Here are some steps to get you on track to a richer future.

Clear any debts

Debt should always be your starting point. Most of us have debt, whether it’s a student loan, mortgage or credit card. I wouldn’t advise anyone to wait until they’ve paid off their mortgage before they start saving or investing, but debt that stops you from doing things you’d like to do – whether that’s buying a flat or taking a sabbatical from work – should be tackled.

Research shows that while women owe less than men, the debt we have can be more expensive. The debt advice charity StepChange says that in 2017, women who asked for advice owed £11,842 on average, whereas men owed £15,405. However, figures from the Money Advice Trust for 2016 show that women aged 18-24 owed an average of £926 on credit cards while men owed £790.

With credit cards charging interest at an average 18.9%, not clearing debt can be expensive. The first rule is to never only pay the minimum amount on a credit card. If you only pay the minimum on a credit card charging 18.9%, it could take you 18 years to clear a £1,000 debt. If you owe money where you’re paying different rates of interest, target your payments to the debt charging the highest rate of interest first.

Always make sure you pay whatever you’re contracted to pay on other debts, such as credit cards and bank loans. That could be a minimum payment (for a credit or store card) or a fixed monthly amount (for a loan). If you don’t make those payments, you’ll get hit with missed payment charges and your credit rating could be affected.

Store cards charge more than credit cards, and credit cards typically charge more than bank loans (unless it’s a 0% interest balance transfer deal). Once you’ve paid off your most expensive card, close the account and move on to the next one. And if you’re really struggling, seek advice from charities such as StepChange, National Debtline, Citizens Advice and PayPlan – all of which are free to use.

From pensions to savings apps: money advice for millennial women