Hey, it's Kia. Welcome to another episode of A Little Bit Richer, brought to you by my friends at Legal & General. There have been so many nuggets of financial wisdom on this show, too many to count, but I've been going back through the archives and have handpicked 10 of my favorite money tips from all of our episodes so far, to send you into the next year as a financial whiz that I know you are. So let's dive in. Number one, first up is the toughie but a goodie. Iain Russell from Money Hub talked to me about the importance of financial discipline, and how not to lose sight of your goals. Even though it could be hard, it's worth it in the end.

Hey, it's Kia. Welcome to another episode of A Little Bit Richer, brought to you by my friends at Legal & General. There have been so many nuggets of financial wisdom on this show, too many to count, but I've been going back through the archives and have handpicked 10 of my favorite money tips from all of our episodes so far, to send you into the next year as a financial whiz that I know you are. So let's dive in. Number one, first up is the toughie but a goodie. Iain Russell from Money Hub talked to me about the importance of financial discipline, and how not to lose sight of your goals. Even though it could be hard, it's worth it in the end.

So number one I say is, maintain that financial discipline. Just take a second when you're thinking about purchases. Is it definitely what you need? If it's new clothes, are you going to wear it enough to justify the price? Would you potentially visualize that money? Would you prefer it to be in one of your savings accounts or knocking off a bit more of your credit card? So it really all adds up. So just taking that little bit of time to just have a think before you spend. Number two is living below your means. So again, we're going back to looking at your spending habits. Look to make those choices that prioritize the long term financial goals and give you that ability to top up your emergency fund and save for the future. And finally, start early. So new year is perfect.

So number one I say is, maintain that financial discipline. Just take a second when you're thinking about purchases. Is it definitely what you need? If it's new clothes, are you going to wear it enough to justify the price? Would you potentially visualize that money? Would you prefer it to be in one of your savings accounts or knocking off a bit more of your credit card? So it really all adds up. So just taking that little bit of time to just have a think before you spend. Number two is living below your means. So again, we're going back to looking at your spending habits. Look to make those choices that prioritize the long term financial goals and give you that ability to top up your emergency fund and save for the future. And finally, start early. So new year is perfect.

Good time.

Good time.

It might be cliche, but it really is the perfect time to build those savings, pay off debt, pop some more money into your pension, because the earlier that you start to do that, the better you feel. And like I said before, even if it's just 10 pounds a month or it could be up to 100 pounds a month, it really doesn't matter, it's building that habit, and the earlier you start that, the better.

It might be cliche, but it really is the perfect time to build those savings, pay off debt, pop some more money into your pension, because the earlier that you start to do that, the better you feel. And like I said before, even if it's just 10 pounds a month or it could be up to 100 pounds a month, it really doesn't matter, it's building that habit, and the earlier you start that, the better.

Number two, before you do any kind of investing, it's imperative you save towards an emergency fund that will look after any unexpected short- term costs that might pop up. No one could put it better than Mr. Money Jar himself. Timi Merriman- Johnson.

Number two, before you do any kind of investing, it's imperative you save towards an emergency fund that will look after any unexpected short- term costs that might pop up. No one could put it better than Mr. Money Jar himself. Timi Merriman- Johnson.

The other thing to look at is, so we said investing is a long- term form of saving, but short- term savings are important too. And so the very first place to start is your emergency fund. So the way to think about your emergency fund is, if you were to lose your primary source of income, or an emergency was to happen, do you have enough money to get yourself through that without having to rely upon debt? Saving an emergency fund before you invest means that, should your investments fluctuate in value, which they will do from time to time, you have a pot in cash that you can draw upon. The other thing to look at is things you'd like to do or have in the next year or two. As we said, investing's for the long term. We tend to think of it in terms of years and decades rather than in weeks or months. So if you're looking at the next one to two years and you have things that you'd like to do or have, this could be buying Christmas presents, going on holiday, saving for a house deposit will be a big financial milestone for a lot of people. Making sure that you're saving towards those goals as well is very important. Then anything over and above that can go into investments. That's money that you don't need today and that's going to work for you going forwards. And if you find the concept of an emergency fund tricky to visualize, think of it in the same way as an overdraft. So of an overdraft, that's almost like the basement of your bank accounts. Your bank account goes to zero, and then you have the overdraft. An emergency fund is simply an overdraft that you fund yourself. That's all an emergency fund is. So if you need that cash, you're not going for a loan, you're not reaching for the credit card.

