Top savings tips

• Ideally you should try to have three months' expenditure in savings that you can get your hands on, as this should cover most eventualities and provide you with a bit of breathing space if, for example, you lose your income. This probably seems like an awful lot of money but if you don't have that at the moment don't panic - just start small and build up your savings gradually.

• Move the money you have earmarked to save into your savings account as soon as possible - ideally on payday. That way you'll earn that bit more interest and it will reduce the temptation to spend it.

• If you're lucky enough to have any money left in your current account at the end of the month move it across to your savings account to boost your funds and earn additional interest.

• Individual Savings Accounts (ISAs) are a good way to save without paying tax on the money you earn from the interest on your savings.

• If you are a non-tax payer or if all your income is covered by your tax allowance, ask your bank for Inland Revenue form R85. Hand the completed form to your bank and it will arrange to pay your interest without deducting tax.

• If earning a high rate of interest is important to you don't put your money into an account and then forget about it. Consider regular saving 'health checks' - check the rate you are receiving and keep an eye out for new products which might pay better rates of return.
  

• If you think you may need to get your hands on the money, then a fixed term account is probably not for you as often these types of accounts do not allow any withdrawals for the duration of the account and if they do you may lose some of the interest you would have earned. An instant access savings account may be more appropriate.