In a recent Bankrate survey of nearly 2,100 Americans, about 40% said their biggest financial regret of 2025 was not saving enough. This regret, whether for retirement, emergencies, or children's education, was more than double the 20% who regretted excessive credit card debt or student loans.

"A consistent lesson from our research over the years is that people feel not saving enough is a serious financial mistake, and the percentage who feel this regret increases with age as retirement nears," said Stephen Kates, a financial analyst at Bankrate.

A person putting coins into a piggy bank. Photo: CNBC

A person putting coins into a piggy bank. Photo: CNBC

So how can you avoid this regret? Whether saving for an emergency fund or boosting retirement savings, experts say the hardest part can be simply starting, especially if you feel it's late.

According to financial planner Jake Martin, it's better to start late than never. He suggests three steps to get on track with saving.

First, prioritize extinguishing "financial fires." High-interest debts, such as credit cards or short-term loans, should be paid off first because they often carry interest rates above 15% annually. These can be a significant obstacle to financial goals and retirement plans.

After prioritizing high-interest debt, address remaining debts. Martin suggests that if you find profitable investment channels, low-interest loans can be a good leverage tool.

Once debts are under control, build an emergency fund worth 3-6 months of living expenses. This buffer protects against debt or financial ruin in case of job loss, hospitalization, or accidents. Martin emphasizes the importance of an emergency fund to avoid relying on high-interest credit cards or loans during unexpected financial needs.

Next, focus on retirement, especially for those starting late. While those who have been consistently saving 5-10% of their income for retirement, late starters should aim for 20-30%, particularly if starting in their 40s.

The exact amount needed for retirement varies based on factors including age and desired lifestyle. Instead of obsessing over a specific number, focus on consistent accumulation.

Financial planner Ashton Lawrance suggests cutting fixed costs. Identify where money is "leaking," whether it's dining out, online services, unused app subscriptions, or impulse purchases. "Every dollar not spent is a dollar you can save for better use," Lawrance said.

Tieu Gu (CNBC)