Between keeping up with the mortgage and making the credit-card payments, saving for a rainy day can seem next to impossible.

But with unemployment at a 26-year high, credit-card issuers cracking down on consumers and banks tightening their grip on the amount of money they lend, it's even more important to make savings a top priority. In fact, establishing -- and building upon -- an emergency savings fund that covers at least six months of living expenses is crucial when it comes to preparing for life-altering events, such as losing your job. That's in addition to the savings you should be stashing away for retirement and your child's college education.

The first thing you need to do to accomplish these goals is to rein in your spending. In April, consumers' personal savings rate hit 5.7%, up from 2.7% a year ago, according to the U.S. Bureau of Economic Analysis. Without a doubt, that's a positive sign, but many Americans are still neck-deep in debt.