LIVE FOR TO­DAY, SAVE FOR TO­MOR­ROW

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Mind­ful­ness is all about liv­ing in the mo­ment and not spoil­ing the “here and now” by wor­ry­ing about to­mor­row or dwelling on the past.

If you’re a “live for to­day” per­son, then the idea of sav­ing for your pen­sion pot may not come nat­u­rally to you. While I don’t be­lieve in scrimp­ing and sav­ing in the present in or­der to try and build up a pen­sion pot for many years down the line, nev­er­the­less, it is worth start­ing to put some­thing away as early as you can. Plus you’ll get a hand out from the tax of­fice – a rare thing in it­self! – as you will get a 20% boost with tax re­lief, if you’re a ba­sic rate tax­payer, on any­thing you pay in.

It’s the same with sav­ings. Spend­ing ev­ery­thing you have each month is all well and good, but what hap­pens if the car breaks down or the wash­ing ma­chine packs up? Far bet­ter to have some money put by than have to go into the red and pay bank charges or rely on a credit card that you’ll strug­gle to pay off.

Yes, sav­ings rates haven’t been great for a long time, but isn’t it bet­ter to get some­thing rather than noth­ing? If you have £500 in sav­ings, you could make a miserly 50p a year, which is less than the rate of in­fla­tion, by leav­ing it in a low rate ac­count, or it could earn you £25 a year with an ac­count pay­ing 5%.

What about those rainy days?

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