People across Scotland and the rest of the UK are running out of time to claim the £1,576 free money everyone from 18 to 40 is entitled to from the Uk Government.
The money is available thanks to two policies - the Lifetime ISA (LISA) and pension tax relief, however, both of these income boosts reset at the end of the tax year on April 5, which means if you haven't topped up your savings in time, you will lose the chance to claim the cash.
Anyone putting money into a LISA will get 25% added on top by the UK Government on the first £4,000 they save each tax year.
That means you could be given anything from 25p to £1,000 free, depending on how much you can spare - provided you use your savings to help buy your first home or after you turn 60.
Anyone aged between 18 and 40 can open a LISA with as little as £1, and once opened you can continue to get government top ups until you turn 50.
People also get at least 20% tax relief for putting money into a pension - even if they don't pay tax. While the UK Government is only offering £576 in tax relief to people without an income, that's not to be sniffed at.
By contrast, anyone who does pay tax on their earnings can claim much larger sums back - with more than £8,000 a year available to the people maximising their potential contributions.
James Andrews, Senior Personal Finance Editor at money.co.uk, said: “The UK Government is keen to get as many of us saving for our futures as possible - be that for a home or their retirement - so has put cash on the table to encourage us.
“But this money only lasts as long as the tax year - which runs out on April 6. So if you don’t act you’ll lose out on this year’s free cash forever.”
James continued: “The good news is you can open a LISA in a few minutes online, if you don’t have one already, and start saving.
“With a pension, you might well already be signed up at work, but you’re free to make extra contributions to either your workplace pension or open a separate private one and contribute to that - and these will get tax relief as long as you don’t save more than your annual salary or £40,000 in a year.
“However, it’s worth noting that with a pension or an LISA invested in stocks and shares your capital could be at risk if markets perform poorly - although the longer you keep invested the smaller this risk is.”
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