Ms O’Brien added: “If you think you can manage that with your budget, set up a daily standing order to your savings account and by February next year you’ll have £1,000.”

The switching challenge – £400

For those struggling to put money into savings, people could also take some time to look at their bills each month to see if they could make a saving elsewhere.

A quick and easy win is to check out the bank switching deals. TSB’s Spend and Save current account is currently offering a bonus of up to £200 for anyone that switches, as is Santander.

Alternatively, Ms O’Brien said: “You can contact your existing providers to see whether there is a way to reduce your bill. Broadband providers may be able to change your plan to reduce the monthly cost.

“Set yourself a target of saving at least £20 from your bills and then each month transfer the extra £20 into a savings account.”