The other thing to look at is, so we said investing is a long- term form of saving, but short- term savings are important too. And so the very first place to start is your emergency fund. So the way to think about your emergency fund is, if you were to lose your primary source of income, or an emergency was to happen, do you have enough money to get yourself through that without having to rely upon debt? Saving an emergency fund before you invest means that, should your investments fluctuate in value, which they will do from time to time, you have a pot in cash that you can draw upon. The other thing to look at is things you'd like to do or have in the next year or two. As we said, investing's for the long term. We tend to think of it in terms of years and decades rather than in weeks or months. So if you're looking at the next one to two years and you have things that you'd like to do or have, this could be buying Christmas presents, going on holiday, saving for a house deposit will be a big financial milestone for a lot of people. Making sure that you're saving towards those goals as well is very important. Then anything over and above that can go into investments. That's money that you don't need today and that's going to work for you going forwards. And if you find the concept of an emergency fund tricky to visualize, think of it in the same way as an overdraft. So of an overdraft, that's almost like the basement of your bank accounts. Your bank account goes to zero, and then you have the overdraft. An emergency fund is simply an overdraft that you fund yourself. That's all an emergency fund is. So if you need that cash, you're not going for a loan, you're not reaching for the credit card.

You're going for your own savings.

You're going for your own savings.

You have that money, you're putting yourself through that situation yourself.

You have that money, you're putting yourself through that situation yourself.

I love that. I love that. Number three, consumer debt can have a massive impact on our finances, and financial advisor Orann Coyle had some great advice around this and what to avoid doing.

I love that. I love that. Number three, consumer debt can have a massive impact on our finances, and financial advisor Orann Coyle had some great advice around this and what to avoid doing.

Consumer debt is a killer of people's finances, and it's something that can really badly affect your finances in the long run. When you make naive decisions when you're young, I'm talking about credit cards, leasing vehicles, personal loans, payday loans, overdrafts, anything that has a high degree of interest that once you get into it's going to be difficult to get out of. And a real- world example at the moment is buy now, pay later. And so that is a massive, massive impacting thing on your finances in the long run, because if you are not able to service those debts, or you get caught in that trap, in the long term, that affects your ability to buy a home, your credit be affected, it could affect your relationships, because money is a massive part of personal relationships. And so my opinion is, you have to be very conscious of your spending when you're young. And leading back to when people should seek out information in their 20s and 30s, that's why you should, because you need to make sure that the bad decisions are signposted so that you can try and avoid them as best as possible. So things like high- interest vehicles, there is no need for that. So trying to avoid those things can make a big difference. And obviously just overspending and frivolously spending money. In reality, the first thing that you should be thinking about is, " I need to get a rainy- day fund behind me so that I know I'm safe." And yeah, if you spend some money, that's okay, you have to love your life, but you have to always be aware, " Do I have a cushion to fall back on if things don't play out the way I wanted them to play out?" And that's really important, and that's the foundation of a conversation I have with anyone.

Consumer debt is a killer of people's finances, and it's something that can really badly affect your finances in the long run. When you make naive decisions when you're young, I'm talking about credit cards, leasing vehicles, personal loans, payday loans, overdrafts, anything that has a high degree of interest that once you get into it's going to be difficult to get out of. And a real- world example at the moment is buy now, pay later. And so that is a massive, massive impacting thing on your finances in the long run, because if you are not able to service those debts, or you get caught in that trap, in the long term, that affects your ability to buy a home, your credit be affected, it could affect your relationships, because money is a massive part of personal relationships. And so my opinion is, you have to be very conscious of your spending when you're young. And leading back to when people should seek out information in their 20s and 30s, that's why you should, because you need to make sure that the bad decisions are signposted so that you can try and avoid them as best as possible. So things like high- interest vehicles, there is no need for that. So trying to avoid those things can make a big difference. And obviously just overspending and frivolously spending money. In reality, the first thing that you should be thinking about is, " I need to get a rainy- day fund behind me so that I know I'm safe." And yeah, if you spend some money, that's okay, you have to love your life, but you have to always be aware, " Do I have a cushion to fall back on if things don't play out the way I wanted them to play out?" And that's really important, and that's the foundation of a conversation I have with anyone.

Number four, if you know me, you know how much I love talking about pensions. Legal & General's Kim Brown and I went deep on workplace pensions, and she has some inspiring advice on what you want your dream retirement to look like.

