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The savings habit is one way to secure your financial future, but it's difficult for many families to save up as much as they'd like - often because of stagnating wages, the rising cost of living and in many cases, debt.

According to research by Legal and General, the average family in the UK would need £93,730 of savings to feel financially secure. And most people say they'd need close to £2 million (£1.79 million) to change their life.

Back in reality, the average family savings pot is just £1,228, which is slightly more than last year, when it was £1,163.

Nearly 100 grand would be a decent 'cushion' should things go wrong. It would probably be enough to cover most people's mortgage repayments and other living expenses if, say, they were no longer able to provide for their family.

Savings are about the future. Instead of the 'buy-now-pay-later' mentality, it can be about going without now, to pay for the things you'll need later. It's about insuring yourself against things that could go wrong, and also being able to treat yourself or your family to something special in the future.

It can be a worry making ends meet every month, and trying to save for the future at the same time as getting by is hard for lots of people. That's where budgeting can help.

Setting aside even small amounts - anything you can afford - will soon add up. Budgeting for regular expenses such as insurance, healthcare and a mortgage are other ways of looking after your future.

We provide a budgeting service that can help people to set aside enough of their money for regular bills and expenses. The service is £14.50 per month per person and works just like a bank account. Joint personal accounts are available for £21.25 per month. If you'd like help to put an amount you can afford into savings, our budgeting Money Managers could help.

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