Thanks to the power of compounding, doing this vastly increases your chances of becoming financially independent earlier in life and/or securing a more comfortable retirement.

The only catch is, you need to get your spending under control first. So here are four ways of doing just that. 

1. Practice patience

Instead of buying something impulsively, why not just make a note to consider purchasing it after a set period instead? This could be a month, a week, or even just 24 hours. If you’re shopping online, set up a wishlist and come back to it later.

This simple action isn’t intended to cut out all the joy in your life. But it does allow you to recognise your spending ‘triggers’ and the breathing space to consider whether you really want, or need, a product.

It also gives you the time to check whether you might be able to get a better price for that ‘special’ something elsewhere. Or perhaps a friend might already have what you want and would be prepared to let you borrow it. They may even want you to take it off their hands for free!

2. Ditch the plastic

Thanks to credit cards and innovations such as Apple Pay, we’re using less cash than we used to. Being able to ‘tap and go’ without having to look through your wallet for notes/change is, of course, very convenient. But it also has the potential of making living below your means that little more difficult, because you’re less likely to track your outgoings. Studies have consistently shown that people become more conservative with their spending when they use real money rather than cards.

The key here is having a plan and sticking to it. Consider your weekly food shop. Why not decide on what meals you will cook in advance, withdraw a set amount from your bank account and then use this (and only this) for your groceries? If you feel comfortable doing so, leave your cards and phone at home. 

3. Pay yourself first

One of the best ways to ensure you’ve got money to invest is to transfer said money over to your Stocks and Shares ISA, or SIPP, as soon as your monthly salary hits your bank account. Better still, set up a direct debit so the process is automated.

In addition to now having cash to put to work in the market, this means you’ll have less to spend from the off (although this does involve you also abiding by the points above). Just to make sure, think about ditching any overdraft facility your bank may offer too.

Another option

If you’ve tried all of the above, have cut back where you can, and still have no money left over, a final option is to find ways of earning more, be it through a promotion or a second income stream. The latter could take many forms. Tutoring someone else on a subject you enjoy, or selling things online are just two examples.

The obvious drawback here, however, is that you need to be even more disciplined to refrain from spending this extra income.

The post 3 ways to stop spending all you earn appeared first on The Twelfth Magpie.

More reading

• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?
• Will SpaceX, Nvidia, or Alphabet be the first $10trn stock?
• Up 95%! This FTSE 100 stock’s outperformed Nvidia over the past year
• With a 9.3% yield, is this an amazing opportunity to consider buying dirt-cheap Taylor Wimpey shares?
• How much do you need in a Stocks and Shares ISA to aim for £375 a week in retirement?

Paul Summers has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

Aside from the sugar tax there were no real surprises aside from the small matter of a huge increase to the ISA allowance to £20k from April 2017.

So what’s changed?

While the allowance has risen to £20k for everyone, it’s younger savers, specifically those aged 18 to 40 who now have the choice of stashing their cash in a new up-to-£4k ‘Lifetime ISA’, or Lisa as it has quickly become known

The chancellor was true to his word and didn’t tinker with pensions in what appeared to be an about turn from the flat rate that many believed would be introduced on Wednesday.

The Lisa has been designed as a cradle-to-grave savings account. Individuals will be able to save up to £4,000 a year in the new ISA and the government will top it up with a 25% bonus, meaning for every £4 saved, the government gives you £1.

The £5,000 saved in the Lisa each year, including the government top up, will count towards the new £20,000 ISA limit, which will increase from £15,240 next April.

Unlike a pension, the money in the Lisa can be used to buy a first home worth up to £450k, alternatively, individuals can continue to save and receive the 25% bonus, until the age of 50.

If the money is accessed after age 60 it can be taken tax-free, but if it’s accessed before that age, unless you’re buying a home, the government bonus will be lost as well as any interest or growth and there’ll be a 5% charge.

Is it a good thing?

Do the positives outweigh the negatives? Well the Institute of Fiscal Studies (IFS) think so, saying that the Lisa provided a clear saving incentive.

