Having savings is key whether you're socking money away for a big purchase or for a rainy day. Learn how to put something aside every month with these tips.

Instructions

• Step 1: Consider refinancing your mortgage if the current interest rate is at least 1 percent lower than your current rate. But remember, if you have 15 years left on your mortgage, don't refinance for 30.
• FACT: A 2008 study found that roughly 76 million American adults did not have any non-retirement savings.
• Step 2: Transfer the balance of an old credit card to a new card with a lower rate. Then destroy the old card, lest you be tempted to use it again.
• Step 3: Place any windfalls, such as pay bonuses or tax refunds, in your savings account. You weren't making use of this money before, so you won't miss it now.
• Step 4: Fund the account. Have 10 percent of your paycheck automatically deposited into the savings account. Put the rest in your checking account to pay bills.
• Step 5: Get creative. Make a list of all of your expenses, and choose 15 of them that you can cut back on by $10. That's $150 for your savings account each month, or $1,800 after one year. Plan on setting this money aside for emergencies.
• Step 6: Open an interest-bearing savings account. Compare interest rates at various banks before setting it up.