Establishing and maintaining an emergency fund is one of the most important things you can do for yourself—both financially and emotionally.

Whether the car breaks down or an unexpected medical bill pops up, financial hiccups do happen, and having an emergency fund gives you the financial breathing room and peace of mind to handle them.

Unfortunately, less than 40% of American adults have an emergency fund, according to bankrate.com.

People tell me all the time that they just can’t seem to find the cash to stash away for a rainy day fund. Not only is it necessary, but it is also very doable. By starting small and taking it one step at a time you can put yourself in much better shape to deal with life’s little—and big—surprises.

Here are a few simple tips to get you started on building your own emergency fund:

•    A good rule of thumb with an emergency fund is to set a goal of accumulating between three to six months of your net income (that’s after taxes).
•    Find the wiggle room to stash away cash by diligently tracking your income and expenses for 30 to 60 days. For example, if you committed to packing a lunch each day rather than eating out how much money could you “find” and redirect it to your emergency fund?
•    Set rules for yourself about what qualifies as an emergency, because if you don’t you’ll be dipping into your fund far too frequently.
•    Keep your emergency fund as “out of reach” as possible. Keep it in a separate account and restrict your electronic transfer options.

Creating and maintaining and emergency fund is one of the key ingredients to getting yourself on the path to financial success.