Indeed, on the face of it, if a person saved the maximum £4,000 a year from age 18 to 40 then they can expect a maximum top up of £32k from the government for a contribution of £128k giving a total of £160k – not a bad deposit for a house.

However, in my view the Lisa could, and should go further. As things stand by 2017 the auto-enrolment rules will insist all employers pay at least 3% into their employees’ pensions as long as employees are contributing 4%. The government then tops up the contribution with a further 1%, and of course there’s no tax paid on the contributions as it’s all dealt with at source.

While the additional 4% may not sound like much of an incentive to save into a workplace pension, people should look long and hard when deciding whether to opt in or out as that 4% gift, once compounding has been taken into consideration over a number of years could turn into a significant sum.

The Foolish bottom line

It’s been clear to me for some time now – we need to save more for our retirement, and while pensions are, in my view one of the best vehicles to achieve our goals, they fail to take into account certain life events, such as buying a house, or starting a family. And while I welcome the Lisa as a step in the right direction, I think that individuals need to think very carefully before deciding which vehicle to use when planning for retirement.

The post The Downsides To The New Lifetime ISA appeared first on The Twelfth Magpie.

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• Up 95%! This FTSE 100 stock’s outperformed Nvidia over the past year
• With a 9.3% yield, is this an amazing opportunity to consider buying dirt-cheap Taylor Wimpey shares?
• How much do you need in a Stocks and Shares ISA to aim for £375 a week in retirement?

Certainly, pensions are an option, but ISAs offer greater flexibility and their tax advantages tend to work out as being broadly similar to pensions in the long run. For example, ISA contributions may be from income that has already been taxed (unlike pensions, which enjoy government tax rebates on contributions), but withdrawing funds is tax-free (unlike pensions). ISAs also offer a huge amount of flexibility before retirement, and funds can easily be withdrawn at any time with no penalty.

As a result, ISAs have become extremely popular in recent years – especially as the current Chancellor has rapidly increased the annual allowance since 2010. Prior to the Coalition government, the annual ISA allowance was just £7,200, but following the recent Budget this figure has now been increased to £20,000 from 2017 onwards. That’s a rapid gain in just a handful of years, with the rise planned for 2017 representing an increase of 31% (or £4,760) versus the current financial year’s allowance of £15,240.

Retirement impact

This increased allowance of £4,760 per annum could have a huge impact on an individual’s retirement prospects. Assuming a 9.1% annualised rate of return (the annualised total return of the FTSE 100 since it started in 1984), investing an additional £4,760 per annum for 40 years would equate to a retirement fund £1.65m higher than it otherwise would have been. Many people would argue that such a figure is more than enough to retire all on its own and as such, it may not be necessary to work for a full 40 years in order to retire with a comfortable income.

In fact, assuming an individual will require an income of £30,000 a year in order to enjoy a comfortable retirement, they would need to have a portfolio value of £750,000 at retirement (assuming an annual withdrawal of 4% of the fund’s value, provided for by dividends). Using the current ISA allowance of £15,240 and the annualised rate of return of 9.1%, it would take an individual around 20 years of investing to reach their retirement goal.

However, under the new ISA allowance that figure falls, since investing £20,000 (rather than £15,240) at an annualised rate of return of 9.1% generates a total fund value of £750,000 after just 17 years. In other words, an individual can afford to retire three years earlier than they otherwise would have been able to under the current ISA allowance. And with tax-free withdrawals permitted at any time from ISAs, this could lead to an individual leaving the workforce as soon as their portfolio hits that magic £750,000 level.

So while the introduction of the Lifetime ISA and various other policy changes may have grabbed the budget headlines, the rise in the ISA allowance to £20,000 a year could prove to be the most important change made by the Chancellor for long-term investors.

The post The Budget’s £20k ISA Allowance Could Help You Retire 3 Years Early appeared first on The Twelfth Magpie.

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• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?
• Will SpaceX, Nvidia, or Alphabet be the first $10trn stock?
• Up 95%! This FTSE 100 stock’s outperformed Nvidia over the past year
• With a 9.3% yield, is this an amazing opportunity to consider buying dirt-cheap Taylor Wimpey shares?
• How much do you need in a Stocks and Shares ISA to aim for £375 a week in retirement?

