Work out a budget to see how much money you need each month to pay the rent and buy what you need – including food and utilities like electricity, gas and water. It also good to think about saving some extra money for emergencies.
For a short-term savings goal (up to 5 years), look at a savings account, term deposit or a cash ISA. For a medium term goal (5-10 years) use a savings product, or consider investments depending on your risk appetite. For a long-term goal look at shares/bonds/funds that provide protection from inflation over the long term.
To get started saving money, open an instant access savings account, which might be easiest to do with your own bank. Set up a regular payment to transfer the amount you want to save into your savings account each month, and give it a name that inspires you to save – like ‘Prague holiday’.