Reviewing options

Having saved the money, Ms Trott suggested savers looked into their options ahead of the end of the tax year - which falls on April 5.

“Get your affairs in order ahead of tax year end,” she said.

“Make the most of the reliefs and allowances available on tax-efficient investments – review your ISA and pension contributions and maximise your annual allowances so that you benefit from the available tax breaks and reap the rewards later in life.

“Tax planning is best put into practice well before the end of the financial year so that you’re in a better financial position when the deadline arrives.”

New habits

“Try to create a new habit, we all know that coffee a day soon becomes a habit that is hard to break," Ms Trott said.

“Make payments to you pension or ISA before you start spending each month, so you don’t miss it and it becomes a positive habit rather than a negative one.”

Read More