A sweet surprise

The biggest surprise in the 2016 Budget was probably the Chancellor’s decision to introduce a sugar tax.

Shares in manufacturers of sugary drinks quickly slid lower, but do investors need to be concerned? Chancellor Osborne is planning a two-tier levy on sugary drinks, with rates for drinks with over 5g of sugar per 100ml and drinks with more than 8g per 100ml.

Mr Osborne aims to raise £520m from the new levy, but it won’t come into force for another two years. This delay didn’t stop shares in soft drinks firms such as Nichols (LSE: NICL) and Britvic (LSE: BVIC) falling sharply, but do investors need to be concerned?

I’ve taken a quick look at the sugar content of a number of popular soft drinks made by Britvic and Nichols. It’s clear that both companies have a number of products which may be affected by the levy. However, both firms also offer no-added sugar versions of their most popular products. In addition to this, many of the more sugary drinks have sugar contents that are only slightly higher than 8g/100ml.

What I suspect will happen over the next two years is that high sugar drinks will be reformulated to reduce sugar content to less than 8g/100ml. Other drinks may be phased out completely, or converted into sub-5g/100ml drinks. The firms may also lift prices slightly to offset the sugar tax.

My view is that this new tax is only likely to have a marginal effect on profits, if any at all. I wouldn’t buy or sell shares in Britvic and Nichols based on today’s news.

Oil tax cut

Another big story for UK investors was the Chancellor’s decision to cut the tax on oil and gas production.

One of the biggest stock market movers following this news was Premier Oil (LSE: PMO), whose shares rose by 10%.

The Chancellor abolished the Petroleum Revenue Tax and announced plans to cut the supplementary charge on oil and gas from 20% to 10%. On the face of it, it looks like good news for firms such as Premier Oil, which produce a substantial amount of oil in the North Sea.

The only problem is that Premier already has $3.5bn of UK tax losses which it can offset against future North Sea production. Today’s tax cuts will reduce the value of these losses a little, but that’s all.

A more serious concern for shareholders in Premier Oil is the firm’s $2.2bn net debt. Tony Durrant, Premier’s chief executive, warned investors in the firm’s latest results that “further relaxation of covenants may be required” if oil prices do not start to recover.

If this happens, Premier’s lenders may force the firm to raise some cash by issuing new shares. That would almost certainly mean heavy dilution for existing shareholders. These debt risks mean that Premier remains a stock to avoid, in my view.

The post Do Budget Changes Make Premier Oil PLC, Nichols plc and Britvic Plc A Buy? appeared first on The Twelfth Magpie.

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• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?
• Will SpaceX, Nvidia, or Alphabet be the first $10trn stock?
• Up 95%! This FTSE 100 stock’s outperformed Nvidia over the past year
• With a 9.3% yield, is this an amazing opportunity to consider buying dirt-cheap Taylor Wimpey shares?
• How much do you need in a Stocks and Shares ISA to aim for £375 a week in retirement?

Roland Head has no position in any shares mentioned. The Motley Fool UK has recommended Britvic. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

More flexible

For example, amounts added to the Lifetime ISA would be from after-tax income (as is the case for the ‘standard’ ISA), but the government would then top up the amount by 25%. This essentially means that it offers the same tax benefit as a traditional pension for basic rate taxpayers, since the government tops up pension contributions by the amount of income tax paid at the present time.

However, the Lifetime ISA will be more flexible than a traditional pension. The amount invested will be available to be put towards a house after just one year, and will be able to be withdrawn tax-free from the age of 60 for retirement. With a traditional pension, no withdrawals are allowed until retirement, with them then generally being subject to taxation.

Less flexible

Of course, the Lifetime ISA is not quite as flexible as a ‘standard’ ISA, since with the latter the money can be withdrawn at any time for any purpose. However, it will provide the government bonus and, in many people’s eyes, will provide sufficient flexibility regarding a house deposit to merit contributions from a relatively young age. And with house prices being so high relative to incomes, it is understandably highly challenging for younger people to save enough for a house deposit while also planning for their retirements. So the Lifetime ISA is likely to be very popular.

