The easiest thing you can do to accelerate your journey to financial independence is to know, understand and use all the tools that can give your savings a boost.
Below is a brief summary of all the schemes you should look at to understand how they increase your net worth and determine which ones are right for you.
I will keep exploring and adding new topics but in the meantime, feel free to ping me a message in case there’s something specific you’d like me to look at.
Probably the best-known government/employee savings scheme. It’s not always the most straightforward but you can’t afford to ignore your pension if you are serious about financial independence.
Find out more about pensions.
Save As You Earn
This nifty scheme can potentially give you a tax-free, 25%+ boost to your savings. At the same time, you get full downside protection (guaranteed by the FSCS).
If you are a basic rate taxpayer (or your pension is maxed out) and have a three to five-year investment horizon, you should definitely give SAYE a closer look.
Find out more about SAYE.
Surprised? I used to ignore cards until I’ve done some research around the topic and realized that I can save a couple of thousand every year based on my spending and travel partner.
It’s easy and pretty straightforward but you need to stay firmly on top of your strategy to make sure you don’t incur unnecessary fees and expenses.
Click here to learn more about building wealth with credit cards.