Saved is the action of God in removing you from the bondage of sin and placing you in the Kingdom of God.We disagree on this. "The gift" is "saved." "By grace are ye saved . . . and that not of yourselves . . . " Those three sets of words, "saved," "that" and "the gift" are the subject.
Furthermore unless salvation includes the eternal life it isn't. 1 John 5:11-13.
Grace (unmerited favor) is the reason God acted to save. Faith is the gift God gives upon saving us so that we stand before the Judge, justified in the gracious work of God alone.