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According to our resident expert David Kuo, Brits face a shortfall in their budgets in 2012. Here's how you can avoid being caught in the trap.

If David Kuo's latest prediction is to be believed, then we should all be slightly worried.

According to our Foolish guru, growing personal inflation and the rising tax burden means that Brits could face an £8,000 shortfall in their family budget in 2012.

The outlook certainly looks gloomy, so it makes sense to start building up your savings if you can. Then you'll have a cushion if times get tough.

How To Save

One option is to go for an instant access savings account. There are plenty of accounts out there paying 6% or more and you can get hold of your money instantly if you need it.

On the other hand, some people prefer to use regular savings accounts. For starters, there are some cracking rates available and the obligation to pay money into your account each month can be a useful discipline.

Admittedly, some of the highest rates do come with catches. For example, Alliance and Leicester's Premier Regular Saver currently pays a mighty 12% interest. However, the account is only available to new customers opening a Premier Current Account, paying in at least £500 a month. The A&L Premier Current Account does come with free annual European travel insurance -- an added bonus if you're willing to switch.

Lloyds TSB, HSBC and First Direct all pay 8% on their regular savings, but also require you to hold your main current account with them.

The Lloyds TSB account does allow an initial deposit of up to £500, so theoretically you could deposit up to £750 in the first month. If flexibility is important to you, Lloyds also permits unlimited withdrawals from the account without penalty.

But what if you don't fancy switching? Here's a quick look at the best regular savings accounts available where you don't need an existing account in order to apply:

Provider	Account	Gross AER	Min/Max Monthly Deposit	Comments
Skipton BS	Christmas Saver Account (Issue 2)	7.34%	£10 - £250	No withdrawals permitted.
Skipton BS	Special Saver	7.3%	£10 - £250	No withdrawals permitted.
Abbey	Fixed Rate Monthly Saver (Issue 7)	7.25%	£20 - £250	In any month where a withdrawal is made or the minimum subscription is not met, the interest rate of 0.10% will apply for that month.
Principality	Regular Saver Bond (Issue 5)	7%	£20 - £500	No withdrawals are allowed without forfeit of bonus rate.
Yorkshire BS	Regular Saver	6.85%	£10 - £500	One withdrawal allowed per year without penalty.

As you can see, the rates offered are still pretty competitive, and four of the five accounts listed above pay over 7%. You can even hold up to three Skipton Special Saver accounts at any one time -- perfect if you want a high interest rate without the hassle of separating your savings between institutions.

For those looking to save regularly for the long term, then Yorkshire Building Society is a good choice. Unlike many regular savings accounts which mature after 12 months, this account allows you to enjoy a great interest rate of 6.85% for as long as you like (up to a maximum balance of £20,000).

Yorkshire's Regular Saver also allows you to pay in up to £500 per month and permits one withdrawal per annum without penalty.

Start saving now!

David Kuo's final prediction may not bode well for the nation's savers, but get into the habit of saving now, and you won't have to worry about having a savings shortfall -- no matter what the fancy figures say.

Visit the Motley Fool's Savings Centre to get a better deal on your savings!