A. Hi Christina

This is a question that can only be asnwered by your local job centre who will have all the information on how your grant will effect your benefits.

A.
Thanks for your question. You are not alone, many people are in your situation but the first step is to talk about it and get to the root. You don't need to speak to the Bank Manager or the psychiatrist, just someone who understands finances and the emotional side to them.

You need to start by doing a budget, this will most likely show as you mentioned that you are over spending. Take a look at how you are borrowing that over spending (loan or credit card and review) then prioritise into things you need to have (mortgage, food basic clothing etc) and the nice to haves ( extra treats, eating out etc) Take a look at this short term and long term and set a plan - it is all then down to discipline just like a diet. You have to review the plan regularly and see if you are on track. The earlier you crack on with it the better. A good book to read is Alvin Hall - What not to spend.

I have a contact and ex colleague who is a financial coach, she doesn't give full advice ( she passes you to me for that) but by telephone she can coach you through the pain. The advantage of this against a normal life coach is that she has financial training. Please let me know via OnlyMums if you would like her contact.

Caroline Anstee

A. This is a very common situation as it is unlikely these days for people to be with one employer throughout their working life. Unfortunately however we tend to just put all the paperwork in a drawer rather than reviewing it.

As you would expect , as it is pensions there isn't a simple answer. It very much depends on what type of pensions they are (and therefore what benefits are paid) , what costs are involved, what other benefits are payable such as dependents pension etc and what your personal situation is. So it isn't as simple as putting them altogether , it doesn't necessarily mean you will have 4 different pensions but you certainly should take a look at all of them and review them individually and then decide the best options, that way you will know what pension is likely to be payable , when payable and be able to plan accordingly.

The first plan of action would be to contact the various offices and get up to date information and ask questions about the different schemes.

I am happy to help you with this, there is no initial cost for the collating of the information , I will then be able to see what you have and guide you in the process.

If you want me to look at this for you please email me your contact details and we will take it from there.

Kind regards

Caroline Anstee
07906 080480

A. Congratulations – first of all for starting out as a freelancer – and secondly for recognising your own weaknesses.

If this is your first year in business, the biggest shock is that when you prepare your first tax return, you not only pay tax for the previous year, you also have to pay six months ‘on account’ – effectively leaving you with a tax bill for 18 months’ work even if you have only worked for 12 months.

As a general rule, if you are not registered for VAT, setting aside around 40% of turnover should ensure you are able to pay your tax bill comfortably. Once you have filed your first set of accounts, you will have a better idea of what you need to save in the next year. I’d really recommend that you find a reliable accountant who you feel comfortable working with to advise you and help you keep your tax bill down. Talk to one now rather than a week before you need to submit your return as they will also help you set your record up in a way that will help you – and them – keep track.

Having accounts prepared and signed off by a qualified accountant will help you if you need to take out a loan or mortgage in the future, and should also help protect you against tax investigations. Ask for recommendations at local networking events or see the Institute of Chartered Accountants in England and Wales website at www.icaew.co.uk