If an individual were to utilise a Lifetime ISA from a relatively young age, it could provide them with a healthy house deposit and a generous income in retirement. The following illustrations assume an annual return of 9.1%, which is the FTSE 100’s annualised total return since its inception in 1984. 

For example, if an individual invested the full £4,000 each year from the age of 21 and they benefitted from the government’s £1,000 bonus each year, they would have a deposit of over £65,000 by the age of 30 for a house.

This could be withdrawn tax free, and the same individual could then contribute the same £4,000 per year until the age of 60, thereby generating a retirement fund of almost £680,000 (the government bonus of £1,000 per annum is only available until the age of 50). 

Clearly, in the coming years the rules surrounding the Lifetime ISA are bound to change, and the scheme may become more or less generous at any given time. However, today is a very good day for younger people since it provides them with much-needed help to not only get on the property ladder, but also to plan ahead for their retirement.

The post The Budget’s Lifetime ISA Is A Game-Changer appeared first on The Twelfth Magpie.

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Certainly, tax changes, reductions in spending and news on the country’s outlook regarding the budget deficit could cause investor sentiment to change somewhat in the very short run. However, the reality is that the FTSE 100 is today an international index that is much more dependent on the performance of the world economy, rather than just the UK economy.

For example, around 17% of the FTSE 100’s performance is determined by the share price movements of resources companies. Although the UK still has oil and gas activities in the North Sea, as well as limited mining operations, the resources companies listed on the FTSE 100 are very much focused elsewhere in the world. And their prices are, in turn, highly dependent upon commodity prices, which are determined to a large extent by demand from China and other emerging economies.

It’s a similar story in other industries. Although the UK is a global hub for financial services, the FTSE 100’s major banks have international operations and are heavily impacted by events across the globe. And while there are a large number of listed UK-focused stocks, the reality is that the top five holdings in the FTSE 100 — HSBC, BP, Shell, GlaxoSmithKline and British American Tobacco — make up over 23% of the index, and are dominated by their non-UK exposure. So, changes to personal taxation and spending in the upcoming budget are unlikely to significantly move their share prices in the short run.

Of course, a budget that states that the UK’s national debt is spiralling out of control, in which taxes are  increased in order to raise government income, could severely dampen investor sentiment. In such a scenario, the FTSE 100 could record modest falls on the day and in the very short term, but the reality is that the UK economy is performing relatively well.

That’s especially the case given the fact that our main trading partner, the EU, is continuing to struggle to stay out of recession and just recently decided to cut interest rates and increase quantitative easing. As such, the upcoming budget may deliver further spending cuts and some tax changes, but it is unlikely to paint the UK as a basket case which is struggling on a relative basis.

As for the future performance of the FTSE 100, it is likely to be relatively impressive. That’s because the global economic outlook remains bright, with the US economy continuing to record upbeat economic data and China gradually transitioning towards a consumer-focused economy. And while the Eurozone struggles to deliver growth, the ECB now seems to be on board with a major stimulus programme which in, in time, should boost GDP growth across the region.

Certainly, the FTSE 100’s performance has been disappointing since the turn of the year and it could worsen in the short run. But this would most likely be due to a falling oil price or worsening outlook for the world economy, rather than because of  tomorrow’s budget.

The post Why The Budget Won’t Hurt The FTSE 100 In The Long Run appeared first on The Twelfth Magpie.

More reading

• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?
• Will SpaceX, Nvidia, or Alphabet be the first $10trn stock?
• Up 95%! This FTSE 100 stock’s outperformed Nvidia over the past year
• With a 9.3% yield, is this an amazing opportunity to consider buying dirt-cheap Taylor Wimpey shares?
• How much do you need in a Stocks and Shares ISA to aim for £375 a week in retirement?

