however I personally wouldn't want to be increasing my mortgage unless it was for something critical on the house. I'm choosing not to overpay my mortgage each month but to build up cash savings and S&S investments - I can then make decisions each time I remortgage whether I'm in a good position to pay a lump sum off mortgage (once you've paid it you can't really get it back easily if needed). You could look into an offset mortgage, so you build top a cash savings pot and that offsets your mortgage balance by that amount reducing the mortgage interest you pay - these are a lot less widely available compared to standard repayment though

Honestly I can’t thank you all enough for putting all this advice on here. It’s not something I talk about in real life and found it hard to write on here as I feel like I see a lot of high earners and not many people like me although I’m sure there’s lots lurking!

Some positive news from this is that I’ve set up the HMRC app and logged in to see I only need 10 more years of contributions to get the full amount for state pension which is great news.

Well done @IWantAMassiveEasterEgg
It's a massively good sign for your finances that you're thinking really carefully about this and asking for advice, especiallywhen money is a hard thing to discuss irl. Loads of good advice on here and the HMRC news is great!

I think it would be expensive to see an IFA, when really you need an all rounded education of your options and how to prioritise. You could have a look at this, https://www.ladiesfinanceclub.com/Exclusive Ladies Finance Group | Ladies Finance Club which is focused on educating women specifically on their finances, they do free and paid courses on a range of things.

I haven’t read the full thread yet, but MSE has a free course with the OU, which may be helpful. It’s called Academoney.

https://www.moneysavingexpert.com/news/2020/05/mse-launches--academoney--financial-education-course-with-the-op/

If I were you, I’d focus on building an emergency fund, if you haven’t already got one. When you’re clearing your debts, it’ll prevent you from using credit and will stop you going further into debt.

Once you have an emergency fund in place (at your desired amount), then focus on paying off your debts. I’d focus on your highest interest debts first.

I agree with pp’s, who have said to see a mortgage broker. They’re very often free of charge, so I’d check with them before booking your appointment. Mine has been invaluable!

I’m glad to hear that you’re keeping on top of reviewing your state pension. That’s good.

There’s nothing wrong with saving to have work done to your house either, I’d keep those savings separate to your emergency fund, though.

"i pay in to a gov pension"

This seems pretty key - could you give a few more details about this? Which government pension? How long have you been paying in?

"Some positive news from this is that I’ve set up the HMRC app and logged in to see I only need 10 more years of contributions to get the full amount for state pension which is great news."

That really is great news!