Having a savings cushion to fall back on in case you’re made redundant or your boiler breaks down is important, but managing to put money aside each month can be a challenge, to say the least.
So here are five steps to help you get into the savings habit.
1. Draw up a budget
A good place to start is with a list of your earnings and outgoings. This will help you to see what you are spending, and show you how much – if anything – you have left once all your bills and other payments have gone out.
It should also help you to assess whether you can make any cutbacks. You might, for example, decide to ditch your gym membership or reduce the amount you spend on your weekly food shop by buying fewer branded products.
2. Shop around and switch
Similarly, why not see if you could pay less for your gas and electricity by switching to a cheaper energy tariff.