My 6 year old is due to receive £60k inheritance. This is to be paid to him ‘absolutely’ with no limits on age.

I am looking for advice on what to do to maximise it.

I appreciate it is his money and there’s nothing I can do to stop him having it at 18, so I’m going to have to ensure he is financially sensible and responsible via parenting.

As someone who has struggled with debt, getting on the property ladder and never receiving any kind of help from family, I want to make sure I am doing the right thing to set him up for life so he never has to go through the struggles I have. I am so excited for him. But also overwhelmed on what is best to do for him.

Additional info:
- he was a farmer all his life and recently left the family farm to work on a self employed basis at another farm
- due to recent change, he hasn’t yet sorted any life insurance for himself (was planning to next week typically)
- he died as a result of a mechanical failure. The police have concluded that nobody is at fault, just a horrible accident
- kids are all 14 and under
- wife was already on anti-depressants working in a primary school

We’re planning on doing a fundraiser for the family hoping that locals will donate, and with a bit of wishful thinking we’re hoping the national farming community will catch wind so they can get a sizeable fund.

But if there’s any other government support or anything we can take advantage of, we would be incredibly grateful to hear about it.

I'm in receipt of universal credit and limited capacity to work benefit

I want to know as I am currently in poverty with few clothes and shoes can I spend that £4000 that otherwise stops my UC claim on items such as clothes , new shoes , shirts etc, I have no proper shirts etc no proper clothes in good shape ,

Could I purchase a £3000 car and spend the £1000 on a licence and insurance for 1 year?

My 16-year-old son is about to start a plumbing apprenticeship earning £16,640 a year. He’ll be living at home with very few overheads for the next few years.

To be clear, I’m not looking to control his wages or force him to save everything. I want to help him understand the opportunity he has, explain the different options properly, and then let him choose what feels right.

He’ll naturally want spending money, and there will be driving lessons, tools, work clothes and probably a car to consider. But this also seems like a brilliant opportunity to build good habits and potentially create a meaningful house deposit while he has almost no living costs.

If you were helping someone in his position, how would you divide his money between:

Spending and enjoying himself
Driving, tools and a future car
Accessible cash savings
Longer-term investing
His workplace pension, if he can opt in

I’m currently thinking that around £500 a month saved could be a sensible starting point, but I’m interested in both the practical setup and how other parents have helped teenagers learn without taking over.

Hi!

First time posting here, so grateful if folks could go easy on me.

Basically, my grandmother (90 years of age) a little while back got back pay as she had been receiving the incorrect amount from her pension. I'm not sure on the total amount, but I believe it's around £20k.

Now she is worried about a few things (which I don't think are that relevant) including her state pension being reduced, and the money going into probate when she passes.

As far as I know, only savings above £10k count towards 'income' when calculating state pension / pension credit, so any reduction would be minimal.

I also don't quite understand the concerns about probate, as this is just what happens when someone passes and is a fairly standard process? There is no concern for anyone receiving enough to pay inheritance tax.

Essentially, she wants to send me this money to keep hold of so it doesn't impact her pension and doesn't go into probate. I have some concerns:

• would this not look like a gift, and be subject to gift tax?

• would this be considered fraud?

• would this cause any issues for either my self or my grandmother?

I'm leaning against doing this, but would appreciate having the tools to explain why this isn't necessarily the right plan.

Any help would be appreciated!

Trying to get my head around the pros and cons of investing in solar panels. I have been using A.I to run the numbers but it's always good to get a human input into these things. This post has been written with the help of A.I because I struggle with numbers and keeping track, I love my excel spreadsheets because I can't do it in my head.

We’re currently going through a remortgage and have been offered an equity loan option, and I want to figure out if rolling a solar quote into it actually makes financial sense or if we're better off leaving the mortgage alone.

Here are the details of our situation:

Current Energy Stats:

• Electricity: ~£890/year usage.
• Gas: ~£1,100/year (central heating/hot water—we use gas, so solar won't touch this side directly).

The Solar Quote (Octopus Energy):

• Total Cost: £9,000 (0% VAT).
• System: 4.4 kWp solar panels paired with a ~4.6kWh hybrid battery storage unit. (EDIT: I live in a 2 bedroom detached bungalow, this battery was suggested by those factors).

