Your Questions Archives - Mouthy Money https://s17207.pcdn.co/category/questions/ Build wealth Mon, 03 Mar 2025 08:32:46 +0000 en-GB hourly 1 https://wordpress.org/?v=6.8.1 https://s17207.pcdn.co/wp-content/uploads/2022/09/cropped-Mouthy-Money-NEW-LOGO-square-2-32x32.png Your Questions Archives - Mouthy Money https://s17207.pcdn.co/category/questions/ 32 32 How do I start investing? What approach is right for me? https://s17207.pcdn.co/questions/how-do-i-start-investing-what-approach-is-right-for-me/?utm_source=rss&utm_medium=rss&utm_campaign=how-do-i-start-investing-what-approach-is-right-for-me https://s17207.pcdn.co/questions/how-do-i-start-investing-what-approach-is-right-for-me/#respond Thu, 30 Jan 2025 13:27:34 +0000 https://www.mouthymoney.co.uk/?p=10583 Robin Etherington, Chartered Financial Planner and Managing Director at Amber River HDA, answers a reader’s question on how to start investing and the right approach to take. Question: I’m 41 and have reached a point in my career where I have enough income to start saving beyond the short term. I already own a home…

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Robin Etherington, Chartered Financial Planner and Managing Director at Amber River HDA, answers a reader’s question on how to start investing and the right approach to take.


Question: I’m 41 and have reached a point in my career where I have enough income to start saving beyond the short term. I already own a home with a mortgage so want to look at investing as the next step. But how do I start investing? What approach is right for me?

Answer: Cash savings – savings in banks, building societies or National Savings – are great for the short term. If it’s money you are likely to need in the next three to five years or so, they are safe, and you’ll earn some interest. Most importantly, your cash will be there when you need it.

However, different factors come into play over the longer term. In particular, inflation matters far more. Experience tells us that cash savings don’t keep up with inflation in the longer term. This will eat away at the buying power of your savings over time.

This is where investing has a place. Investments such as property, shares and funds have generally provided greater protection against inflation over the longer term. They will tend to keep pace with economic growth and have delivered a higher return on investors’ capital.

However, the return from investments is inherently less predictable than that of a savings account. Stock markets for example will bounce around, commonly referred to as ‘volatility’. While they tend to recover in the longer-term, it can be unnerving in the short-term.

Nevertheless, there are ways to mitigate this volatility. A great way to start investing is to make monthly payments.

Not only is this easier for most people, who don’t tend to have big lumps sums lying around, but doing so averages out the buying price. This reduces the risk of putting money in the market just before a bout of volatility. You are putting money to work in a variety of market conditions.  

You can start small – many providers have no minimum investment amounts.  You can add occasional lump sums or gradually increase the monthly amounts over time. This also builds discipline around investing – you aren’t constantly worrying about whether it’s the right or wrong time to buy in to the market.

Picking the right investment can be a minefield for the novice investor. There is lots of choice and plenty of jargon. For most people, the key to successful investing is diversification.

In practice, this means spreading your risk across a range of companies, markets and sectors. Buying shares in just one company is tempting, but it is a high-risk strategy. Spreading your investment across many different types of company is a much safer approach.

Index tracking funds can be a good place to start: they provide access to all major investment markets at very low cost. These funds simply follow markets such as the FTSE-100 (the 100 biggest companies in the UK) or the S&P 500 (the 500 biggest companies in the USA).  Buying tracker funds reduces the risk of poor investment decisions. This can help get you comfortable with investment before expanding your horizons.

Before you invest, it can be worth thinking carefully about your investment profile. This can help set parameters for how much risk you’re happy with, and the type of investments you should look at. It is made up of five key factors:

  • Your emotional risk response How do you feel about your investing in things which will sometimes fall in value?
  • Your understanding of investments and risk Your emotional risk response will be affected by your understanding of your investments and how they will perform.  Do your research so you know what to expect.  Or use a trusted adviser to guide you.
  • Your capacity for risk Never invest money (or hang on to investments) that you cannot afford to lose.  Despite the long-term upward trend of stock markets, they can fall significantly when more people are selling than buying.  Even a mainstream index-tracker could lose 40-50% of its value in extreme circumstances.
  • Your investment timescales Over a day or a week or a year, prices may go up, down or sideways.  But you will find almost no 10-year periods when mainstream markets have lost money.  An investment which is high risk over the short term, will represent only a moderate risk over the long term.
  • What are you trying to achieve?  There is no point in taking more risk than necessary to achieve your objectives. Don’t forget inflation!

A final point: investing is not gambling. It is a sensible way to grow your money ahead of inflation over the longer term, ideally 10+ years.

With the right approach, there need be no sleepless nights and no concerns about a long-term investment strategy. Just remind yourself that you’re in it for the long-term.

