In today’s economy, cash is king.

Consumers are finding it harder to obtain credit, whether to buy a house, a car, or even a candy bar. The global economic crisis has turned credit into a desert. To wit, the CEO of one of the nation’s largest automotive dealership groups said that consumers have to just about “walk on water” to get approved for a car loan today.

As such, consumers are finding themselves adding to their piggy banks before making purchases. The personal savings rate was 1% in August, down from 5% in May, according to the Commerce Department. But the Dow Jones Industrial average was 20% higher then than now. Consumer credit outstanding, as measured by the Federal Reserve Board, fell 3.75% in August from the same month a year ago, a sign that borrowing is slowing.

Maybe it’s a case of seeing the signs, or maybe it’s just a matter of being in the right place at the right time, but there are a growing number of companies that are aiming to help consumers achieve their savings goals.

One such company is SmartyPig, a Des Moines, Iowa-based startup that allows users to create specific savings accounts based on yet-to-be-but-hopefully-soon-to-be-made purchases. Through partnerships with a U.S. bank and another in Australia, SmartyPig users can transfer funds to and from other bank accounts and even cash out their savings in gift cards for a number of popular retailers. Other online personal finance tools like Mint, Quicken, and Moneydance also offer budgeting tools to help borrowers save for specific goals.

The days of “Buy Now, Pay Later” are long gone. Welcome to the era of “Buy Now, Pay Now.”