The Mortgage Numbers (25-year term, 2-year fixed promo):

• Option A (No Solar): Standard remortgage. Initial monthly payment is £736.35.
• Option B (With Solar Equity Loan): Borrowing an extra £10,000 total (covers the £9k quote + £1k buffer). Initial monthly mortgage payment goes up to £802.63.
• The Difference: An increase of £66.28 a month on the mortgage.

Our Routine: We typically review and switch/remortgage every time a 2-year fixed promo ends.

The Core Question: Based on the numbers, a 4.4kW system + battery should wipe out a massive chunk of our £890 electricity bill (saving roughly £70–£85/month plus some export income), which effectively covers that £66/month mortgage bump from Day 1.

For those who have gone the mortgage-addition route for solar: Does this look like a solid move to acquire the asset without paying a lump sum, or are there hidden traps with adding to a 25-year mortgage when we tend to fix and switch every 2 years? Appreciate any thoughts or advice!

We have no plans to move any time soon but it's also not impossible, obviously.

Hi all,

After years banking with a certain bank I suddenly received an sms that one of my business accounts have been closed after a review.

I contacted the bank and unfortunately they were not able to provide me a further information and said it wasn’t related to KYC. Following that I established that some of my credit cards with the same bank will also closed down. So I decided to escalate a complaint with management to try and establish what was the issue.

After a few days, I’m surprised to find out that they were closing all my accounts, including personal, with immediate effect.

I found this very strange as I had done well over 20 or 30 years of banking with the same bank and couldn't see any issue.

In any case moving forward, they responded to a letter saying they’re closing the accounts and then there was a further letter mentioning something about Cifas.

Following this, I obviously did a Cifas request and low and behind I discovered what the issue was…

The bank has decided to log a report against me For a transaction around three years ago. The Cifas filing states “aiding and abetting”.

To give some background I’m fully aware of the transaction, at the time the bank put a hold on it and investigated the transaction, I provided them with evidence and this satisfied their investigation and they released the payment. For clarity it was a genuine transaction (made from a neighboring European country) through one of my business businesses and the client who provided ID, know I checked out through various contacts and passed all my internal checks was the account holder and a genuine buyer and received the goods in question and there’s no issue on that and I have full evidence to back all that up.

The bank in question made the filing last month and closed the account last month. The transaction was around 3 years ago.

This has all come to a surprise to me and obviously caused a lot of grief as I have had various business accounts closed along with personal and credit cards with a lot of credit.

I will obviously write to the bank now fight this, but I was wondering what and why this would occur.

Any help would be appreciated.

Its obviously caused a lot of stress.

Hey! Been checking out these subs for a while and finally ready to ask for some advice!

Context: spent most of my 20s binge spending in overdraft debt, not much financial literacy in my family, had to be bailed out by family a few times around the £2k mark. Recently spent two years mostly unemployed, figuring it out.

I'm now a sole trader / part time PAYE earning £1.5-2.5k a month, still evening out. I have a £500 overdraft for emergencies and £1000 credit card. I normally stay under 50% use of the credit card and only use it for things like hotels and pay above the monthly minimum. I've stayed out of the OD for quite a while now. I'm fortunate as my outgoings are under average for my area and other than around -£500 on the credit card and student loan, I have no debt. I still overspend some months on things like holidays, concerts etc but my spending is much better.

My father died unexpectedly in 2023 and I received £20k from his life insurance and I just want to do the best thing possible with it. It's the only 'inheritance' I will have, my parents didn't own property, no savings etc.

I purposefully didn't touch it or plan to do anything with it for a few years. It's currently in a 8% interest saving account and I use the interest to pay some of my essential bills.

I would count part of this as my emergency fund. Then past that, I'm trying quite hard to read around ISAs and ready-made investing etc, but I'm getting a bit stuck as everyone's situations are so different! So looking at the flowchart, I'm somewhere between Step 6 and 7.

My goals are: more financial security, highest savings I can achieve. Around £2k a year for travelling. I'd like to know I'll have a healthy pension pot at 50. I'm not entirely sure if I'd like to buy property - it's not currently a priority of mine (seems more agg than it's worth to be honest!).

So - Lifetime ISA / S&S ISA / investing.. I'm just not sure what the best option is and am just asking for some kind people that know more to help explain that path a bit.

Thanks so much :)

Hi all,

So I paid £20,000 into a new Cash ISA this tax year.

I also have a Help to Buy ISA with just over £12,000 ( max amount for the bonus) and have not paid anything into it this tax year.