All investing carries risk and past performance does not guarantee future results. If in doubt, seek financial advice.

Robin Etherington is a chartered financial planner and managing director at Amber River HDA.

Robin has been an Independent Financial Adviser since 1987 and became a Chartered Financial Planner in 2013. With expertise in investment, retirement and tax planning for individuals, trusts and businesses, he specialises in helping those with complex planning needs to achieve their goals.

Photo credits: Pexels

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Can I add stamp duty to my mortgage?  https://www.mouthymoney.co.uk/questions/can-i-add-stamp-duty-to-my-mortgage/?utm_source=rss&utm_medium=rss&utm_campaign=can-i-add-stamp-duty-to-my-mortgage https://www.mouthymoney.co.uk/questions/can-i-add-stamp-duty-to-my-mortgage/#respond Thu, 23 Jan 2025 13:33:44 +0000 https://www.mouthymoney.co.uk/?p=10559 Mortgage expert David Hollingworth answers a reader’s question on the option of adding stamp duty to a mortgage loan.  Q. Can I add stamp duty to my mortgage?  A. When you are buying a new home it makes sense to run through all the numbers to get your budget straight. That will clearly require you…

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Mortgage expert David Hollingworth answers a reader’s question on the option of adding stamp duty to a mortgage loan. 


Q. Can I add stamp duty to my mortgage? 

A. When you are buying a new home it makes sense to run through all the numbers to get your budget straight. That will clearly require you to think about how much you may have to put down as a deposit, which in turn will help you decide what level of mortgage borrowing you may need.  

In trying to break that budget down it’s really important that you also cover the costs that comes with buying and selling a property.  That could include the cost of the estate agent, survey and legal fees as well as removal costs.   

One of the of the potentially biggest costs you could face will be stamp duty so that is vital to add into your costings. You should also look to build in something of a cash buffer rather than plough every last penny into the deposit, so that you can cope with any unforeseen costs once you move in. 

The stamp duty bill will effectively reduce the amount of savings or equity from your current home that you can devote to the deposit.  If you add the amount of money needed for stamp duty to your mortgage, the knock-on effect is that you will need to borrow more on the mortgage in order to leave enough money to cover the stamp duty bill and any other costs.   

As always, to be able to borrow more the lender will need to see that the borrowing is affordable.  Taking advice will help you get the best lender and deal for your specific requirements, accounting not only for the rates but also the affordability criteria. 

David Hollingworth is Associate Director of Communications for L&C Mortgages, the UK’s leading fee-free mortgage broker offering advice to borrowers from across the mortgage market. David is regularly called on to provide commentary on the mortgage market by the national and trade press as well as broadcast media. This ranges from giving opinion on new product developments and the pros and cons for consumers, through to providing a wider perspective on topical market issues, trends and initiatives.  

Photo credits: Pexels

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What steps should I take to prepare for retirement?   https://www.mouthymoney.co.uk/questions/what-steps-should-i-take-to-prepare-for-retirement/?utm_source=rss&utm_medium=rss&utm_campaign=what-steps-should-i-take-to-prepare-for-retirement https://www.mouthymoney.co.uk/questions/what-steps-should-i-take-to-prepare-for-retirement/#respond Wed, 15 Jan 2025 09:40:36 +0000 https://www.mouthymoney.co.uk/?p=10540 Mouthy Money Your Questions Answered panelist, Charlotte Strike, financial planner and mortgage adviser at Amber River C&M, answers a reader’s questions on retirement plans. Question: I’m in my mid 30s and I’m worried about my retirement plans and whether they are sufficient. What steps should I take to prepare for retirement?  When should I start…

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Mouthy Money Your Questions Answered panelist, Charlotte Strike, financial planner and mortgage adviser at Amber River C&M, answers a reader’s questions on retirement plans.


Question: I’m in my mid 30s and I’m worried about my retirement plans and whether they are sufficient. What steps should I take to prepare for retirement?  When should I start saving and how much should I contribute?

Answer: It is good to start thinking about retirement planning as early as possible. It is easy to put it off, but the younger you are when you start to plan, the better your retirement outlook will be.

For most people, retirement is no longer a point in time, but a process. Before you look at your finances, you should build an idea of the type of retirement you might like.

Will it be a ‘slowing down’ type retirement, or a super-active one, full of long-haul adventures? Where will you live? Will you downsize? What financial commitments are you likely to have? Will your expenditure change in retirement or will it stay the same?

Everyone has a different picture of how their retirement will look. By building a picture of your retirement, you will develop an idea of how much income you will need, and how long you’ll need it to last.

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This can then be used as a guide to know how much you should be contributing to meet your goals, or whether your goals need to be adjusted. The cost of a comfortable retirement is £43,100 for a single person or £59,000 for a couple per year according to the Pensions and Lifetime Savings Association.

