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Oftentimes, savings accounts are for the down payment on a home, a new car, education and retirement. While these are all excellent reasons to save, it is important to have a reserve "cushion" in case of emergency. This "cushion" should, ideally, contain funds to cover three to six months of living expenses in the event that an accident occurs or employment is compromised.

Not sure where to start? It's easy - begin saving by utilizing direct deposit to deposit 4% of every paycheck into a high interest savings account. This is a small percentage, which savers can increase over time as their budget allows.

Cooking meals instead of going out is a big way to save, as well as brewing coffee at home. Consider hosting a garage sale to clean out the closets and put the earnings into a savings account.

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SOURCES: about.com, ksl.com, creditcards.com, dumblittleman.com