Whether it's towards a deposit for a car, a renovation at home or a holiday, saving is no easy feat. Savings experts have revealed their top tips on how you can save up to £5,000 in 2023.
Lucinda O’Brien, savings expert at money.co.uk, said: “As much as we may try to put it to the back of our minds, money is something that can be a major source of stress, especially in the current economic climate. However, sticking to a budget in order to consistently save money could be a lot easier than you think.
“When building yourself a savings plan, the first thing to consider is what this money will be going towards. If it is for a first-time house deposit or retirement, then opening a Lifetime ISA is a good option to consider. This is because if your goal is to have £5000 put away each year, you actually only need to save £4000 of your own money. The government will add a 25% tax-free bonus, meaning savings of £4000 will automatically be topped up by an extra £1000 each year. This is ideal if you’re wanting to save £5000 exactly as the maximum you can deposit into a Lifetime ISA is £4000 a year.
