A recent post in The Red Tape Chronicles highlighted the fact that many Americans do not have an emergency fund to cover about 3- to 6-months of living expenses.

So, if you don't have enough socked away in your rainy day fund, then what can you do?

First, don't panic, you can start saving today and in less than a year you'll be much better prepared.

Next, and this is hard to do, try to pay yourself first. Set aside a small amount every month before spending or investing. We are notoriously bad about taking action in this way, so continue reading.

Liz Pulliam Weston, an MSN personal finance columnist recommends getting a line of credit from your bank. If you do this, then be careful to avoid using the line to pay for non-emergency expenses. Otherwise, you'll only dig a deeper hole.

By taking a few simple steps, you'll be thankful when the rain starts to pour.