Only two out of every five consumers have emergency savings, according to a 2007 survey by the Consumer Federation of America.

That means 60% of us are vulnerable to unexpected expenses, from a broken transmission to a broken leg.

The number rises to 81% for those aged 18 to 24, and to 77% for those with household incomes under $25,000.

If that's you, you don't want to rely on credit cards to get through a financial crisis, accumulating debt that will take years to repay.

Nor do you want to be forced into an outrageously expensive payday loan or auto title loan.

That's why it's important to line up a source of emergency cash even if you're living paycheck-to-paycheck and don't have a dime to spare for a rainy-day fund.

Our 4 ways to prepare for a financial emergency will tell you how and provide a place to turn if you run short.