A first port of call in retirement planning is to look at your state pension: do you have a full entitlement, or do you need to make additional top-ups? You can see this on the Gov.uk website – https://www.gov.uk/check-state-pension – or complete a BR19 form to obtain a forecast.

The state pension is generous and shouldn’t be underestimated. It is currently £11,502.40 per year (2024/25 tax year) – to achieve this kind of inflation-adjusted income, you would need a pension pot of around £220,000.

However, the state pension is unlikely to be enough by itself. When you are at the start of your journey in accumulating funds for retirement, it is important that you have a pension and are contributing to it.

By doing so you get used to contributing to a pension scheme and paying attention to it. For those closer to retirement, it is important to assess how close you are to meeting your retirement goals.

For most people, their workplace pension will form the core of their retirement savings. It important to ensure that your employer is contributing to your pension plan. It is also worth finding out whether or not they will match any higher contributions you make. The Government will be contributing as well, and this can help you grow your retirement pot quickly.

Even if it looks relatively small today, the effect of compounding can be powerful. Over the years, even small contributions will add up and the longer they are invested, the more compound interesting will have an impact on the growth of the fund.

Every £2 you save for your future today could be worth £6.50 in 30 years’ time (assuming investment growth of 4% per year). A £50,000 pot at age 35 would be worth £133,291 by age 60 even if you didn’t make another contribution (assuming annual growth of 4%). Add in a £500 contribution every month and it would bump up to £458,000.

If you don’t think you’re saving enough, then it may be time to explore personal pension options. Alternatively, don’t forget your ISA allowance. You can put in £20,000 a year. While you don’t get the same tax relief on contributions, all income generated by investments held within the ISA is tax free, and there is also no capital gains tax.

There is no secret to a good retirement. It is just about saving consistently, maximising the tax breaks and harnessing the effects of compounding.

From time to time, it may be worth seeing a financial planning expert to ensure you’re on the right track, and that you’re making the right decisions on where to invest.

This article is for guidance purposes only and should not be construed as advice. If in doubt seek professional financial advice for help with retirement planning.

Charlotte Strike is a financial planner and mortgage adviser at Amber River C&M.

Charlotte is a member of the Chartered Insurance Institute and the Society of Mortgage Professionals and is now working towards her Chartered Financial Advice qualification. She has a particular interest in helping young people start their investment and pension journey and get a foot on the property ladder.

Photo credits: Pexels

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Will there be any payments made this winter to help with energy bills?   https://www.mouthymoney.co.uk/questions/will-there-be-any-payments-made-this-winter-to-help-with-energy-bills/?utm_source=rss&utm_medium=rss&utm_campaign=will-there-be-any-payments-made-this-winter-to-help-with-energy-bills https://www.mouthymoney.co.uk/questions/will-there-be-any-payments-made-this-winter-to-help-with-energy-bills/#respond Mon, 25 Nov 2024 11:31:26 +0000 https://www.mouthymoney.co.uk/?p=10471 Mouthy Money Your Questions Answered panelist, Vix Leyton, answers a reader’s questions on the support available for those struggling to pay with their energy bills.  Q Will there be more help with energy bills this winter for households?  A In a word, no. In fact for some people, it unfortunately has the potential to be…

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Mouthy Money Your Questions Answered panelist, Vix Leyton, answers a reader’s questions on the support available for those struggling to pay with their energy bills. 
Will there be any payments made this winter to help with energy bills?  
Woman at home cold


Q Will there be more help with energy bills this winter for households? 

A In a word, no. In fact for some people, it unfortunately has the potential to be a little bit worse.  

There is help with energy bills on offer for households struggling with costs this winter, but it’s not as generous as what was in place last year. This help is now squarely aimed at the most vulnerable, which is bad news for those hit by the cost of living crisis who are just keeping their heads above water.  

During the peak of the energy crisis, the government rolled out big schemes offering immediate relief, like the Energy Price Guarantee and the £400 Energy Bill Support Scheme which made a real difference for millions of people.  This was alongside separate cost-of-living payments for those on low incomes. 

But with these programmes all changing and wrapping up, a lot of people are worried about how they’ll manage with their still-high energy bills, especially as the colder months approach. 

One of the biggest changes is undoubtedly the much contested restriction of the Winter Fuel payment which is now being means tested. Means testing, whilst a cost saver that stops unnecessary payments going to people who are financially secure, is a blunt instrument and there will be thousands of vulnerable people who fall through the cracks. 

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One payment that is remaining is the Warm Homes Discount scheme. This takes the form of a one-off £150 payment that comes directly off your bill. It’s typically applied automatically if you are eligible, but if you are currently on a low income in Scotland, you may need to contact your energy provider directly.  

