Q

What is the best way to save money?

A

It depends on what you’re saving for.

The best way to save money really depends on what you’re saving for, because it will dictate how you save.

If you’re saving for retirement, you should open a SIPP, and/or an ISA, or a combination of them, since they offer amazing tax benefits that will either save you money right now, or down the road when you retire. How far away your retirement is, and how strong a stomach you have for short-term volatility will dictate how much of your savings should be invested in equities, AKA stocks, which can have wild up and down swings, versus low-risk government bonds, which are more stable, but offer less potential for growth.

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