Does the phrase, "saved by faith" equivalent to the term, "saved by faith alone"?
Seeing how Abraham is called "the father of all them that believe" (Romans 4:11), we can benefit, I believe, by looking at his life in order to understand the proper correlation between faith and works.
On the one hand, Paul plainly taught that Abraham was justified or made righteous by faith without works.
Romans 4:1-3
"What shall we say then that Abraham our father, as pertaining to the flesh, hath found? For if Abraham were justified by works, he hath whereof to glory; but not before God. For what saith the scripture? Abraham believed God, and it was counted unto him for righteousness."
Let's look at the portion of scripture that Paul referenced in relation to Abraham's, or Abram's prior to his name change, justification by faith.
Genesis 15:1-6
"After these things the word of the LORD came unto Abram in a vision, saying, Fear not, Abram: I am thy shield, and thy exceeding great reward. And Abram said, Lord GOD, what wilt thou give me, seeing I go childless, and the steward of my house is this Eliezer of Damascus? And Abram said, Behold, to me thou hast given no seed: and, lo, one born in my house is mine heir. And, behold, the word of the LORD came unto him, saying, This shall not be thine heir; but he that shall come forth out of thine own bowels shall be thine heir. And he brought him forth abroad, and said, Look now toward heaven, and tell the stars, if thou be able to number them: and he said unto him, So shall thy seed be. And he believed in the LORD; and he counted it to him for righteousness."
Abram or Abraham believed what God told him in relation to his seed, and this specific belief was counted to him for righteousness, or by this belief Abram or Abraham was justified by faith before the LORD.
We know from scripture that Abram's or Abraham's seed is Christ.
Galatians 3:16
"Now to Abraham and his seed were the promises made. He saith not, And to seeds, as of many; but as of one, And to thy seed, which is Christ."
In other words, Christ is the seed in whom Abram or Abraham placed his faith, and this was accounted unto him for righteousness apart from any works.
However, on the other hand, James plainly taught that Abraham was justified by works.
James 2:14-24
"What doth it profit, my brethren, though a man say he hath faith, and have not works? can faith save him? If a brother or sister be naked, and destitute of daily food, and one of you say unto them, Depart in peace, be ye warmed and filled; notwithstanding ye give them not those things which are needful to the body; what doth it profit? Even so faith, if it hath not works, is dead, being alone. Yea, a man may say, Thou hast faith, and I have works: shew me thy faith without thy works, and I will shew thee my faith by my works. Thou believest that there is one God; thou doest well: the devils also believe, and tremble. But wilt thou know, O vain man, that faith without works is dead? Was not Abraham our father justified by works, when he had offered Isaac his son upon the altar? Seest thou how faith wrought with his works, and by works was faith made perfect? And the scripture was fulfilled which saith, Abraham believed God, and it was imputed unto him for righteousness: and he was called the Friend of God. Ye see then how that by works a man is justified, and not by faith only."
While referencing the same exact portion of scripture that Paul referenced to prove that Abram or Abraham was justified by faith apart from works, James said that this scripture was not fulfilled until the time came that Abram or Abraham's faith wrought with his works.
What does that mean?
Simply put, it means this. God told Abraham that his seed, which is Christ, would come through his son Isaac.
Genesis 21:12
"And God said unto Abraham, Let it not be grievous in thy sight because of the lad, and because of thy bondwoman; in all that Sarah hath said unto thee, hearken unto her voice; for in Isaac shall thy seed be called."
Shortly thereafter, God told Abraham to sacrifice Isaac, through whom Christ would come, on the altar. Abraham had such faith or belief in God's promise that he attempted to sacrifice Isaac while believing that God would need to raise him from the dead in order to fulfill his promise.
Hebrews 11:17-19
"By faith Abraham, when he was tried, offered up Isaac: and he that had received the promises offered up his only begotten son, of whom it was said, That in Isaac shall thy seed be called: Accounting that God was able to raise him up, even from the dead; from whence also he received him in a figure."
When Abraham's faith wrought with his works, or when Abraham sought to sacrifice Isaac in correlation with his belief in God's promise concerning his seed or Christ, then the scripture was fulfilled which says that Abraham believed God and it was accounted unto him for righteousness. In other words, Abraham's actions or works aligned themselves with that which he professed to believe in, and our actions or works need to align themselves with what we profess to believe in as well.
It isn't a work, other than the work of Christ on the cross which we need to believe in, that saves us, but if we have been truly saved by faith in Christ, then our works will correlate with that which we profess to believe in.
I hope that wasn't confusing.