How to start saving

The good news is, it's never too late to start saving. However, it is really important to make sure you do get into the savings habit - after all, what would happen if you suddenly lost your job? How long would you be able to continue paying out for everyday essentials, as well as pay the mortgage or rent?

We recommend that you build up a savings pot of at least three months' salary. However, in the current economic climate, it may be wise to build up a savings cushion that will cover you for as much as six months.

Of course, this probably sounds like a lot of money to put away. So before you start to panic, the best thing to do is to sit down and work out a target so that you've got something to aim towards. Don't aim too high – otherwise you may never achieve it – but don't aim too low either.

Even if you can only afford to put a small amount aside each month – perhaps just £10 – the savings can soon build up. The easiest way to remember to do this is to set up a direct debit or standing order to transfer funds into your savings account each month.

As we said earlier, the easiest way to start saving is by setting up a direct debit or standing order each month, so money will transfer directly from your current account into your savings account. That way, you'll always remember to put some money aside.

Regular savings accounts can be really handy for this. Regular savings accounts allow you to put aside anything from £1 to £250 per month. Usually the interest rates on these accounts are pretty competitive and will remain at a fixed rate for the first year. So they can be a great starting point when you're trying to get into the savings habit.

The downside is that if you make any withdrawals in the first year, or you miss a payment, you could lose out on a significant amount of interest. So if you're going to open a regular savings account, you will need to be disciplined.

If the idea of having no access to your funds concerns you, you could consider an easy access savings account instead. Although the rates of interest won't be quite as high, you'll still be able to set up a standing order from your current account so that you don't forget to save! Of course, while it's better if you leave your funds untouched, if you do find you need to get your hands on your cash, you shouldn't be penalised with one of these accounts.

You can compare all kinds of savings accounts at our savings account comparison centre.

Good luck!