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I know that I'm largely preaching to the choir around here on this topic... But lately, our emergency fund has almost literally been a lifesaver for my family.
My wife is actively being treated for some serious mental health issues that surfaced suddenly, starting about a year ago. As with many mental health problems, the severity comes and goes, in a mostly unpredictable manner. Since last year, she has been hospitalized twice, and we've scarcely avoided hospitalization another 3 or 4 times more (when her episodes became especially severe). Suffice it to say, it's not a great situation, and occasionally has led to some very unsafe situations for her, myself, and our sons. Gratefully, she is improving with time and continued treatment, but it's a long, slow, bumpy road.
Most recently, this last month I was on a "business trip" (attending a training course) in North Carolina for 2 weeks. Halfway through it, my wife suddenly started into another episode. Gratefully, I was able to make some calls, and got friends nearby over to help her fairly quickly. Meanwhile, although I couldn't fly home myself, I was able to get her parents on a plane the next day to come up to Alaska to stay with her, help with the boys, and take care of things around the house. This is the 3rd time in the last year I've flown someone up to help my wife (and by extension, my family).
Every time, I've been able to calmly pull the cash from our emergency fund for the plane tickets (or just cash-flow it). This last time, while I was away, her parents (who are between jobs and considering retirement) were nervous about the cost because they didn't have the money available to pay for the tickets, in spite of my assurances that we'd cover the cost no problem. I repeatedly had to tell them "This is exactly the kind of reason that we have $35k set aside that we never touch unless truly needed."
All of this has been a testament for me about why an emergency fund is so essential. Our EF means safety, security, flexibility, options, and reduced stress. Having it meant that my wife & sons had family here to keep them safe when my wife wasn't entirely herself and I wasn't around to help. I'll be forever grateful that two of our first orders of business after getting married were to pay off her student loans & to build up a solid EF. Until now, I've almost never used it (perhaps once?). But in the last year, I've done it twice, each for $1k-$2k (we cash-flowed the third occasion).
Lesson learned: Always, always, always, always, ALWAYS keep a good emergency fund available. The safety & security it provides makes the money doubly valuable.
My wife is actively being treated for some serious mental health issues that surfaced suddenly, starting about a year ago. As with many mental health problems, the severity comes and goes, in a mostly unpredictable manner. Since last year, she has been hospitalized twice, and we've scarcely avoided hospitalization another 3 or 4 times more (when her episodes became especially severe). Suffice it to say, it's not a great situation, and occasionally has led to some very unsafe situations for her, myself, and our sons. Gratefully, she is improving with time and continued treatment, but it's a long, slow, bumpy road.
Most recently, this last month I was on a "business trip" (attending a training course) in North Carolina for 2 weeks. Halfway through it, my wife suddenly started into another episode. Gratefully, I was able to make some calls, and got friends nearby over to help her fairly quickly. Meanwhile, although I couldn't fly home myself, I was able to get her parents on a plane the next day to come up to Alaska to stay with her, help with the boys, and take care of things around the house. This is the 3rd time in the last year I've flown someone up to help my wife (and by extension, my family).
Every time, I've been able to calmly pull the cash from our emergency fund for the plane tickets (or just cash-flow it). This last time, while I was away, her parents (who are between jobs and considering retirement) were nervous about the cost because they didn't have the money available to pay for the tickets, in spite of my assurances that we'd cover the cost no problem. I repeatedly had to tell them "This is exactly the kind of reason that we have $35k set aside that we never touch unless truly needed."
All of this has been a testament for me about why an emergency fund is so essential. Our EF means safety, security, flexibility, options, and reduced stress. Having it meant that my wife & sons had family here to keep them safe when my wife wasn't entirely herself and I wasn't around to help. I'll be forever grateful that two of our first orders of business after getting married were to pay off her student loans & to build up a solid EF. Until now, I've almost never used it (perhaps once?). But in the last year, I've done it twice, each for $1k-$2k (we cash-flowed the third occasion).
Lesson learned: Always, always, always, always, ALWAYS keep a good emergency fund available. The safety & security it provides makes the money doubly valuable.
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