The secret to building an emergency fund

Peter Byrne/PA Wire/Press Association Images

A recent survey from First Direct found that 28% of households have less than £250 in easily-accessible savings. Meanwhile 21% have no savings at all. It's hardly surprising therefore that 32% of people admit they would be unable to cover their rent or mortgage at all if they were to unexpectedly lose their main source of income.

The experts recommend you have enough to cover at least two months of outgoings in case of emergency. This is just a pipe dream for the vast majority of people - but it doesn't need to be.