Britain is a nation of savers again

It's official: for the first time since records began, as a nation, we are saving more than we are borrowing.

According to a Bank of England report, British households borrowed £20 billion in new loans last year – but managed to save £24 billion.

It’s the first time we have saved more than we’ve borrowed since records began in 1988 and demonstrates just how much some people have reined in their spending during the economic crisis.

Families are now borrowing just 16% of the £125 billion  they were borrowing when credit was cheapest, back in 2004. That’s the smallest amount we’ve borrowed since 1993 – the last time Britain was in recession.

Families are saving a much greater proportion of their household income too - from an average of 2% in 2008, families in 2010 are now squirreling away as much as 8% of their income, a level not seen for 12 years.

But what if you’re not one of them? What if you’re not managing to save – or wish you could save more?

If you've never been very good at saving money in the past, teaching yourself to become more disciplined and stop spending so much can be difficult. So I've come up with some top tips to give you a helping hand.

Set yourself a target

The good news is, it's never too late to start saving. However, it is really important to make sure you do get into the savings habit - after all, what would happen if you suddenly lost your job? How long would you be able to continue paying out for everyday essentials, as well as pay the mortgage or rent?

Here at lovemoney.com, we recommend that you build up a savings pot of at least three months' salary. Of course, this probably sounds like a lot of money to put away. So before you start to panic, the best thing to do is to sit down and work out a target so that you've got something to aim towards. Don't aim too high - otherwise, you may never achieve it - but don't aim too low either.

Even if you can only afford to put a small amount aside each month - perhaps just £10 - the savings can soon build up. The easiest way to remember to do this is to set up a direct debit or standing order to transfer funds into your savings account each month.

Finding the cash

If you're concerned you're going to struggle to find some spare cash at the end of the month, it can be really handy to draw up a budget. Adopt this goal to find out how to do this, step-by-step, or sign up for online banking at lovemoney.com to view all your transactions from different accounts at a glance.

Once you've done this, you should be able to identify areas where you can spend a little less than you currently are. Is there anything you can cut back on? What about that morning trip to Starbucks, or that gym membership you rarely use?

It's also worth taking the time to shop around and find cheaper deals for your household bills. For example, you could use our energy comparison tool to find a cheaper electricity and gas tariff. Although switching energy providers might seem like a hassle, it might be more straight-forward than you think - it usually only takes about 10 minutes. Read A step by step guide to switching energy for more information. Similarly, see if you can get a better broadband deal.

And as well as saving money, why not see if you can make a bit of extra cash to put into your savings account? For some handy tips on how to make extra money in your spare time, have a read of Ten easy ways to make money and Make money from your hobby!

Finally, if saving still sounds like a lot of effort, don't despair, because there are plenty of ways to save without realising.

As I said earlier, the easiest way to start saving is by setting up a direct debit or standing order each month, so money will transfer directly from your current account into your savings account. That way, you'll always remember to put some money aside.

You can compare easy access savings accounts through our savings centre but here’s a quick guide to the best in the market today:

Top easy access savings accounts

As you can see, the Alliance & Leicester Online Saver Issue 7 offers the best return at 2.81% variable AER. But we also like the ING Direct Savings Account. This account offers a rate of 2.75% which is guaranteed for the next 12 months. It’s very rare to get a fixed rate and instant access, which is why the ING Direct Savings Account gets a big thumbs up from all of us here at lovemoney.com.

Related goal

Build up your savings

How to get into the savings habit, find forgotten money, work out the real value of a savings rate and build up that emergency savings pot.

Do this goal

If you do find that your chosen savings account is no longer competitive, make sure you move your savings to a better account as soon as possible. It may seem like a hassle, but it will be well worth it. And as with all financial products, make sure you read the terms and conditions carefully before signing up to anything.

Finally, if you want even more help getting into the savings habit, you can register on lovemoney.com and adopt this goal: Build up your savings. Next, watch this video: How to... save when you've got no money. And then, why not have a wander over to Q&A and ask other lovemoney.com members for advice? Good luck!

More: The best savings account you've never heard of | Earn up to 8% on your savings