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If tragedy were to strike today, would you be in a good financial position to keep things afloat? According to a new report, 75 percent of Americans do not have enough money to pay their bills for six months, with half barely having enough to support their household for a few months. Is this really startling news?

Ideally, financial experts like Suzi Orman recommend that we all put away for at least six months of savings in case of emergency. You never know if you are going to lose your job, fall ill and rack up crazy medical costs, or just run into trouble. Stories like these are unfortunately not foreign to many of us as tons have faced unexpected life turns.

So how can we start down the path to establishing an emergency fund? Here are some tips.

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