Financial Advice

[Kellyblueeyes]

Hi just wondering if anyone has any financial advice they could give me please, I'm early 40's, don't have a clue about money, work full time, only got just over £40,000 in pension, got just over £30,000 in bank most in current account and a little in an isa which has very little interest, rent my house so don't have any investments, really starting to panic as can't see my retiring ever at this rate, when I was younger I never really thought about my future and none of my family ever worked so never had anyone to guide me on what I should do to save for the future so would be grateful for any advice on what I could do with the little money I do have that may help for the future. Thank you

Perhaps you need to make an appointment with an IFA (Independent Financial Adviser) and go through everything with them.

Sorry, do you mean that you currently rent (don't own)?

I would prioritise buying a flat / house. You have 30k for a deposit which is great. How much do you earn?

An IFA (independent financial adviser) isn't going to be what you need.

How much do you earn? FT/PT? How is that likely to change?

Are you employed? How much are you saving into your pension, how much is your max possible employer's contribution?
How much do you have left over each month?

Do you have any debt?

Do you have any children or anyone else dependent on you financially?

Are you married?

So I work full time earn approx 34,000 a year, I have 3 kids 2 in 20's and not married. I only put 5% into my pension and my employer puts the same so could possibly put more in the max is 10% I think, don't have any debt, never worked out how much I have left a month as probably differs

Get a copy of meaningful money by Pete Matthew’s - or go onto his YouTube channel. You don’t need an IFA - you just need some help working out pension vs savings etc and learn a bit about your options.

The best thing you can do to improve your situation is get a better paying job (easier said than done, I appreciate). What do you do for work?

I am assuming that 180k doesn't get you a property you and your family can live in? (This is the approx. max you can currently afford based on your deposit and income).

Thank you for all the advice, does anyone know anything about premium bonds? Are they worth it? Or does anyone have any advice on which bank accounts are giving the best interest rates? Or does anyone know if stocks and shares isa accounts are worth it? Thank you

So you have 1 child at home? How old? Contributing financially?

Go on Money Saving Expert. Work out your income and expense and how much you can afford to save each month and it will also tell you about premium bonds
and pensions and best bank accounts for interest.

Whether a stocks & shares isa is "worth it" depends on what you want to do with the money and when.

Is it possible to buy a home in your area for £170k? If so you could look at doing that.

Find out more about your work pension scheme - if you were to put in 7% would your employer put in 7%?

You don't need an IFS.

Use a free, unbiased service to read through and get an understanding. There's lots of help and info starting with the basics.
Don't be fooled with websites that charge you.

https://www.moneyhelper.org.uk/en/savings
Or
https://www.moneysavingexpert.com/