Get rid of debt
Before you can see any real benefit from saving, you need to get rid of as much debt as possible. After all, there’s really no point regularly transferring money into a savings account paying a couple of per cent in interest if, for example, your outstanding credit card balance is costing you almost ten times as much.
This is not to say that you have to be entirely debt-free before you can start to save or that debt is necessarily bad. Indeed, access to credit and the ability to spread payments is a very useful way of managing your money. But the big risk of credit is that borrowers fall behind with repayments and the original debt increases as the interest charged on it by the lender stacks up.
This is why, if you can, you ...