Financial planners recommend having an emergency cash fund of three to six months' living expenses to turn to if you lose your job, suffer an extended illness, or incur any other short-term financial crisis. It should be a top savings priority. (For ways to find some extra cash each month, see where to find it.)

You should keep this money in a safe investment that you can access on a moment's notice, such as a savings account or money market account at a bank or credit union, or in a money market fund from one of the big-name mutual fund companies. You'll get the best results in the money market fund, where you can earn an average 4.9 percent return on your money versus a current 2 percent in a savings account and 3.8 percent in a bank's money market account.

A number of mutual fund companies, including Strong (800-368-1030) and T. Rowe Price (800-225-5132), let you open an investment account for as little as $50 a month if you set up an automatic deposit plan from your bank account or paycheck. Just be sure to ask if your payments go directly into the fund. Some companies hold your deposits until you meet an initial investment requirement, which might be anywhere from $1,000 to $5,000, before they'll open your account. For current money market fund yields, visit IBC Financial Data's website at www.ibcdata.com.