Expert advice on saving money throughout life

It’s never too early – or too late – to start a new money habit, although new research suggests many of us are behind where we’d want to be in life.

So, how can you kickstart new money habits, whatever your stage of life? Kelly Atkins, head coach at Octopus Money, shares the following suggestions...

In your 20s

Atkins suggests trying to build an emergency fund, working towards paying down any non-mortgage debts and considering ways to boost your credit score, adding: “Did you know that signing up to the electoral register can boost your score?”

Understanding your workplace pension is also key, she says: “Your future self will thank you if you make the most of this while you’re young.”

In your 30s

“If you didn’t do it in your 20s, then it’s time to consider who’s reliant on your income and what might happen if you couldn’t work,” says Atkins. “Reviewing any insurances and protection policies is really important.”

She adds: “If something bad happens, it’s important to know that you, or those that you love, will be financially OK.”.

Writing a will could also be a consideration, she says.

In your 40s

Atkins suggests setting time aside each year to make sure your insurance is up-todate and reviewing pension holdings, including what funds you're invested in..

In your 50s

“You could be in the fortunate position of having a bit more disposable income, and so it’s important to make sure you’re making the most of any tax-efficient options to keep growing your wealth,” says Atkins.

Free pension guidance is also available for over50s from the Governmentbacked Pension Wise service.

In your 60s and beyond

Financial advice can be key at this life stage, says Atkins.

She adds: “It’s worth making sure you’re making the best use of your ISAs and pensions.”

“If something bad happens, it's important to know that you, or those that you love, will be financially OK