Stoptober and Pensions
If you’ve managed to give up smoking or alcohol for the past month, congratulations! Not only can giving up smoking and drinking do wonders for your long-term mental and physical health, but it can also save you a good deal of money. The NHS says most people who quit smoking save around £250 each month. Considering the average pint of beer in the UK is now £3.50 and £5.20 in London, cutting out or cutting down on alcohol consumption can also be an effective way of saving money.
The move towards moderation seems to be most visible with young people. A recent study by University College London revealed that youth binge drinking rates were down 9% with the number admitting to drinking above the recommended limits also down 15% compared with a decade ago. Surprisingly 29% of 16 to 24-year-olds do not drink alcohol at all.
As well as being but it for your wallet, cutting down or quitting smoking and drinking has the benefit of increasing your life expectancy. If you’re now looking forward to a healthier and hopefully longer retirement then think about putting some of your extra savings into your pension. You can voluntarily increase your contributions to your pension, meaning you’ll save more in the same time period. Some employers will even match your increased contributions up to a certain percentage. The main benefit of saving into a pension is that you will receive tax relief, effectively boosting your savings further.