Number four, if you know me, you know how much I love talking about pensions. Legal & General's Kim Brown and I went deep on workplace pensions, and she has some inspiring advice on what you want your dream retirement to look like.

But the amount that you should be contributing is based on you. It's based on what's affordable, but it's also based on when you want to retire and what that retirement looks like. So my best advice would be to use some of the tools available to help you plan. There's some brilliant free resource if you go onto Money Helper, they've got a retirement planner, you can put in details about what you earn, when you want to retire, as I say, and they will show you your projected income at retirement. But they've also got good sliders that you can adjust, " What happens if I paid more? What happens if I retired later?" Companies like ours, like Legal & General, will have similar things, retirement planner tools, so get on one of those free tools through your pension provider or generally available and just look and think about it. And your point on younger savers is so true, save as much as you can as early as you can, because that money has a really long amount of time to work for you.

But the amount that you should be contributing is based on you. It's based on what's affordable, but it's also based on when you want to retire and what that retirement looks like. So my best advice would be to use some of the tools available to help you plan. There's some brilliant free resource if you go onto Money Helper, they've got a retirement planner, you can put in details about what you earn, when you want to retire, as I say, and they will show you your projected income at retirement. But they've also got good sliders that you can adjust, " What happens if I paid more? What happens if I retired later?" Companies like ours, like Legal & General, will have similar things, retirement planner tools, so get on one of those free tools through your pension provider or generally available and just look and think about it. And your point on younger savers is so true, save as much as you can as early as you can, because that money has a really long amount of time to work for you.

Amazing. I think that's really important, like you said, and I'm not too far away. So 30 is, it's approaching for me, it's coming. Is there a certain amount that people like myself, around that age, should aim to have in their pension pot?

Amazing. I think that's really important, like you said, and I'm not too far away. So 30 is, it's approaching for me, it's coming. Is there a certain amount that people like myself, around that age, should aim to have in their pension pot?

I thought you were saying you're not that far away from retirement, I thought-

I thought you were saying you're not that far away from retirement, I thought-

No, gosh, no. Gosh, no.

No, gosh, no. Gosh, no.

Not quite.

Not quite.

Not quite.

Not quite.

Not too far away from 30. Okay. I think it's worth looking at, and thinking now, but I would just regularly review it. So I think what can be really important is when you get a pay increase, before you get used to that money in your pocket, log back onto one of those planners, think about the difference it could make over the longer term if you invest. Same is true if you get a bonus, it's a really tax- efficient way of using your bonus money. And again, before it goes in your pocket, think about retirement you and what that could mean then.

Not too far away from 30. Okay. I think it's worth looking at, and thinking now, but I would just regularly review it. So I think what can be really important is when you get a pay increase, before you get used to that money in your pocket, log back onto one of those planners, think about the difference it could make over the longer term if you invest. Same is true if you get a bonus, it's a really tax- efficient way of using your bonus money. And again, before it goes in your pocket, think about retirement you and what that could mean then.

That's good. I'm going to, I think I've said this before, pina colada on the beach, I'm going to have that in mind when I come thinking about my pensions. That's really good. Number five, when it comes to paying pensions, there are many gaps between men and women. Emilie Bellet, host of The Wallet, came on to share what women need to know about money, and had lots of practical ways women can manage their money and build their wealth.

That's good. I'm going to, I think I've said this before, pina colada on the beach, I'm going to have that in mind when I come thinking about my pensions. That's really good. Number five, when it comes to paying pensions, there are many gaps between men and women. Emilie Bellet, host of The Wallet, came on to share what women need to know about money, and had lots of practical ways women can manage their money and build their wealth.