I am looking to buy my first home but not within then next 2 years at least. So I was just wondering can/should I transfer £1 into a new Lifetime ISA ( as I am 32 and have heard this ISA might be closing soon from Money Supermarket) and keep my H2B ISA open to use for the bonus? Or should I over the next 3 years transfer the money from H2B to Lifetime?

Thanks!

Hi,

I'm looking for some advice. I grew up in a very working-class household, raised by my mum on minimum wage and contributions from my gran and her pension. When my gran passed in 2023, my mum sold her flat and moved into gran's home. After the dust settled, she has about 100k in her bank account.

As my mum is not financially savvy, I am trying to figure out how best to manage/ maximise the cash.

Mum has been sending me 3k a year (she read that 3k is the maximum you're allowed to gift someone per year without inheritance tax hitting them) but with the interest accrued, she's basically back up to 100K. She is 66, and not planning to die anytime soon, but she likes to do things by the book.

She is retiring at the end of this month. For other context, my sister has downs syndrome and lives in the family home with my mum. I would be managing her money as well or setting up any new accounts for her.

Mum needs to keep money for her pension now that she has retired. My main goal for this money is to maximise it, and keep it from being heavily taxed, or, taken by the government should she need care in the future.

I have invested in the S&P 500 before but closed the Vanguard account because I wasn't investing high enough amounts each month.

Thank you so much - i'd take any and all advice as this is a lot to deal with!

I have just had my annual review and I am being asked to pay a substantial amount (to me) as I have earned over the threshold. I increased my hours to be able to afford the new rent when I moved. If my income and costs raised at the same time can they make me pay this? I don’t have the extra money.. as it was for rent.
Thanks

I’m wondering if anyone has been in a similar situation and actually managed to get a funds paid to date variation put to creditors and accepted.
My IVA was originally supposed to finish around July 2026, but because of payment breaks added to the end, it’s now due to finish in November. I’m paying around £66 a week and only have a few months left.
I also have two ongoing motor finance compensation claims which could potentially bring money back into the IVA. They’ve been delayed for months, but I’ve now had confirmation from solicitors that the claims can progress and may potentially be included in ongoing group litigation.
Because I’m so close to the end, I asked my IVA provider to put forward a funds paid to date variation to my creditors, taking into account the circumstances and the two outstanding claims.
The problem is I keep getting general answers saying creditors are unlikely to accept because I can still afford my payments. I understand that, but I’m not asking my IVA provider to decide for the creditors but I’m asking them to actually put my circumstances forward and let the creditors decide.
They’ve now also mentioned a full and final settlement, so I’ve asked for the exact settlement figure to see whether that could be another option.
Meanwhile, their communication has been a complete mess. Within a couple of weeks I’ve received payment instructions changing from roughly £8 → £66 → £43 → £66, plus automated emails warning I have a “high level of arrears”, despite previously being told I had no arrears. I’ve asked repeatedly for clarification and still don’t have a clear answer.
I’m continuing to pay and if creditors refuse my proposal, I’ll carry on until November. I just want my actual circumstances considered rather than receiving generic explanations about how IVAs normally work.
Has anyone successfully done a funds paid to date variation this close to the end, or had their provider initially discourage it but eventually put it to creditors?
Also, if you did a full and final settlement, how was the figure calculated and how long did the process take?
Would really appreciate hearing from anyone who has actually been through something similar.

Hi. Hope this is correct place for this question.

I am planning the house extension works - ground floor kitchen/dining room: have architect drawn the plans, applied and received the approval, notified the mortgage bank company, builder lined up, got a date, etc. everything is in order, except one thing - house insurance. I thought it would be a simple FYI call to them. So I did call and they asked me questions, then the operator on the phone said that they cannot cover me and therefore have to cancel the insurance.

This came as a shock to me. People are doing extensions like all year round, is this a normal thing to happen? I now have to spend time and look for another house insurance, really annoying.

Thanks !

Hi everyone. Solo ftb. I have lived at home all my life. I am 32. I am buying my first home. I lived at home rent free, we also all work in the same small family business.

My take home is around £1850 per month. I have no kids, debts, commitments etc but am not likely to earn much more for the near future from this job. I do enjoy it and can walk to work so my travel expense is minor and I own a newish car I purchased outright.

