Why We Built Our Emergency Fund

In 2015, my husband was laid off but received a generous severance package and some stock options. For a while, we were in a good place financially, and he even picked up a commercial contract from 2015 to 2016, giving us some breathing room. By 2017, he decided to get back into a full-time role but quickly found himself miserable with the company’s leadership. At the same time, he dreamed of starting his own acting company, something he’d been passionate about for years. It was a big decision, but we had our emergency fund in place, which gave us the courage to explore new paths.

When Everything Changed

While he prepared to leave his job and we worked on building his acting school, I made a big change, too. After 17 years as a stay-at-home mom, I applied to become a flight attendant—and was hired! It felt like everything was coming together. But just two weeks before my training was set to begin, we received devastating news: I had breast cancer.

That diagnosis put everything on hold. We paused his business plans, and I delayed my training. He left his job and became my full-time caregiver. Suddenly, our emergency fund wasn’t just a comfort—it was an absolute necessity.

Living Off Our Emergency Fund

Throughout 2018, as we navigated surgeries and treatments, we lived almost entirely off our emergency fund. We cut back on everything non-essential, sticking to a strict budget and focusing only on necessities. My husband looked for jobs when he could, but nothing materialized. To make ends meet, he picked up side gigs like driving for Uber and doing home health care.

As the months wore on, we saw our emergency fund dwindle, but that fund allowed us to stay afloat without taking on any new debt during an incredibly stressful time. Finally, when we were down to the last bit of our savings, my husband landed a well-paying job, bringing in the stability we desperately needed.

Why Having an Emergency Fund Matters

Looking back, I can confidently say that without our emergency fund, we would have faced financial disaster alongside the emotional and physical challenges of battling cancer. That fund allowed us to focus on health and healing rather than scrambling to make ends meet. It gave us room to breathe and a safety net when we needed it most.

Building an Emergency Fund: The Best Tips We Can Offer

1. Set a Realistic Goal: Aim to save 3 to 6 months’ worth of living expenses, but adjust based on your family’s needs.
2. Treat It as Non-Negotiable: We treated our emergency fund as something untouchable until we truly needed it. This approach is crucial for long-term financial security.
3. Replenish When You Can: Once you use it, prioritize rebuilding. You never know when life will throw another curveball.

Final Thoughts

Our emergency fund truly was a lifesaver, and I encourage everyone to prioritize building theirs. Life can change in an instant, and having a financial buffer allowed us to face those changes with stability and resilience. If you’re wondering whether to prioritize an emergency fund, our story is proof that it’s worth every sacrifice to have that safety net in place.

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