When we think about money, finances, investing, that can be quite scary and overwhelming and you don't know where to start. So it's just trying to start with the basics, and often, when we run our courses and boot camps, we try to have these conversations about money. There's still such a big taboo around money because they have this lack of education and money being this thing where it's quite, I mean, I've always been taught that it's quite impolite to talk about money, that girls shouldn't talk about money. When you look at the statistics, girls actually receive 20% less pocket money than boys. So I think doing a little bit of work on your money mindset by having a conversation, trying to write your money story, maybe seeing a money coach also. Financial advisors can also help you, but really doing the work for yourself. And then it's organizing your finances, not being worried about checking your bank account. And I know that's quite scary for people who never look at their finances, but on the morning, try to check your bank account once a day, you'll feel empowered, you know exactly how much you have. And the same is going to go for debts, trying to understand how much debt do you have, how much savings do you have, and try to understand your basic numbers. So having a little spending plan, trying to check for the past months or for the past three months, how have you been spending your money? So this is the first part. And then thinking more broadly about wealth, we all should think about wealth. And of course here we're talking financial wealth, but knowing a few numbers. So maybe trying to calculate your net worth, which is the sum of all your assets, minus the sum of your liabilities. If you are quite early in your working life and if you have a lot of student debt, you will have a negative net worth, but that's okay. It's just a matter of improving this number over time and knowing your numbers, knowing how much savings you have. So really knowing these numbers, also your credit score, and writing them down, and having maybe a little date with yourself and your money once a month, and I'm sure you talk about that also with your friends and communities and on your podcast, but it's having this regular catch- up with money I think is really helpful, and not judging yourself, really detaching your self- worth from these numbers. They don't define you. The amount of money you earn, the amount of debt you have, they're not your personality, so trying to separate the two I think is quite important. But be very realistic about how much money you have, how much money you don't have, and what are your goals going forward.

When we think about money, finances, investing, that can be quite scary and overwhelming and you don't know where to start. So it's just trying to start with the basics, and often, when we run our courses and boot camps, we try to have these conversations about money. There's still such a big taboo around money because they have this lack of education and money being this thing where it's quite, I mean, I've always been taught that it's quite impolite to talk about money, that girls shouldn't talk about money. When you look at the statistics, girls actually receive 20% less pocket money than boys. So I think doing a little bit of work on your money mindset by having a conversation, trying to write your money story, maybe seeing a money coach also. Financial advisors can also help you, but really doing the work for yourself. And then it's organizing your finances, not being worried about checking your bank account. And I know that's quite scary for people who never look at their finances, but on the morning, try to check your bank account once a day, you'll feel empowered, you know exactly how much you have. And the same is going to go for debts, trying to understand how much debt do you have, how much savings do you have, and try to understand your basic numbers. So having a little spending plan, trying to check for the past months or for the past three months, how have you been spending your money? So this is the first part. And then thinking more broadly about wealth, we all should think about wealth. And of course here we're talking financial wealth, but knowing a few numbers. So maybe trying to calculate your net worth, which is the sum of all your assets, minus the sum of your liabilities. If you are quite early in your working life and if you have a lot of student debt, you will have a negative net worth, but that's okay. It's just a matter of improving this number over time and knowing your numbers, knowing how much savings you have. So really knowing these numbers, also your credit score, and writing them down, and having maybe a little date with yourself and your money once a month, and I'm sure you talk about that also with your friends and communities and on your podcast, but it's having this regular catch- up with money I think is really helpful, and not judging yourself, really detaching your self- worth from these numbers. They don't define you. The amount of money you earn, the amount of debt you have, they're not your personality, so trying to separate the two I think is quite important. But be very realistic about how much money you have, how much money you don't have, and what are your goals going forward.

Number six, we all love living in the moment, but Legal & General's, Karen O'Byrne really taught me the importance of protecting your future just in case the unexpected happens.

Number six, we all love living in the moment, but Legal & General's, Karen O'Byrne really taught me the importance of protecting your future just in case the unexpected happens.

Just because you're not having children and you're not getting married doesn't mean that you shouldn't have any protection insurance in place. I am my sole dependent, and if I can't work or something unexpected happens to me, there are still bills that need to be paid and I'm the one that's responsible for them. So critical illness, income protection, life insurance, explore them, read up on them, have conversations about them, and just see if they're right for you. And you can also have access to things like well- being benefits, private diagnostics, counseling, private GPs, and these are the services that you can access right now, which again saves you money. So there are benefits to having these products now, not just looking into the future as well. I'm definitely of that generation of millennial that's very much YOLO. I've just really aged myself there in saying that. I know, I'm definitely not Gen Z. However, I think it's a really great attitude to have sometimes, but don't do it at the cost of your financial security for now and in the future. By all means, enjoy life. Enjoy the choices that you've made, enjoy the family that you've built, whether that's you and your cat or you, two dogs, three goldfish and a hamster, or whether that's you married with children, don't put things off waiting to do other things. So just be really mindful and don't disengage from your finances just because you're enjoying your disposable income.