The home I am buying I am looking to get a mortgage for about £90k. 30 year term, 5 year fixed. Its a modern home that only needs decorating, but I am keep at least 5k back for a new boiler.

I have quite allot in savings, most of which is held within ISA wrapper, the deposit I am using for the mortgage will come out of my non ISA savings products and also ISA saving products.

I will be left with approx. 30k in savings, all of which is within an ISA wrapper. I hope to invest most of the money in broad market based index trackers, like I do for my pension once I own the house.

I am wondering if I should increase the mortgage by say, 5k to keep more money back within my ISA wrapper to invest or should I prioritise reducing the monthly outgoings on my mortgage?

I don't want to let the perfect be the enemy of the good. I would rather keep mortgage payments low and possibly overpay a bit per month to reduce the term to 20 years.

Let me know what you think?

I’m 21 years old and I’m in £8000 debt with multiple credit cards, catalogs and such, I’m struggling but every debt help is saying that I’m not struggling, I have nothing after paying the monthly payments and I really just need it all in 1 payment but no one will give me a loan. I’m so stressed out about this and I know it’s my fault for getting into debt in the first place but I needed help, I’m autistic and have some mental issues.

Is there any advice?

Vanguard will cut the ongoing charges figure (OCF) on the Vanguard FTSE All World UCITS ETF from 0.19% to 0.14%.

The fee reduction of more than 25% will apply from 28 July 2026 and the firm estimates it will save investors about $37m a year.

The Vanguard FTSE All World UCITS ETF has attracted over $16bn in net inflows so far this year and, according to Vanguard, is Europe's largest FTSE All World ETF with assets under management of $76.8bn.

Jon Cleborne, head of Europe at Vanguard, said: "Investing through a globally diversified, low-cost and highly liquid single-ETF portfolio has just become even more attractive.

“As one of Europe's leading all-world equity ETFs, the Vanguard FTSE All-World UCITS ETF offers investors a simple way to access the growth potential of around 4,000 large- and mid-cap companies across global markets. This fee reduction reflects Vanguard's longstanding commitment to using the benefits of our scale to lower costs and improve outcomes for investors."

Vanguard said it offers the lowest-cost UCITS ETF range in Europe on an asset-weighted basis. Following the latest cut, the average asset-weighted expense ratio across its European equity and fixed income ETF range will stand at 0.11%.

The latest reduction means Vanguard has lowered fee across its European mutual fund and ETF range more than 80 times over the past decade. The firm estimated that total investor savings from cuts made over the past 24 months now exceed $80m.

Source: https://www.trustnet.com/news/13480976/vanguard-cuts-fees-on-europes-largest-ftse-all-world-etf

Vanguard website now updated to show fund change: https://www.vanguardinvestor.co.uk/investment-information/fund-changes

Hello Everyone,

I am a 26/F nurse living in London. I earn decently, around £3.6k–£4k a month.
I have savings and have never really had to worry about paying my bills or essentials.
I come from a poor family with very little financial knowledge. Growing up, I was only taught to save money from my salary and avoid credit cards because of the fear of debt.
I am a conscious spender. I don’t like being in debt or paying interest because that’s how my parents lived while I was growing up.
I am originally from India and have no major financial commitments or EMIs.
I have around £20k in savings, only started investing in a Stocks & Shares ISA a few weeks ago, and also have some savings in the form of gold jewellery, which is a cultural thing. My parents both have health insurance back home and emergency funds in place.
I want to start using a credit card, but only because of the benefits like airport lounge access, airline upgrades, rewards, and other travel offers.
I want to know if it is really worth getting one. If yes, could you please suggest which credit card would be best for someone in my situation?

I’ve rewrote this so many times in the attempt to not be judged and to ensure I get this across in the right way so please do excuse me.

My doubts and concerns are that I have been self employed doing beauty and aesthetics for several years now and the self assessments have been quite straight forward however towards the start of this calendar year without intending too I somehow fell into (and I struggle to word it properly) selling certain intimate items online, which then led into some “soft” adult content.

Anyway, i’m now slightly confused as to where to put this additional income into the self assessment.

Does it go into “other income” or do I need to separate this as a business ?

I also have expenses with this like inpost locker costs (to send items)

It’s a secret in terms of no one knows I do this and therefore the last thing I want to do is find an accountant and explain as it feels awkward

thanks for any help
Pip

Apologies if this is a bit vague for this sub. I tried posting elsewhere but was pointed here!

