💨 Abstract

Dividing savings into specific "pots" with defined purposes increases motivation and effectiveness. This trend, known as 'mental accounting,' allows you to designate money for holidays, emergencies, or long-term goals like home deposits. Technology helps manage these pots, with banks offering multiple, personalized savings accounts. The article also discusses saving tips for various expenses, such as pensions, holidays, Christmas, and weddings, as well as government schemes like the Lifetime Isa, which can supplement your savings with bonuses.

Courtesy: Rosie Murray-West