The biggest life plans tend to require solid financial foundations – from saving to buy a home, to raising a family.
FOMO – or fear of missing out – can be a useful motivator. Yet, it’s easy to overlook the tax reliefs and allowances that can make a real difference to your financial health. One trap that those in their 20’s and 30s can fall into is to rely too heavily on cash savings. While an easily accessible fund for emergencies is essential, other options are worth exploring when it comes to medium and long term plans such as saving to buy a house or planning retirement.
Maximising your tax allowances will make your money go much further, and such allowances can make a real difference to your chances of reaching your goals. This can all sound much easier than it is, of course, especially at a time of so much uncertainty and with so much to do now, let alone in the future! Speaking to a financial adviser is a good way to take the pressure off and make sure you’re not missing out on potentially valuable tax benefits. Don’t let your tax allowances go to waste, if you wish to discuss your options, please contact us on 01204 304 814 or office@barlow-irvin.co.uk.