Just because you're not having children and you're not getting married doesn't mean that you shouldn't have any protection insurance in place. I am my sole dependent, and if I can't work or something unexpected happens to me, there are still bills that need to be paid and I'm the one that's responsible for them. So critical illness, income protection, life insurance, explore them, read up on them, have conversations about them, and just see if they're right for you. And you can also have access to things like well- being benefits, private diagnostics, counseling, private GPs, and these are the services that you can access right now, which again saves you money. So there are benefits to having these products now, not just looking into the future as well. I'm definitely of that generation of millennial that's very much YOLO. I've just really aged myself there in saying that. I know, I'm definitely not Gen Z. However, I think it's a really great attitude to have sometimes, but don't do it at the cost of your financial security for now and in the future. By all means, enjoy life. Enjoy the choices that you've made, enjoy the family that you've built, whether that's you and your cat or you, two dogs, three goldfish and a hamster, or whether that's you married with children, don't put things off waiting to do other things. So just be really mindful and don't disengage from your finances just because you're enjoying your disposable income.

Number seven, getting to know the benefits of ISAs and making the most of them is really important to building a personal wealth Legal & General's Fahad Ahmed explained all about stocks and shares ISAs and how you can make them work for you.

Number seven, getting to know the benefits of ISAs and making the most of them is really important to building a personal wealth Legal & General's Fahad Ahmed explained all about stocks and shares ISAs and how you can make them work for you.

So first of all, you've got that tax- free element that we spoke about. So any money that you make through gains on the stock market, you don't have to worry about paying tax on it. The good thing about stocks and shares ISAs is that if you invest for the long term, and we're talking about over five years, you can generally expect to see better returns than what you would see if you just left your money in let's say your current account, or even a cash ISA. So that's another thing that's really good. I do need to stress though that with stocks and shares, ISAs, it's an investment. And when we're talking about investing, it's all about the long term. It's all about that minimum five years. That's the key number to remember. But the longer you leave your money invested, the more chance there is that you'll actually see positive returns. As I said though, it's an investment, so your money, it will go up and down, and you could actually get back less than you put in. So if it's okay, I could just touch on those different options for how you can invest in a stocks and shares ISA. So there's two main options. The first one is what we'd call a DIY approach. So this is where you pick your own investments. You can pick things like corporate bonds, government bonds, unit trusts. You can even go as far as to pick your own individual company shares. And for me, that's what seemed a little bit daunting.

So first of all, you've got that tax- free element that we spoke about. So any money that you make through gains on the stock market, you don't have to worry about paying tax on it. The good thing about stocks and shares ISAs is that if you invest for the long term, and we're talking about over five years, you can generally expect to see better returns than what you would see if you just left your money in let's say your current account, or even a cash ISA. So that's another thing that's really good. I do need to stress though that with stocks and shares, ISAs, it's an investment. And when we're talking about investing, it's all about the long term. It's all about that minimum five years. That's the key number to remember. But the longer you leave your money invested, the more chance there is that you'll actually see positive returns. As I said though, it's an investment, so your money, it will go up and down, and you could actually get back less than you put in. So if it's okay, I could just touch on those different options for how you can invest in a stocks and shares ISA. So there's two main options. The first one is what we'd call a DIY approach. So this is where you pick your own investments. You can pick things like corporate bonds, government bonds, unit trusts. You can even go as far as to pick your own individual company shares. And for me, that's what seemed a little bit daunting.

It's very hands- on, isn't it?

It's very hands- on, isn't it?

Exactly, exactly. So for me, it is not really the one. What I like is the second option, which we call managed portfolios. Now, with a managed portfolio, you can take a step back, you invest your money, and you leave it to the professionals, you leave it to the investment experts to invest your money on your behalf. The only thing you've got to do is pick what level of risk you want to take. So providers that have this option, they'll generally have a couple of managed portfolios, maybe three, maybe five, that all have a different risk rating. So you've just got to decide whether you want to go for the lower risk one, a medium risk one, a higher risk one. Sometimes you'll see different terminology, they might use words like cautious, adventurous, things like this. But it's the same concept. That's great for beginners because you don't have to have a huge amount of knowledge. You can just take a step back and like I say, let the professionals do their thing.