Peter Stephens owns shares of BP, British American Tobacco, GlaxoSmithKline, HSBC, and Royal Dutch Shell. The Motley Fool UK has recommended GlaxoSmithKline, HSBC, and Royal Dutch Shell. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Furthermore, this week included the first Conservative budget since 1997, with it set to have a major impact upon the financial futures of people across the UK. While much of the talk was of George Osborne positioning himself in pole position to be the next leader of the Conservatives and of the Tories occupying the centre ground, the key takeaway was that the UK’s economic future appears to be rather different to its past. Here’s why that’s a good thing.

A New Era

After a number of years of running a budget deficit, the UK looks set to finally run a surplus by the end of the current Parliament. Of course, that sentence could have been written in 2010, when the Chancellor stated that he would balance the books within five years, but the reality has been that austerity has been rather less savage than most people expected. As such, the UK is still racking up debts from the global financial crisis, with them only set to start falling in a few years’ time (if everything goes to plan this time).

This is good news for the UK’s economic prospects, since a debt to GDP ratio of around 90% is likely to prove unsustainable in the long run. Furthermore, more secure public finances are likely to impact positively on the UK economy and create improved business confidence, investment and less fear among consumers. This point, although intangible, is critical to job and wealth creation and, while the global financial crisis is still in the minds of consumers and business people across the UK, a budget surplus and falling debt level are likely to gradually turn fear into optimism and a more positive outlook for the UK economy.

Personal Finances

Of course, changes to tax credits, increased dividend taxes and other tax increases may mean that the amount of cash in people’s back pockets comes under a degree of pressure following the budget. And, while corporation tax is due to be cut to just 18% by 2020, the introduction of a living wage of £9 per hour in the same year should offset much of the savings made by businesses in the long run.

However, the upshot of these changes is a more balanced, secure and sustainable economy which should not only create jobs at a faster pace than in the past, but also provide real-terms pay rises over the medium to long term. That’s especially the case since inflation is forecast to remain relatively low and, with interest rates themselves being low, there is plenty of scope to cool inflationary pressures should they arise over the medium to long term. Therefore, when it comes to disposable incomes, growth is likely to be felt by most workers across the UK.

Looking Ahead

Clearly, there are always potential problems ahead, with the Greek debt crisis and Chinese stock market crash being two recent examples. However, such problems have always existed and the key moving forward is that the UK economy is becoming less dependent on debt, more self-sufficient, sustainable and secure. For job creation, pay rises and investment, that’s a good thing and means that, however the Greek crisis concludes, the UK is in a relatively strong position to come through it.

The post Greek Deal Or No Deal: Osborne’s Budget Is Great News For Your Financial Future appeared first on The Twelfth Magpie.

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• Will SpaceX, Nvidia, or Alphabet be the first $10trn stock?
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• How much do you need in a Stocks and Shares ISA to aim for £375 a week in retirement?

But what difference has it made to investors? Well, an increase in the personal tax allowance to £11,000 next year won’t leave a lot of extra cash to invest, and neither will the lifting of the 40% threshold from £42,385 to £43,000. Although married couples who are successful in their investing careers will now be able to leave up to £1m to their offspring without paying inheritance tax.

Landlords hit

If you invest in buy-to-let property, your mortgage interest relief will be reduced to basic-rate only – and if you’re in the 40% bracket, your tax bill is going to go up. One argument is that the current system of allowing tax relief up to an investor’s highest band gives them an unfair advantage over homebuyers in the investment market, and that the change will level things up — but there’s an estimated extra £665m a year expected to drop into the tax coffers by 2020/21, with an extra £200m or so a year from the scrapping of the 10% annual wear-and-tear allowance, which is surely the main reason.

And we’ve already seen one negative effect of this change, with housebuilder shares falling on the expectation that some landlords are going to start offloading some of their properties — as I write, Bovis Homes has fallen 3%, Persimmon is down 5%, and Barratt Developments has lost 6%.

Changes to dividends

The taxation of income from dividends is to change too, with the current dividend tax credit scheme to be scrapped and replaced with a personal dividend allowance and new bands of tax beyond that — we’ll be allowed a new £5,000 a year tax-free allowance, and then dividend tax bands set at 7.5%, 32.5% and 38.1%.

