One-Third of Americans Have No Savings. Here Are the 3 Best Ways to Start

Not having enough in your savings is a serious financial issue. It's also a common one. One-third (33%) of Americans have no savings at all, according to a report by Ramsey Solutions. The report also found that nearly half (48%) of Americans couldn't cover expenses for 90 days if they lost their income.

If you're in this position, it's important to get into the habit of saving money. Here are a few easy ways to get started.

1. See how much you can afford to save

One of the mistakes people make is being reactive about their savings. They wait until the end of the month and see how much money they have left. More often than not, it's $0.

Be proactive about your savings. Instead of waiting to see how much money you have left over, decide how much you can afford to save. Send that money to your savings account first each month, before you spend anything. This is known as paying yourself first, and it's a great way to get into the habit of saving.

Ideally, you'll quickly figure out an amount that works for you. That can be $100, $500, $1,000, or any other amount you want. What if you don't have any extra money to save? Here's what you can do:

• Go over your recent spending and look for bills you can cut. Maybe you're spending more at restaurants than you realize, or you have some subscription services you're not using.
• Use a budgeting app. These can help with reviewing your spending and finding places to cut back.
• Look for ways to boost your income. If money's tight, your best option may be to earn more. See if there are opportunities to get a promotion at work, or consider adding a side hustle to bring in extra cash.

2. Open a high-yield savings account

You need a place to store the money you save. If you already have a savings account, you might assume that you're set. And you could be, but make sure to check your account's annual percentage yield (APY).

Most of the big banks and brick-and-mortar banks have minuscule rates. The average rate is just 0.47%. Some big banks, including Bank of America and Chase, have accounts that pay 0.01% -- next to nothing.

High-yield savings accounts, on the other hand, are currently paying out 4% to 5% or more. That's a huge difference, but few people take advantage. Only 31% of Americans have a savings account paying 4% or more, according to savings research by The Motley Fool Ascent.

If you don't have one already, open a high-yield savings account right away. You'll earn more back on your savings. Even if you don't have anything saved yet, you will eventually. And when you know you're getting a high interest rate, it motivates you to save more.

3. Make saving automatic

As mentioned above, it's good to be proactive about saving and pay yourself first every month. You can do that yourself, by manually transferring money from your checking account to your savings account. But it's better to make it automatic.

Most quality bank accounts let you set up automatic transfers on whatever schedule you want. So instead of deciding that you'll send $500 to your savings every month after you get paid, set up an automatic $500 transfer.

There are a few advantages to saving this way. It ensures you make a habit of saving money -- you won't have any months where you forget to save because it's happening automatically. You also save time. That may only be a few minutes a month, but it's still time you don't need to spend logging into your bank account and transferring money.

Don't get down on yourself if you have nothing saved yet. Everyone starts somewhere, and as the data shows, lots of people are in the same situation. What's important is making saving part of your financial routine. When you do it consistently, you'll be on track to reach your savings goals.