Money saving tips: New Year’s Resolutions may help Britons retire earlier | Personal Finance | Finance

Consolidate debts

Some people will have different pools of debt, and so combining them may help the debt become easier to tackle – particularly if a person is paying less in interest.

Ms Barrett recommends looking at taking out a new loan to use to pay off existing debts, or using a zero percent transfer credit deal. Advice can be important in these circumstances.

Plan now for rewards later

The expert continued: “If you are under 40, you might want to consider opening a Lifetime ISA (if you have one already, you can continue paying into it until the age of 50). 

“This gives you a 25 per cent bonus on savings of up to £4,000 a year. You should be aware however that the bonus is only retained if the Lifetime ISA deposits are drawn to either buy your first home or after the age of 60 (there is a penalty for withdrawals at other times).”