You could also be in line for the Cold Weather Payment if temperatures dip below a certain level for seven days in a row and you are already in receipt of other qualifying benefits. It’s designed to give low-income households extra financial support when it’s particularly chilly, but since it’s weather-dependent, there’s no guarantee.  

Local councils also have discretionary funds available for those in need. The Department for Work and Pensions have a multi-million pound pot set aside called the ‘Household Support Fund’ which was recently extended an extra six month from 1 October to 31 March.

The fund provides money to local authorities to deliver essential help to the most vulnerable people. You can find out how much your area was awarded at GOV.UK and check your council’s website or call their office to find out what support is available to help household bills including, but not limited to, energy bills.  

A lot of energy companies have their own support schemes available if you fall into debt. Whilst it’s not always an easy process to apply, it’s an avenue worth considering. Providers involved include British Gas, EDF, Octopus, Scottish Power and Ovo.  

Whilst it might feel like there are a lot of hoops to jump through to get the help you need to make it through the winter, it is worth knowing exactly what is available for you, and to vulnerable people you know.  

Now is the time to look at your bills and start taking measures to minimise them, whether through home hacks, switching providers, or pursuing grants and relief. If you are struggling and don’t know where to turn, the first step is to talk to your provider – as tempting as it is to hide from the brown envelopes, they will be able to support you and offer you the most immediate help and advice. 

Vix Leyton is a consumer expert and host of the money saving (and spending) podcast ‘False Economy‘  

Photo credits: Pexels

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Can we take our family holiday in term time to save money? https://www.mouthymoney.co.uk/questions/can-we-take-our-family-holiday-in-term-time-to-save-money/?utm_source=rss&utm_medium=rss&utm_campaign=can-we-take-our-family-holiday-in-term-time-to-save-money https://www.mouthymoney.co.uk/questions/can-we-take-our-family-holiday-in-term-time-to-save-money/#respond Wed, 20 Nov 2024 11:17:10 +0000 https://www.mouthymoney.co.uk/?p=10468 Mouthy Money Your Questions Answered panelist, Kara Gammell, answers a reader’s question on the potential consequences of taking a child out of school to go on a family holiday.  Q Is it worth taking a term time family holiday with our children as I can’t afford it during the holidays?  A As a money expert…

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Mouthy Money Your Questions Answered panelist, Kara Gammell, answers a reader’s question on the potential consequences of taking a child out of school to go on a family holiday. 
It’s too expensive to go on a family holiday, can we do it during the school term?     
Family enjoying a winter vacation


Q Is it worth taking a term time family holiday with our children as I can’t afford it during the holidays? 

A As a money expert and a mother, I fully understand the financial pressures many families face when planning holidays.  

While prices of travel and accommodation are often significantly lower during term times, it’s important to weigh the potential educational impact and any fines or penalties that might be imposed by the school. 

If you take a term time family holiday without the school’s permission, you can be fined. The fine is typically £80 per parent per child, which increases to £160 if not paid within 21 days. 

What’s more, persistent unauthorised absences can lead to more severe consequences, including prosecution. If found guilty, you could face a fine of up to £2,500, a community order, or even a jail sentence of up to three months. 

Beyond legal implications, consider the potential impact on your child’s education. Missing school for a family holiday can affect their learning and progress, which might have long-term consequences. 

Luckily, there are few additional ways for families to travel without breaking the bank, even when schools have broken up. 

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One way is to use AI to help you find the most affordable trip for your money. 

AI, or Artificial Intelligence, helps computers perform tasks that usually require human intelligence – and using it to plan your vacation is easier than you’d think. 

If you think of AI as a smart assistant – or your own travel agent – you can enter prompts that mean it can analyse historical price data to predict future prices, giving you a heads up on the best deals.

It can also suggest cheaper travel destinations that you might not have considered by considering your local airport, preferences – such as climate, activities, culture and, most importantly, your budget.  

Here is an example of a prompt to type into Chat GPT or whichever AI you prefer. You can tailor the details to meet your preferences:  

“You are my travel agent. Give me five ideas for an August holiday destination. I would like these locations to have temperatures of between 25 and 30 degrees Celsius during August.

“I will be traveling in a group with two children and two adults.  We enjoy things like swimming, beaches, and theme parks. All in, we would like to spend less than £1,500 amount for seven days. Ask me five questions that would help you do a better job of helping me pick a place.” 

Then it should help you by suggesting holidays that suit your requirements.  

Another way to help make travelling more affordably is to bulk up your holiday budget and sign up for a cashback website such as Quidco.com to save money all year round. 

Here, product providers and retailers pay commission when shoppers click on their links. In turn, the cashback website rebates some of this commission to you.  

I recently paid for a weekend getaway in Paris with my daughter with my Quidco earnings and it made a massive impact on the cost of our trip. 

