But with salaries failing to increase in line with the rise in the cost of living, many of us may find we do not have enough disposable income to put money aside.
However, there are a few cutbacks we can make on our regular outgoings to ensure we are not paying over the odds for essentials.
This involves a little determination, commitment and time, but it will all be worth it when we see the pennies turn into pounds.
A great way to save money is to take advantage of online comparison sites. This is a relatively quick and easy way to find better deals across a range of financial products, including car, home and life insurance.
Household energy bills also place a massive strain on our monthly outgoings, so comparing electricity and gas costs will help ensure we find a more affordable policy. It is also paramount we make sure our suppliers have us on the most cash-efficient policy for our needs.
Following this, we can take a look at our grocery shopping requirements. Are we stocking up on products from high end supermarkets that may not be offering the best prices? Again, we can use online supermarket comparisons to ensure we are not paying more for our grocery bills.
If we take public transport regularly, then it is a good idea to invest in a weekly or monthly ticket. This may be costly at the time, but over the duration of the ticket, it should work out more cost-efficient.
Similarly, if we have a car then it is worth sticking to a garage with the best prices on petrol and diesel. If we find the cost of motoring a little high then keeping on eye on the average prices in our areas is a good idea.
This might mean we refuel at different garages every time, but as long as we are not driving too far for the savings, it is another way to keep costs to a minimum.
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