Final cost of living payment: MAJOR universal credit shock could hit millions of Britons

Tips to save money

Samantha Gould, head of campaigns and financial advisor at pension provider NOW Pensioenen, gave tips to help with saving.

Since 2012, employees of the company are automatically registered for company pensions.

It means that a percentage of an employee’s monthly salary is taken away and put into a pension pot.

Your employer must also contribute a minimum amount and the employee contribution, usually 5%, includes: tax relief from the government.

Samantha said that while it may be tempting to opt for more money in the short term, it would be a bad idea in the long term.

“Working pensions are great because it’s not just your own money, but your employer contributes as well,” she said.

“If you build up the value of a pot, it is a lot cheaper and easier to build up substantial amounts than if you have taken out a pension yourself.”

While the legal minimum employers must contribute is 3%, some will offer more than this if you’re willing to increase your monthly contributions.

Of course, you should only do this after you’ve created a budget and know that enough money is coming in each month.

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