Pay off costly debts first
There is no point trying to save if you are burdened by costly debts.
The average easy access savings account offers less than 0.2% interest, while on some borrowing you could be paying in excess of 20%. Aim to pay off expensive credit card, store card or overdraft debts before you think about putting money aside.
Start a rainy-day fund
Everyone should aim to have some cash in an easily accessible savings account to provide a financial safety net if the worst happens.
Distribution Finance Capital Holdings plc (LON:DFCH) is UK specialist commercial lending and personal savings bank. From straightforward savings to practical finance solutions, our aim is to help customers manage and grow their business or savings. Founded as a specialist commercial lender in 2016, DF Capital was authorised as a bank in September 2020.