If you are unable to pay for your holiday in one go, a 0% purchase credit card could help you to spread the cost of your holiday interest-free over several months. 

However, you’ll need to make sure your credit limit stretches to your holiday requirements and avoid spending more than you can afford to pay back. Try to clear your balance before the 0% deal ends and interest kicks in. 

Keep in mind you’ll need a good credit score to qualify for the most competitive credit cards. 

When it comes to a term time family holiday, I know many parents feel like we are stuck between a rock and a hard place, but with thoughtful planning and the right resources, you may be able to have the best of both worlds. 

Kara Gammell is an award-winning financial journalist with nearly two decades of experience writing for national newspapers and magazines such as the Daily Telegraph, the Sunday Times, Good Housekeeping, the Metro, the Independent, the Guardian, the Observer, Marie Claire, the Sun, and Cosmopolitan. Kara is the founder of a money-saving blog Your Best Friend’s Guide to Cash, which promises to help you get more bang for your buck, no matter what your budget. Her first book, Your Best Friend’s Guide to Cash: Eight Things Every Woman Needs to Know About Money, was published by Harriman House in 2014. Her latest book, Bargain Hunter: Easy hacks and tips to save money every day will be published by Headline Publishing in January 2025.   

Photo credits: Pexels

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Are Christmas savings schemes worth it? https://www.mouthymoney.co.uk/questions/are-christmas-savings-schemes-worth-it/?utm_source=rss&utm_medium=rss&utm_campaign=are-christmas-savings-schemes-worth-it https://www.mouthymoney.co.uk/questions/are-christmas-savings-schemes-worth-it/#respond Thu, 14 Nov 2024 11:56:10 +0000 https://www.mouthymoney.co.uk/?p=10428 Mouthy Money Your Questions Answered panelist, Anna Bowes, answers a reader’s question on how Christmas savings schemes work and what the alternatives are. Q Do savings schemes for Christmas still exist and are they any good or should I pick a regular savings account instead? A Accounts that are specifically designed to mature just before…

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Mouthy Money Your Questions Answered panelist, Anna Bowes, answers a reader’s question on how Christmas savings schemes work and what the alternatives are.
Are Christmas savings schemes worth it?
Christmas tree


Q Do savings schemes for Christmas still exist and are they any good or should I pick a regular savings account instead?

A Accounts that are specifically designed to mature just before Christmas may seem like a good idea and in truth can be useful as long as they offer a decent interest rate.

However, currently there aren’t any Christmas-branded accounts that are available to open, that we are aware of, but that may be because we are closing in on Christmas once again, so it’s not an ideal time to start a regular savings account.

But regular savings accounts are useful for getting you into the savings habit. So, if you are looking to put some money away every month, perhaps just after you’ve been paid, a regular savings account could be just what you are looking for, even if it is not   a Christmas account.

These accounts help to get you in the savings habit as they often require you to make a minimum deposit each month but may restrict the access, so it’s important to read the terms and conditions thoroughly.

You may not be able to access the money for the first 12 months, for example, so an account with these restrictions wouldn’t work if you need to withdraw the money in December.

Virgin Money has recently released a Regular Saver Exclusive Account paying 10.38% AER, but as the name suggests, you need to have or open a current account with Virgin Money or its parent company Yorkshire Bank.

However, if you do qualify, this is the best paying account on the market. You can pay up to £250 into the account each month, but you can vary the amount you save and better still, you can have access at any time, so it would be appropriate for saving for this Christmas.

As I inferred, regular savings accounts come with lots of terms and conditions and the best rates often require you to have a current account with that provider. If these don’t seem to be the right fit, you can open a more flexible easy access account, but the rates are not nearly as high.

Whatever you choose, while you should always go for the highest rate, anything you can put away will make all the difference.

Anna is the co-founder of the website Savings Champion. She has worked in the financial services industry for more than 30 years and for most of that time has been helping people to make the most of their savings. Anna started her career with Chase de Vere, in its innovative Moneyline department, a free savings information service that became as popular with personal finance journalists as it was with savers. Anna believes passionately that savings advice is a neglected part of the financial services sector and that the needs of savers are largely ignored by the savings product providers and the government. Anna is a regular contributor to the BBC’s Money Box, Breakfast and News programs, as well as the national press, providing expert analysis and commentary on the UK savings market.

