HOW much cash would you need to transform a lifetime's ambition into a reality?

It is a difficult one to quantify but, according to a recent survey, the typical sum is in the region of £60,000.

Ford Money, the UK savings bank from Ford Motor Company's financial services business, asked people how much money they believe they would need to realise their biggest or most important ambition. The average estimate was £59,305.

The typical cost was found to be highest for people in their 40s, at an average of £68,820.

How they wanted to spend the cash varied depending on age, but the top priorities across all age groups surveyed were to either own a home or make home improvements.

The most popular ambition among people in their 20s and 30s was to get on the property ladder while for those in the 40-plus age bracket the top ambition was to redecorate and give their home a complete makeover. That said, many in their 40s also said that just getting on the property ladder was still their main ambition.

Taking memorable trips away with the family was a popular ambition among those in their 40s, 50s and 60s, while many aged in their 70s said they dream of going on the cruise of a lifetime.

However, with the average person putting away around £194 per month towards their goal it would take them about 25 years to achieve it, based on the average cost, Ford Money found.

There are ways to achieve savings goals more quickly, though. Ford Money said that by adopting a 'little and often' approach, savers could halve the time it takes to achieve their goals.

Those surveyed said they could save up to £187 more each month, thereby reaching their savings target up to 12 years sooner.

Life and career coach Honey Langcaster-James noted that creating a realistic monthly savings plan that factors in little treats every so often can help when it comes to putting more aside. She said it is important to never completely starve yourself of life's indulgences as it can make it more difficult to stick to your plan.

Starting early is also recommended as it is easier to maintain good savings habits if you begin when you are younger.

Ms Langcaster-James added that the earlier you start saving, the more you will benefit from compound interest, which will feel particularly rewarding. This means you will earn interest on the interest you receive each year, which can help keep you motivated. It also builds your savings without you having to deposit as much to reach your goal.

Another way to achieve a particular savings goal is to consider having a no-spend week each month. Prepare for it the week before and try to refrain from buying anything you have not planned for.

An exercise in self-discipline can make you more confident in your ability to manage savings effectively while proving to yourself you can live without spending excessively is a great way to change your mindset around money.

Despite this tips, the fact remains that rising inflation and low wage growth means many households may struggle to find more money to put aside.

Indeed, as many as one in six adults across the UK are in danger of falling into a debt crisis, according to research from the independent Money Advice Service (MAS).

The service is urging people to look out for the following signs that someone close to them might have debt problems so they can receive help before the problems worsen.

:: They have been in debt in the past.

:: They have had a recent life event that has resulted in a loss of income or higher spending: for example, having a baby, being made redundant, illness, divorce or a death in the family.

:: They are living beyond their means or overspending; they always seem to have the latest must-have items although they do not have the matching income.

:: They seem anxious, withdrawn or depressed. They socialise less and avoid friends.

:: They may seem more secretive, hiding issues and avoiding talking about finances.

:: They have changed their spending habits, either reducing spending (for example, going on fewer holidays or eating out less) or overspending (spending without a plan for repayment, such as putting luxury items they do not really need on credit).

:: They seem tired or are having trouble sleeping.

:: Their weight has changed suddenly, either increasing or decreasing.