If your investments are made using a company vehicle, you need to be aware that corporation tax will be lowered to 19% in 2017 and then further to 18% in 2020. So overall, it’ll be well worth looking at the way you structure your investments, as you could end up paying more tax than you currently do.

Non-doms hit hard

And if you’re currently entitled to non-dom status on these shores, that will be coming to a partial end by April 2017. From then, if you’ve lived in the UK for 15 of the past 20 years, all of your worldwide income will be subject to the same tax rules as everyone else. This change alone is expected to bring in an additional £1.5bn in tax revenue per year.

Overall, this seems like a budget very much aimed at maximising the government’s take and reducing its expenditure, and it really doesn’t do a lot to help those saving and investing their cash — with investors in rental property the hardest hit.

The post What Does The Budget Mean For Investors? appeared first on The Twelfth Magpie.

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• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?
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• Up 95%! This FTSE 100 stock’s outperformed Nvidia over the past year
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• How much do you need in a Stocks and Shares ISA to aim for £375 a week in retirement?

Few people, me included, expect to have anywhere near that amount in their pension pot.

Which is one reason why the Chancellor thought this would be a good way of funding his fiscally neutral Budget.

The other reason was petty politics. Labour’s Ed Balls had planned to raid pensions in exactly the same way, to fund a cut in tuition fees. He can’t now.

Power Grab

So the move was good politics, but really bad policy if you understand the importance of encouraging people to save for their future.

First, it confirms that politicians view the nation’s pension savings as a pot they can raid whenever they need to fund a vote-grabbing policy. Remember Gordon Brown’s infamous £5bn a year pension tax raid?

This isn’t Mr Osborne’s first assault on the lifetime allowance either. It actually stood at £1.8m in 2011, he has cut it by a total of 40% since then.

He has also slashed the maximum you can save in a pension each year from £255,000 to £40,000, a massive 84% cut.

Why bother saving when the rules are changing all the time?

Tax On Success

Most of the people affected will be in public sector final salary schemes, notably senior doctors, policemen and civil servants.

But many will also be private investors putting money into a personal pension, possibly on top of workplace scheme.

And the crazy thing is that Mr Osborne isn’t just hitting people who go to the trouble of investing for their future, he is punishing those who do it successfully.

Cap That

The new £1m lifetime allowance isn’t a cap on how much you can pay into a pension, but the total value of your pension including investment growth.

That means it doesn’t hit everybody equally, it hits successful investors hardest of all.

Be The Worst You Can

The Motley Fool exists to encourage people to be the best investor they can. But the new reduced lifetime pension allowance does exactly the opposite.

Because the better you are, and the more your pot of money grows as a result, the closer you get to that lifetime cap.

And if you exceed it, you risk hefty tax charges on the surplus, which could be as high as 55%.

Limiting the amount you can invest into a pension and claim tax relief is fair enough. Setting a lid on how much your pension can actually grow is daft, because it turns investment winners into losers.

The post Is The Chancellor Punishing Successful Investors? appeared first on The Twelfth Magpie.

More reading

• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?
• Will SpaceX, Nvidia, or Alphabet be the first $10trn stock?
• Up 95%! This FTSE 100 stock’s outperformed Nvidia over the past year
• With a 9.3% yield, is this an amazing opportunity to consider buying dirt-cheap Taylor Wimpey shares?
• How much do you need in a Stocks and Shares ISA to aim for £375 a week in retirement?

The post Did The Budget Do Enough For Premier Oil plc, Enquest plc And Ithaca Energy Inc.? appeared first on The Twelfth Magpie.

More reading

• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?
• Will SpaceX, Nvidia, or Alphabet be the first $10trn stock?
• Up 95%! This FTSE 100 stock’s outperformed Nvidia over the past year
• With a 9.3% yield, is this an amazing opportunity to consider buying dirt-cheap Taylor Wimpey shares?
• How much do you need in a Stocks and Shares ISA to aim for £375 a week in retirement?

Owain Bennallack has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.