Photo credits: Pexels

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Is there any point in buying insurance for an older cat?  https://www.mouthymoney.co.uk/questions/mouthy-money-question-is-there-any-point-in-buying-insurance-for-an-older-cat/?utm_source=rss&utm_medium=rss&utm_campaign=mouthy-money-question-is-there-any-point-in-buying-insurance-for-an-older-cat https://www.mouthymoney.co.uk/questions/mouthy-money-question-is-there-any-point-in-buying-insurance-for-an-older-cat/#respond Mon, 28 Oct 2024 14:18:14 +0000 https://www.mouthymoney.co.uk/?p=10413 Mouthy Money Your Questions Answered panelist, Caroline Allen, answers a reader’s question on the pros and cons of pet insurance for an older cat.  Q Is there any point in buying pet insurance for my eight-year old cat?  A Cats can live for 20+ years so we would recommend buying pet insurance for your eight-year-old…

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Mouthy Money Your Questions Answered panelist, Caroline Allen, answers a reader’s question on the pros and cons of pet insurance for an older cat. 
Cat insurance 
Cat in a basket


Q Is there any point in buying pet insurance for my eight-year old cat? 

A Cats can live for 20+ years so we would recommend buying pet insurance for your eight-year-old cat if you can.

In fact, regardless of their age, we would generally recommend owners buy pet insurance if possible as unexpected veterinary bills can be costly and understandably many owners would not be able to find several thousand pounds should their pet become seriously unwell or injured – which is the reality if you don’t have insurance.  

Pet insurance gives you peace of mind that you don’t need to compromise on vital vet treatment for your pet. 

As pet insurance prices increase with age the premium will be more expensive, this is because as your cat gets older the risk of them developing a health condition increases.  

You are also likely to have to pay a percentage of any claim as well as the excess when insuring an older pet. It is important to think if this is something you will be able to afford before you buy a policy. 

It is also important to do some research to find out what different providers cover as there are many different policies with different levels and lengths of cover. Some may have upper age limits on new policies too – for cats, this is generally from eight weeks of age up to their 10th birthday but each policy provider may differ.  

If your eight-year-old cat has a pre-existing condition, for example kidney disease, which can be common in older cats, then it is important to understand that most insurance will not cover pre-existing conditions so you will need to cover those costs yourself. This is why we recommend thinking carefully before changing a policy for an older pet with pre-existing health issues.  

Always be honest about your pet’s previous health issues and make sure you understand the exclusions on the policy before committing to anything.   

If you’re struggling to find a policy which will cover your old cat with any pre-existing conditions, it’s worth chatting to your vet as some practices will offer payment plans so that you can pay vet bills in instalments rather than one lump sum.   

Like all payment services this is subject to strict financial services, so not all practices will be able to offer this service and it will only be suitable in some situations. Some charities such as the PDSA and Blue Cross also offer financial assistance for veterinary care for those who are eligible.  

If your cat requires on-going medication and you’re struggling to pay the costs, vets can write a prescription to use online or take to a pharmacy where the price may be lower. Your vet will need to charge for writing the prescription, which goes to help the running cost of the clinic, but buying some medication this way can still reduce overall costs. 

Another option is to put some money into a separate savings account in case of unexpected health issues with your cat.  

Veterinary treatments have advanced so much in recent years, which mean that previously untreatable conditions are now more manageable. However, as there is no NHS for pets all these advances come with a cost.

Sometimes there are less costly options available, but these may not be as effective, for example. It is really important to be open with your vet about any cost limitations and accept that the treatment available may be more limited.

It is important not to feel guilty about this, but to focus on the best outcome for your cat’s wellbeing that is available within the funds you have.  

Caroline Allen is the Chief Veterinary Officer at the RSPCA where she has worked for over eight years. Caroline spent nearly twenty years as a GP vet in London before she joined the RSPCA. She is a trustee of the BVA- Animal Welfare Foundation. She studied veterinary medicine at the University of Cambridge and has a one year old rescue dog, a lurcher called Jess. 

Photo credits: Pexels

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Is it too late to start a pension at 40?  https://www.mouthymoney.co.uk/questions/is-it-too-late-to-start-a-pension-at-40/?utm_source=rss&utm_medium=rss&utm_campaign=is-it-too-late-to-start-a-pension-at-40 https://www.mouthymoney.co.uk/questions/is-it-too-late-to-start-a-pension-at-40/#respond Thu, 17 Oct 2024 09:48:14 +0000 https://www.mouthymoney.co.uk/?p=10410 Mouthy Money Your Questions Answered panelist, Becky O’Connor, answers a reader’s question on if it’s ever too late to start a pension.  Q Is it too late to start a pension? I’m turning 40 next year and I’m worried I should have started earlier.  A It’s never too late to start saving into a pension…

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Mouthy Money Your Questions Answered panelist, Becky O’Connor, answers a reader’s question on if it’s ever too late to start a pension. 
 Is it too late to start a pension at 40? 
Pensioner looking at bills


Q Is it too late to start a pension? I’m turning 40 next year and I’m worried I should have started earlier. 

A It’s never too late to start saving into a pension and turning 40 is a great time to focus on your retirement planning. With many working years ahead of you, you still have ample opportunity to build up a significant pension pot, particularly if you take proactive steps now. 

