Mortgage: More Americans are getting better about saving money

Way to go, money savers. There are more of you out there, putting more money away in case of a financial emergency. Only 24 percent of adults now say they have no money saved for an emergency like a layoff or a huge medical bill, according to Bankrate's June Financial Security Index survey. That's the lowest level since polling began in 2011.

Also, 31 percent have what's considered an adequate savings cushion: enough to cover six months' worth of expenses or more. That's the highest Bankrate has seen in the seven years we've been asking about that.

But, looking at the flip side, the findings mean about a quarter of Americans still don't have any emergency fund. And more than two-thirds are short on savings.

If you're in either of those groups, it's time to get on board. Shop for a savings account and up your savings game.

Barely saving can be just as bad as not socking away anything. Blair and Ryan Critch of Fort Lauderdale, Florida, learned that the hard way.

When the housing market crashed, they lost everything and had to file for bankruptcy. Back then, they had emergency savings to cover just two months.

"We wish we had had more money saved in the bank," Blair said.

She became a network marketing expert, and her husband opened a real estate office, Ocean400 International Realty. Now with eight months' worth of emergency savings and over $1,000,000 in earnings, the couple are teaching their sons the value of saving for a rainy day.

Regular contributions

Building an emergency fund starts with automating your savings.

"You have to be in the habit of regularly contributing to your savings, ideally, with a direct deposit from each and every paycheck," said Greg McBride, CFA, Bankrate's chief financial analyst.

Experts recommend having enough savings to cover expenses for three to six months. If you're an entrepreneur or breadwinner, McBride said, you may need to save more.

Bankrate's survey finds one in five adults has some savings, but not enough to pay the bills for the three-month minimum.

To help you reach the three-month savings target, put any extra money you make into a high-yield savings or money market account. If you get a bonus at work, for example, avoid the temptation to upgrade your house or car, said financial planner Brian White, president and owner of Century Financial.

Lesson learned

Moving up the ladder, 17 percent of Americans have enough savings to cover three to five months' worth of expenses. Younger millennials - those between ages 18 and 26 - are most likely to fall into this camp.

"A lot of them (millennials) have seen their parents suffer financially through the recession, and so they are trying to be savvier with their money," said consumer savings expert Andrea Woroch.

That leaves the group maintaining adequate savings, enough to cover expenses for at least six months.

The survey shows it represents 31 percent of Americans - the highest in seven years.