Virginia, 55

From divorced and homeless to mortgaged and mumsy, Virginia’s journey with money has been a real challenge. But with a can-do attitude and some help from her friends, she’s back in control. 

My relationship with money: "Precious"

"When I’m in a good place with money it’s because I appreciate it. And I appreciate because I’ve been in situations when I haven’t had much. It’s not been easy, keeping a roof over my head and things like that. Gotten into debts and all sorts. That’s why it’s really precious."

Working hard and saving turned my life around

Financial advisors shared some great secrets

I'd like to invest to build an inheritance

My biggest money question...

"I don’t ever want my son to struggle and when he has his own family I want them to be in a good place. So what are some of the best things I can do now to give him the best inheritance?"


Answer by Tamsin Caine, Smart Financial

That’s a great question. You need to start with making sure that you have enough for the rest of your life to be able to do all the things that you want to do. A lifestyle financial planner can help you with this.

Once that is covered, if you have surplus, you may be able to start to give your son some of the excess. It’s great to be able to watch your children enjoy the money you can afford to give, rather than wait for you to pass.

You can gift £3,000 per year with no inheritance tax implications. If you didn’t gift this amount last year, you can carry that forward one year as well. If you are young, you may feel that it is too early for large gifts, in which case an ISA or junior ISA might be preferable. I hope this helps!


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