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For instance, contributing to a pension can decrease your taxable income, while ISAs allow for tax-free growth on investments. These strategies enable you to retain more of your hard-earned income and can ultimately result in substantial savings over time.
5. Prioritizing Spending on Things You Value
While eliminating wasteful spending is essential, it is equally important not to throw the baby out with the bathwater. Striving for extreme frugality often leads to resentment and dissatisfaction, which can ultimately derail your financial goals.