Jamie Smith-Thompson says “Could giving up one take-away a week and paying that money into a pension really make that much difference to your pot size? Yes – and we’re talking possibly thousands! So, if you’re thinking about paying in a bit more into your pension, and not necessarily a lot more, where do you start?
you are opted into a workplace pension scheme you could choose to boost your
monthly contribution. Increasing your contribution from 4% to 7% at a cost of
£50 extra a month could mean as much as £25,000 more in your pension pot at
retirement. You should speak with your employer or pension provider directly to
find out how you can increase your contributions if you are part of an
auto-enrolment scheme at work.”
Jamie Smith-Thompson says “With credit now easier than ever before to get hold of, buying those ‘needs’ now and paying for them later, can come at a hefty price. This really doesn’t help your finances at all, as it gradually becomes unaffordable. And, once you’re in that rut, it can be extremely hard to get out of it. We have to think do we really need the things that we are buying with these cards? They are luxury items that we think we can’t do without but let’s face it, we usually end up with buyer’s regret!”