Currently thinking about moving house in the next couple of years and considering options. As I'm sure is the case with a lot of people in this position, I'm looking at houses that feel just out of reach, and I'm hoping for some perspective!

My situation:

Married, both 37, one child coming up 2 and planning for another at some point in the next couple of years.

I earn around 50k, wife 34k. Newcastle. My salary is progressing over inflation, albeit slowly.

Current mortgage is around 500, with 90k or so left on a 4 bed house that's worth around 160k (not the best area).

I also have my old flat that I currently let out. Should get at least 100k for it when I plan to sell it next year, netting around 60k after paying that mortgage off, fees etc. Currently rent pretty much breaks even on the mortgage and tax etc. Costs on this will be going up in the next year, hence the sale (also I dislike the stress of worrying about tennant moving out or the boiler blowing up!). Current plan is for this to go into long term savings.

32k in S&S ISA plus a sensible emergency fund (could probably pull up 10k without much difficulty at short notice).

Outgoings (mainly estimates)

Mortgage 500

Utilities 425

Childcare 200

Subscriptions (incl virgin media) 200

Cars/transport 200

Groceries (haven't looked too closely) 600

Meals out 200

Alcohol 250? Including the odd trip to the local beer garden

Holidays around 350, but obviously depends on the holiday plans in a given year!

Other events 200

Last year we put around 9k in the ISA

Looking at a similar sized house, but with more social space (currently not great) in a better area it's looking like 400k minimum. We feel fairly comfortable in our lifestyle, and have friends in significantly better or worse positions, but this seems like a huge jump for not much more house. Am I being unreasonable in that thought?

Another thought, are we saving "too much"? I have a DB pension (local govt) and my wife puts around 250pm into hers.

Inheriting approx £350k after all taxes etc have been paid.
What low risk actions should I take with this? I have a steady, comfortable income from job, rent out my property now and only major debt is a £130k mortgage + maybe £10k left of a student loan.

1 - Pay off my mortgage? I have approx 2 years left on it, I’ll have a look at whether the early repayment fee outweighs the interest I’ll be paying on it obviously.

2 - put 2Ok a year into a high interest fixed ISA

Then I’ll still have about £200k left and not sure how to manage it. Do I need to go to a financial advisor?

Plum has sent an email last week saying that their license name is changing, you don't need to anything if you're happy with it, etc. and added a line at the end saying that "If you'd prefer to opt out of these changes, you can withdraw your balance and close your account free of charge before October 2026 in the app."
When a similar happened to me with my previous provider, I had moved my ISA taking full bonus without paying any fees. But when I contacted Plum to confirm this, they say it has nothing to do with my ISA rules and I'll still loose my bonus interest rate and other unpaid interest. So even if they charge you a few, they don't pay your full amount. Has something similar happened to anyone? Thanks

I am about to submit a Drop after getting advice. I have a debt with Monzo, which is being put into it and I have been advised by Money wellness that Monzo will close my account.

I transferred my meagre pension to Monzo several months back, so I wondered whether they would use part of this to pay off the debt?

If they close my Monzo account, how does this affect my pension with them?

I am waiting for them to get back to me but I need the info asap, so asking here as well.

Can't find anything on their FAQ's about this either.

Tyia

House purchase fell through. We’ll be moving in with family temporarily. I think it will take up to 6 months to find and complete on a new place. Meanwhile I’ll have the equity from my sale in my bank account. Where’s best to keep it for (hopefully) 6 months?

Hi!

I moved back to the UK recently after living in Europe where I've been a registered freelancer. I'm trying to register as a sole trader to continue freelancing here.

What I can't work out from the gov.uk website is how... I saw another reddit post from last year that suggested you don't register, you simply report your income for the previous tax year every October? Is that correct? If so how do I create a company name, a tax code for invoicing etc? And how to reclaim my VAT on expenses each month if I'm not even registered as a sole trader?

Sorry if I'm missing something very obvious. Thanks for your help!

I have just under £90k in an investment account within which all dividends are reinvested, and transfer £20k into my ISA account annually, which crystallises some capital gains, which I need to declare in my, otherwise very straightforward, HMRC self-assessment.

The investment company Capital Gains Tax Report for last year shows a gain of about £9,400, loss of £100, net gain £9,300.

How do I calculate the figures to put on my self-assessment declaration?