The way I look at cofinality is:
$$cf(\kappa) = \min\{|A| \colon A\subseteq\kappa \wedge \forall \beta<\kappa\exists \alpha\in A (\beta\le\alpha)\}$$
That is, the smallest size you need in order to be unbounded.
Clearly $cf(\kappa)\le\kappa$ for every cardinal, and for regular cardinals this is really an equality - you need to have $\kappa$ many elements in order to be unbounded, you also have that every set of cardinality $\kappa$ is unbounded.
On the other hand, suppose $\kappa$ is singular, namely $cf(\kappa)<\kappa$, that means that you can take $<\kappa$ many steps and still be unbounded.
Example:
Consider $\kappa=\aleph_\omega$, that is the first cardinal number which is larger than $\aleph_n$ for every finite $n$. We have that $\langle\aleph_n\colon n\in\omega\rangle$ is a cofinal sequence, as every ordinal below $\kappa$ is smaller than some $\aleph_n$, but this is merely a countable set while $\kappa$ is very much uncountable.
Now suppose I want to prove some property about ordinals below $\aleph_\omega$ which has a somewhat inductive property, that is if it is true at one point it will be true below it. This process requires me only countably many steps and in fact it can be done with a simple induction over the natural numbers.
On the other hand, had I wanted to do the same on $\aleph_1$ (assuming the usual models of ZFC where it is regular) I would have to ensure the process to continue over $\aleph_1$ many elements.