I think the biggest problem with shifting the focus from debt repayment to saving money has to do with the perceived consequences. Not paying off your debt has an immediate sanction, in the form of interest payments, not to mention the fact that it’s hanging over your head. Not saving, on the other hand, doesn’t penalize you now, although the cost is just as steep (missing out on the power of compounding is enough) but you don’t really feel it. It’s nebulous, as you put it.

The best thing to do is to not only put numbers on your savings goals, but to try and calculate the cost of not saving. If, for instance, you plan to save $100 per month for investment purposes, use one of the calculators available on the internet to calculate how much that $100 will turn into in 5, 10, and 20 years. That will provide excellent incentive.