You might already have a pension you don’t know about too. If you’re currently employed and earning over £10,000 a year, it’s likely you have a workplace pension with your current employer and possibly others from previous jobs, thanks to the introduction of Auto-Enrolment in 2012.  

To make sure you’re not leaving any hard-earned savings behind, consider using the government’s free Pension Tracing Service or contacting your former employers directly.  

Once you have tracked down any old pensions, you might want to consider consolidating them into one pot. 

If you’re earning below the auto-enrolment threshold or are self-employed, you can still save into a pension. A private pension, such as a personal pension or self-invested personal pension, are easy to set up and typically offer flexibility in the amount you have to contribute as well as investment choices to match your risk tolerance and retirement goals. 

Mouthy Money Your Questions Answered

Saving into a pension now ensures you have a source of income when you retire, rather than having to continue working in retirement or relying solely on other investments.  

While investments like property or ISAs can be valuable in retirement, it’s important not to rely solely on one type of asset. Diversifying your savings across different vehicles, including a pension, ensures you have multiple sources of income to draw from in retirement. This approach can help protect you against market fluctuations and ensure a more stable financial future. 

One major benefit of contributing to a private pension is the tax relief offered by the government. For example, if you’re a basic rate taxpayer, every £100 you contribute is effectively increased to £125 due to HMRC’s 25% top-up. Higher-rate taxpayers can claim even more, making pension contributions a very tax-efficient way to save for retirement. 

The key to building a substantial pension is consistency. Regular contributions, even if modest, can grow significantly over time, especially when combined with tax relief and potential employer contributions. Starting at 40 means you have time on your side to benefit from compound growth, so the earlier you start, the better prepared you’ll be for a comfortable retirement. 

Becky O’Connor is the Director of Public Affairs at leading online pension provider PensionBee. She is a personal finance and investment expert and award-winning journalist with two decades of experience in journalism and communications. Becky is the Telegraph’s ‘Pensions Doctor’ and is also a columnist for the i paper. Prior to joining PensionBee, Becky was Head of Pensions at Interactive Investor, and previously acted as a spokesperson for Royal London, the mutual insurer. Becky is also the co-founder of the ethical personal finance website, Good With Money; the author of a book on sustainable investment, The ESG Investing Handbook, Chair of the Ethical Advisory Committee for Castlefield Investment Management and a fellow of the Royal Society of Arts. 

Photo credits: Pexels

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Do I get free childcare hours when my son start school?  https://www.mouthymoney.co.uk/questions/do-i-get-free-childcare-hours-when-my-son-start-school/?utm_source=rss&utm_medium=rss&utm_campaign=do-i-get-free-childcare-hours-when-my-son-start-school https://www.mouthymoney.co.uk/questions/do-i-get-free-childcare-hours-when-my-son-start-school/#respond Thu, 12 Sep 2024 12:57:59 +0000 https://www.mouthymoney.co.uk/?p=10341 Mouthy Money Your Questions Answered panelist, Joeli Brearley, answers a reader’s question on the help available when children start primary school.  Q What childcare help am I entitled to when my child starts school in September? Can I still claim free hours?  A The Government’s ‘free hours’ childcare scheme ends at age five when children…

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Mouthy Money Your Questions Answered panelist, Joeli Brearley, answers a reader’s question on the help available when children start primary school. 


Q What childcare help am I entitled to when my child starts school in September? Can I still claim free hours? 

A The Government’s ‘free hours’ childcare scheme ends at age five when children start school. This system allows most parents to claim free hours of childcare during the school term time.  

It’s currently undergoing a massive overhaul, allowing parents to claim these hours from nine months. The system is set to be fully rolled out by next year, and is available to working parents.  

But when children start primary school, there are still many costs to consider including before and after-school clubs. While there may not be free hours, what many parents don’t realise is that you can claim tax-free childcare until your child is 12 years old.  

The tax-free childcare scheme can save you thousands of pounds a year – as long as you or your partner don’t cross the £100k salary threshold, you are both in work and you aren’t accessing other benefits such as universal credit or tax credits.  

For every £8 you put into the scheme the government will top it up by £2; with a maximum claim of £500 every 3 months for each child. This increases to £1,000 every 3 months if your child is disabled.  

While this may not seem like much when compared to the annual costs of paying for childcare out of school hours, it is still a worthwhile benefit to signed up to. 

It can be used for after school clubs, holiday clubs, nannies, and breakfast clubs as long as they are Ofsted approved. You can sign up on the Gov.uk website and you need to reconfirm your details every three months. 

