Savings and the future

Eyeful

1. Use tax shelters where ever possible. 
(a) Pensions for very long term investing.
(b) Stocks & shares ISA, if you can leave the money untouched for at least 10 years.
(c) Cash ISA for money you need within 5 years.

2. You should think of starting a pension as soon a you can.
You put in £80 but because of the tax relief, £100 is used to buy your investments. It also grows tax free, at least until you draw on it 
 The longer you invest for the better. Remember its time in the markets not timing the markets. 
https://www.ii.co.uk/ii-accounts/sipp/sipp-investment-ideas/target-retirement-funds.

3. If money is tight do you really need both a classic car and classic motorbike.

4. Consider getting more training and skills in something you like.
https://www.youtube.com/watch?v=kU64fhwbiLE
   

LHW99

You mention your wife has a pension and that you each pay half for any holidays.

While many couples like to keep finances separate, IMO planning (at least for retirement) should be done together. Work out what you might both have at retirement under present circumstances. Does she have a full NI contributions record to date? Do you?

Could she contribute something to a pension for you (third party contributions are allowed)? While people worry about divorce, these days whichever partner has the most assets will generally be the one that has to share, not just the man, so it can make sense to equalise things as much as possible anyway.

Also, what would happen to the income for each of you (now / the future) if either of you unfortunately became unable to work / passed away?