Make the right moves with low interest rates

Indeed, the low rate environment does little to help savers, with the interest paid on savings accounts now next to nothing.

If you're a saver and would like to make your money work harder for you in the current low rate environment, there are a few simple steps you can take to improve your financial situation.

Switch financial institutions

Many financial institutions are currently offering great financial incentives for savers. These incentives include: no monthly deposit fees, unlimited deposit amounts, free transfers and money-back guarantees. So, if you've kept your finances with the same bank or institution since your first job, it might be a good idea to have a look around and consider switching to another. Do your research to uncover where the highest savings rates and the best customer incentives can be found.

Look into a term deposit

Depending on your current financial situation, your savings might be best placed in a term deposit account as opposed to a standard savings account. With a term deposit account, you'll invest a certain amount of money into your preferred financial institution for a fixed period of time, with a fixed interest rate for your return at the end. Term deposits provide you with certainty around the return on your investment.

Create a budget – and stick to it!

Take control of your finances by creating a set budget for the upcoming month. When creating a budget, it helps to factor in regular expenses such as going out, transport and rent, as well as any bills and debts. Also consider what additional expenses could be reduced, as these will help make a difference to your savings. At the end of the month, have a look at your plan and, if necessary, reassess your spending.