Ask our experts your money questions

Joeli  founded Pregnant Then Screwed in 2015 after her own experience of pregnancy discrimination. She is the winner of the Northern Power Women Agent for Change award, is an Amnesty International Human Rights Defender and a member of the United Nations Working Group: Women’s Human Rights in the Changing World of Work. In January 2021 she took the Government to court for indirect sex discrimination due to the way self employed mothers were being financially penalised by the income support scheme. Her debut book: ”Pregnant Then Screwed: The Truth about the Motherhood Penalty, and how to fix it’’ was published by Simon & Schuster on the 4th March 2021. 

Photo credits: Pexels

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Why aren’t my energy bills going down?  https://www.mouthymoney.co.uk/questions/why-arent-my-energy-bills-going-down/?utm_source=rss&utm_medium=rss&utm_campaign=why-arent-my-energy-bills-going-down https://www.mouthymoney.co.uk/questions/why-arent-my-energy-bills-going-down/#respond Thu, 25 Jul 2024 11:31:42 +0000 https://www.mouthymoney.co.uk/?p=10246 Mouthy Money Your Questions Answered panelist, Martyn James, answers a reader’s question on why their energy bills aren’t coming down now the price cap has been lowered.  Q My energy provider contacted me recently to say we should adjust our direct debit because we are using more energy and this was putting our energy bills…

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Mouthy Money Your Questions Answered panelist, Martyn James, answers a reader’s question on why their energy bills aren’t coming down now the price cap has been lowered. 
A person writing at a table with a laptop and a calculator


Q My energy provider contacted me recently to say we should adjust our direct debit because we are using more energy and this was putting our energy bills in arrears. But I’ve just seen that the price cap has come down again so shouldn’t my bills come down too?   

A In recent years some energy companies have exploited direct debits so outrageously, that there are calls to reform the entire system.

Your provider might be suggesting you should change your direct debit, but in practice they are saying they will… unless you object. 

The problem with direct debits is that they allow businesses to change the amount of money you pay and when you pay it.  

According to the Direct Debit Guarantee, the business has to give you at least 10 working days notification of any changes it wants to make, but this is often done by email, which means most people don’t notice until it’s too late.

It would be very easy to send a few texts instead which would at least warn people about the size of their energy bills, but strangely, there’s a total lack of interest in doing so from most energy businesses. 

But I digress. The number one question that people ask me about energy bills at the moment is: why are my bills going up when the prices are coming down? 

The reasons for this are complicated, but might include one or a combination of the following factors: 

  1. Your meter is giving faulty readings. 
  1. You’ve significantly changed your energy consumption. 
  1. Your actual energy usage has been disguised by credit you’ve built up on your account reducing your bill over winter. 
  1. Your current energy agreement has ended and you’ve ‘defaulted’ on to a standard tariff, 
  1. The business has been relying on estimated readings, but now they have an actual reading, they have ‘back billed’ you for your actual energy consumption. 
  1. There has been a billing error. 

That’s quite a lot to contend with, but ultimately, it’s for your energy provider to establish what’s going wrong with your bill, but there are a few things you can do too. 

Energy bills are ridiculously complicated, so it’s hard to know if they are right or not. But here are a few pointers. 

The cost of your bill will have increased over the last two years because of the crisis in the energy wholesale market. But what you need to look for is an increase in the units of energy you use. This is especially important if you haven’t been using more energy.

Ask our experts your money questions

Start by going through your last two years of bills. Work out roughly how much you’re using on average for each billing period. If there’s been an inexplicable increase, you have a valid complaint. 

You can also ask your energy provider to clarify in plain English why things have changed. Ask them things like; why your energy usage is higher, if they are relying on estimated readings, if they are billing you for energy used over a year ago and if you’re on the cheapest tariff. 

If your energy company sends you a new bill that covers a period older than 12 months, they should not be charging you for it. This is known as ‘back billing’ and is explicitly forbidden by regulator Ofgem.  

However, if you have an existing debt that you were correctly billed for at the time, the energy firm can pursue it for up to six years.   

If you have a smart meter, it’s estimated that just under four million of them aren’t working properly. Smart meter problems are the second biggest area of complaints after billing disputes. Problems can arise from technical problems with the meter or the data not being transmitted correctly. 

To resolve the problem you will usually be asked to take meter readings every day for around a week to assess the problem. I’d recommend photographing your meter readings so you can prove they are correct. 

The energy firm is obliged to identify and correct the situation with the meter. This could involve sending out an engineer to assess the meter’s performance.   

Energy businesses are obliged to address all complaints in writing unless you agree otherwise. Their ‘final response’ should set out what they’ve done to resolve your complaint and any compensation that they might be offering. This should also tell you about your right to go to the Energy Ombudsman. 

Martyn James is a leading consumer rights campaigner, TV and radio broadcaster and journalist. https://martynjamesexpert.co.uk/articles/ 

Photo credits: Pexels

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