Scrimp and Spend
Hi, I'm Ruth, the creator of Scrimp & Spend. Welcome to your home for clear and actionable financial education in the UK.
I started this channel to document how I earn, save, spend, and invest, and to help you build confidence and make smart money moves for your future.
Here, we cover everything from:
-How to start investing
-Budgeting that actually works
-Navigating the UK financial landscape
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Scrimp and Spend
The most effective way for you to invest could be to make use of FREE MONEY.
Investing £100 through a workplace pension is only going to cost you £80 as a basic rate taxpayer.
£20 would have been lost to the taxman, but instead it's an asset you can use to build your wealth.
If your work offers contribution matching you can get even more, usually more than double what you put in, because you are getting the tax relief plus free money from the company that you work for.
If they offer salary sacrifice, you can also save on national insurance contributions because they are only calculated on what you earn (and take off anything you choose to put towards your pension).
A friend of mine is saving £500 a month that would otherwise have been lost forever to the taxman. Instead it's sitting inside his investment account, and growing his net worth.
But he's actually gaining much more than £500 a month if you look at his employer's contributions on top of all the tax savings.
The full breakdown, including how to do this, is covered in my latest video: https://youtu.be/0EdO2dtltac
4 months ago | [YT] | 4
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