Knowing where to start when you want to save money is the first and most important step.

With small changes to the way you manage your money, you can create a clear path towards your saving goals.

Here are some steps to help you get started.

1. Open a savings account

Savings accounts can be a smart way to store your money and make it grow. As well as removing the temptation to spend any funds left in your current account, savings accounts enable you to earn interest on your money over time.

What’s more, you can then earn interest on the interest you’ve already earned, speeding up your saving. This is known as compound interest.

Finding the right type of savings account is key. If you’re happy to lock your money away for a while, a fixed rate savings account can help you maximise the interest you earn. An easy access savings account could give you flexibility to withdraw if you need to, while a regular savings account may offer rewards for regular contributions. There are also Individual Savings Accounts (ISAs) that enable you to save without having to pay tax on the interest earned.

The type of savings account that’ll suit you will depend on your goals, how often you plan on contributing, and when you’ll need to access the money.

2. Create savings goals

Whether it’s for a purchase, an event, or peace of mind, having a specific goal to save towards can help you stay focused. Once you have your goal, decide how much money you want to save and how soon you need to save it.

You may want to try writing down your savings goals and placing them somewhere visible like the fridge, or create a note in your phone. Having these little reminders can keep your goal at the front of your mind and make it easier to stick to your plan.

3. Pay yourself first

Prioritising your saving is important for staying on track. If you can, pay money into your savings account as soon as you get paid (allowing enough money left over to cover your mortgage/rent and bills). If you’re saving the same amount each month, you can set up a standing order so you don’t forget to move your money.

4. Save while you spend

To get into the habit of saving regularly, you could check your balance at the end of each day and put any extra pence into your savings pot. For example, if your balance is £166.05, you could add 5p to your savings. It’s an easy way to keep your savings growing while having little impact on your day-to-day spending.

5. Keep saving

Once you reach your goal, there’s no need to stop. According to the Money Helper, you should, ideally, have around three months of your living costs saved – to cover you should something unexpected happen. You may end up having different savings pots for different purposes, such as one for your emergency fund and another for a new car.

If you’re struggling to maintain momentum and reach your goal, don’t stop. Saving even a small amount is better than nothing. Work on developing the habit and then try to gradually build the amount you save over time.