Exactly, exactly. So for me, it is not really the one. What I like is the second option, which we call managed portfolios. Now, with a managed portfolio, you can take a step back, you invest your money, and you leave it to the professionals, you leave it to the investment experts to invest your money on your behalf. The only thing you've got to do is pick what level of risk you want to take. So providers that have this option, they'll generally have a couple of managed portfolios, maybe three, maybe five, that all have a different risk rating. So you've just got to decide whether you want to go for the lower risk one, a medium risk one, a higher risk one. Sometimes you'll see different terminology, they might use words like cautious, adventurous, things like this. But it's the same concept. That's great for beginners because you don't have to have a huge amount of knowledge. You can just take a step back and like I say, let the professionals do their thing.

Number eight, with higher living costs and inflation, breaking into the property market has seen more difficult than ever. But Legal & General's Hazel Johnston shares some great tips for getting a foot onto the property ladder. What if you don't have access to that kind of family support? Do those people risk being locked out the property market?

Number eight, with higher living costs and inflation, breaking into the property market has seen more difficult than ever. But Legal & General's Hazel Johnston shares some great tips for getting a foot onto the property ladder. What if you don't have access to that kind of family support? Do those people risk being locked out the property market?

Yes. I'm really interested to use the word overwhelming, because it can be so easy to feel so overwhelmed looking at the amount, but what I'd say, it probably comes to three things. I'd say, first of all, no, you're not locked out that market. If we're talking about savings and actually being able to financially get there, I'd say, if you're anything like me and you've got a pot of money saved up, you want to try and keep that there. And it's so easy to dip into that or be tempted to if your friends, I don't know, make a trip or something. So I would always say, try and save on the side. So have your property savings either in an ISA or whichever way that you choose to do that, but then there are some apps and tools that can help make saving on the side for your little luxuries really easy. So I know for example with my bank, it will round up automatically the spare change to the nearest pound, and then that's my little fund that actually builds up quite a bit over time.

Yes. I'm really interested to use the word overwhelming, because it can be so easy to feel so overwhelmed looking at the amount, but what I'd say, it probably comes to three things. I'd say, first of all, no, you're not locked out that market. If we're talking about savings and actually being able to financially get there, I'd say, if you're anything like me and you've got a pot of money saved up, you want to try and keep that there. And it's so easy to dip into that or be tempted to if your friends, I don't know, make a trip or something. So I would always say, try and save on the side. So have your property savings either in an ISA or whichever way that you choose to do that, but then there are some apps and tools that can help make saving on the side for your little luxuries really easy. So I know for example with my bank, it will round up automatically the spare change to the nearest pound, and then that's my little fund that actually builds up quite a bit over time.

It does.

It does.

So I'd definitely say trying to utilize little tools and techniques like that can help, without it then feeling like a chore, trying to get those savings up. Thirdly, and the more practical part really, if you really can't afford to save or get to the savings that you want to or all the schemes that are available, there's lots and lots of details, which I'm sure mortgage advisors could help you on that. And then you've also got lifetime ISA, but essentially getting free money. They'll give you 1, 000 pounds for every 4, 000 pounds you save, so it's 25% of your savings up to 4, 000 pounds each year. And I just think people need to be more aware of that. So it's not just about buyers and purchasers having to do all these different things to try and get into the industry. A lot of big industry names are also supporting new and innovative initiatives. So one being Generation Home, that's a startup mortgage company. So there's lots and lots going on to try and make it easier for people to get on that property ladder.

So I'd definitely say trying to utilize little tools and techniques like that can help, without it then feeling like a chore, trying to get those savings up. Thirdly, and the more practical part really, if you really can't afford to save or get to the savings that you want to or all the schemes that are available, there's lots and lots of details, which I'm sure mortgage advisors could help you on that. And then you've also got lifetime ISA, but essentially getting free money. They'll give you 1, 000 pounds for every 4, 000 pounds you save, so it's 25% of your savings up to 4, 000 pounds each year. And I just think people need to be more aware of that. So it's not just about buyers and purchasers having to do all these different things to try and get into the industry. A lot of big industry names are also supporting new and innovative initiatives. So one being Generation Home, that's a startup mortgage company. So there's lots and lots going on to try and make it easier for people to get on that property ladder.

Number nine, you often hear the importance of diversification when it comes to investing. Pension expert Michael Porter from Legal & General shared an amazing analogy to help us understand it, not just for pensions but for an investment portfolio. Have a listen to this.

Number nine, you often hear the importance of diversification when it comes to investing. Pension expert Michael Porter from Legal & General shared an amazing analogy to help us understand it, not just for pensions but for an investment portfolio. Have a listen to this.

