Live chat with Alvin Hall, Thursday July 3rd 1-2pm

[carriemumsnet]

Hi all

Just to let you know that Alvin Hall, independent money saving expert, is coming along on Thursday to answer your questions about all things financial. A well respected author and presenter, Alvin advised the nation on BBC2's Your Money or Your Life and has written several books on the subject.

One of the reasons Alvin has agreed to join us is that he has recently worked with OMSCo, the Organic Milk Suppliers Co-operative, to compile Cheap Changes, a pocket guide full of money saving tips to help you to beat the 'credit crunch' without compromising your lifestyle. This is available as a pdf for Mumsnetters to download here

If you can't make it on the day, please post your questions in advance here. Otherwise - see you on Thursday.

MNHQ

Oh my gosh, I love Alvin too. It is because of his advice that I got myself out of a large amount of debt years ago.
I would like to know what he thinks of the current money/lifestyle programmes on tv. They seem to borrow heavily from his format but actually lack any substance in terms or budgeting/cutting back.

Hopefully this isn't too disloyal to Mr Hall BUT... for those seeking simple budget/money saving advice, Martin Lewis's free site
www.moneysavingexpert.com is fabulous.

If you are taking a career break because of children and therefore don't have a company pension, where is the best place to go to for advice on making sure that you are provided for in old age. Going to a financial advisor seems to be such a minefield.

Hi Alvin,
i don't really understand pensions but i do know its important to have one. I am studying at the moment and my husbands pension is crap. Bearing in mind I will be 28 when I graduate, and I hope to have a decent wage, how much do I need to be putting away each month to see us both right in the future ? (me and dh, obviously, not me and Alvin!)

Alvin, another huuuuuuge fan here too. I really admire the way you turned your own life around and now earn your living showing others how they can do the same.

I could ask hundreds of questions but, specifically, I took out an endowment mortgage in 1988. I have kept up with the "savings plan" investments but the net return (due in 2013) is projected to fall short by £17,000. I believe I was mis-sold this mortgage but is it too late to embark on the official complaints procedure now?

Hello Alvin. I am 41 and have no pension. What would you suggest I do at this point, start one and pay a lot in? And what amount as a percentage of net income would you think would be right to ensure an ok standard of living on retirement? (I realise an ok standard will mean something different to everyone!) I am a contractor so no company pension to contribute to and no certainty of employment but reasonably good pay while I have work.

Hello Alvin

What is the best way to save for children?

What is the best way to encourage children to save?

Thanks

Alvin, also, is there any area where you're not good financially, in 'physician heal thyself' manner?

so impressed alvin is coming to mnet! and jonathan coe as well!

What is the best way for ordinary (i.e. not very wealthy) families to fund education, e.g. private secondary, university.

I echo www's question (or a version of it). I'm 36 and have no pension. I'm self employed with fairly good income although much of it tied up for next 6 months. What is the best way to prepare for retirement and what percentage of salary should I be putting aside?

What do you think the approach re children and money should be? My ten year old asks questions about what we earn, what we owe, how much money we have in the bank etc etc and I've been honest ish, while telling him that I don't want him to repeat any of it (yeah, right). This is because my parents wouldn't even tell me how much say, a washing machine cost and I therefore got to my late teens having NO idea of the cost of anything. I tihnk I am swinging too far the other way tbh, what's your view about teaching the price AND value of things?

Ah yes. I am an Alvin fan too!

How do you teach children the meaning of money?

I see many a young adult getting charges on their accounts with bounced cheques over the years. I do try to talk to some of them about it (and end up sounding like their mum!) but it's like they don't understand that they have to have the money to spend it.

Is there a best time to talk to a child about avoiding debt?

www he was on radio 4 today talking about how to get kids moneywise

Alvin, I think you're fabulous..... anyway that aside

What would your advice be around tackling debt, how do you decide what to pay first and how to manage it?

I heard that programme,Bundle,I believe he has a book specifically for children to make financial stuff fun.I am sure he will point us in the right direction

A quick question,are you able to recommend a good savings account for children ? Thanks.

Alvin, Sorry I think I put it down wrong in the earlier message

{btw the money is not from us}

What I mean is:

Our son is 13 now and he has about £6,000 to invest this year {ie now}

Next year, he will be given another £6,000

And so on for the next 5 more years {each year he will be given another approx £6,000 to invest}

So we need somewhere secure with HIGH interest

BUT WHERE??

ALL of this money is for him for the future

ie NOT to be withdrawn until he is an adult

Thanks

RTKM x

I have a question

we are not house owners and unlikely to be, at the very best it would be rental for another 4 years until dh graduates; most likely is never.

Bar a pension as soon as i go back to work (on carers allowance atm), what should i doing to help my sn ds3 long term? we'll be on a moderate income (me teaching, him electrical) but i will be almost 40 (we lost previous house when dh got very ill)

We have a year to run on our 2-year fixed rate mortgage.

Should we sit tight for now and be optimistic that in nine months time, the worst of the rate rises will be over? Or should we assume the worst and start looking for another fixed rate deal now, before the rates increase still further?

BTW we have no redemption penalty to pay if we change mortgages.

Hi Alvin,

due to husband's crtical illness insurance payout - he has cancer so unable to work for probaly the next year - we have an amount to invest. Which bank account would you recommend that we can access fairly easily (maybe a weeks notice) but is a good percentage rate. The best we have found is about 7.5%, can you beat that!!!

Thanks

another question

which is the best high street bank account

am tempted by First Direct - would you agree?

need reasonable interest and GOOD customer service

TIA!

Hi Alvin
I am making a repayment to my former employer for pay they overpaid me. It was their error, which I brought to THEIR attention, they have been complete tossers about it and I want to make the cheque payable to

ABC plc - payroll twats.
They have asked for payment to
ABC plc - payroll

I'd like to do the above but will it get me into trouble? Are there rules about what you can write on a cheque or can you write anything? Thanks!

Hi Alvin

I have a similar question to some others on here. We have 2 mortgages, one with 15 years to run and one with 24. We usually use our full ISA allowance each year, plus save a little bit extra in high interest savings account. I know we need some savings as a cushion, but are we best trying to put any other money into the mortgages, and only having 'emergency' savings only? Will this be the most sensible move in the long run due to the interset we pay?

PS: We do currently overpay about £2k in total per annum on our two mortgages.

Another kids and money question.

What do you think is the best approach for pocket money, & at what age would you start introducing children to the idea of having their own money?

Sorry, and hello Alvin