So diversification in its simplest terms, is not putting all of your eggs into one basket. So not going all in on equities or all in into a bond fund. So if you think about it a bit like going to a buffet, so when you go for a buffet, rather than taking just one particular type of food, you're then risking not liking that food and it might not be to your taste. So actually, at a buffet, you would go and try a few different types of food, and the chances are then that if there's one part of that meal that you don't like, then there are going to be other options available to you that you will like, ultimately. So that's the first thing. And the other thing I would say is that you should probably have a balanced diet as well. So not just all about pension savings, you probably want to diversify where your savings are invested, because they all serve a different purpose. So pensions, for example, saving into a pension is going to help you towards saving for retirement, but then if you've got medium- term savings goals, you might want to invest in something like a stocks and shares ISA or have a cash ISA.

So diversification in its simplest terms, is not putting all of your eggs into one basket. So not going all in on equities or all in into a bond fund. So if you think about it a bit like going to a buffet, so when you go for a buffet, rather than taking just one particular type of food, you're then risking not liking that food and it might not be to your taste. So actually, at a buffet, you would go and try a few different types of food, and the chances are then that if there's one part of that meal that you don't like, then there are going to be other options available to you that you will like, ultimately. So that's the first thing. And the other thing I would say is that you should probably have a balanced diet as well. So not just all about pension savings, you probably want to diversify where your savings are invested, because they all serve a different purpose. So pensions, for example, saving into a pension is going to help you towards saving for retirement, but then if you've got medium- term savings goals, you might want to invest in something like a stocks and shares ISA or have a cash ISA.

At number 10, we often hear and maybe dream of financial freedom, but how do we actually get there? Jenny Hazan from Legal & General broke it down for us.

At number 10, we often hear and maybe dream of financial freedom, but how do we actually get there? Jenny Hazan from Legal & General broke it down for us.

Work on something that the industry sometimes like to call the FU fund. And that is really about having power and having choice. So this is the ability to walk away in situations where they're not serving you anymore. So that might be a job that you really hate that's really impacting your mental health, it might be to walk away from a relationship, it might be to walk away from that awful flatmate that has not washed the dishes since the day they moved in. And over time, you can continue to build that fund. So I think that's a really important one to think about. After that, you can start thinking about those savings goals, so the short term, the medium term, and the long term, and think about what sort of money you will need for those goals, and at what point in your life, because that has an impact on where you want to invest that money. So I think from a longer term perspective, obviously, a pension is a great place to start thinking about long- term saving. Pensions can be really tax efficient, so if you wanted to put 100 pounds into your pension, 80 pounds of that would come from you, 20 pounds would come from the government, and also, your employer will, if you've got a workplace pension, will also be making contributions as well. And I think it's worthwhile mentioning that some employers will put more money in, they'll match your contributions, and if you are not going to that level, you're actually leaving free money on the table, and no one wants to do that.

Work on something that the industry sometimes like to call the FU fund. And that is really about having power and having choice. So this is the ability to walk away in situations where they're not serving you anymore. So that might be a job that you really hate that's really impacting your mental health, it might be to walk away from a relationship, it might be to walk away from that awful flatmate that has not washed the dishes since the day they moved in. And over time, you can continue to build that fund. So I think that's a really important one to think about. After that, you can start thinking about those savings goals, so the short term, the medium term, and the long term, and think about what sort of money you will need for those goals, and at what point in your life, because that has an impact on where you want to invest that money. So I think from a longer term perspective, obviously, a pension is a great place to start thinking about long- term saving. Pensions can be really tax efficient, so if you wanted to put 100 pounds into your pension, 80 pounds of that would come from you, 20 pounds would come from the government, and also, your employer will, if you've got a workplace pension, will also be making contributions as well. And I think it's worthwhile mentioning that some employers will put more money in, they'll match your contributions, and if you are not going to that level, you're actually leaving free money on the table, and no one wants to do that.

That wraps up our top 10 money tips. I hope you learn as much as I did, have a lovely Christmas, and we'll talk to you in the new year. I'd love it if you could review the podcast, spread the word, and help others get a little bit richer too. Keep up with the show on TikTok and Instagram at Legal & General. Thank you for listening. See you soon.

That wraps up our top 10 money tips. I hope you learn as much as I did, have a lovely Christmas, and we'll talk to you in the new year. I'd love it if you could review the podcast, spread the word, and help others get a little bit richer too. Keep up with the show on TikTok and Instagram at Legal & General. Thank you for listening. See you soon.