These seven women found themselves prepared when emergencies hit. Keep reading to discover their stories.
You've likely heard it repeatedly: establishing an emergency fund is one of the best financial moves you can make. Yet, many still hesitate to start saving. We understand; setting aside money can be tough when there are so many appealing options for spending it right now, like a home renovation or a vacation. However, emergencies can strike at any time, as these women illustrate. If you're unprepared, you might end up relying on credit cards or loans. Having emergency savings provides options you might otherwise lack. Here are their compelling experiences.
Katherine: 'My savings allowed me to chase my dreams.'
As a young professional, I viewed my bank account as a tool for buying clothes, shoes, and daily luxuries. I lacked long-term goals and thought money was meant to be spent. My friends talked about saving, but I couldn’t fathom the need. That changed when they planned an impromptu snowboarding trip to Japan. I realized my budget had no room for spontaneity or future planning. So, I shifted my priorities, cutting unnecessary spending and began saving — not just for vacations, but for my future self. Watching my savings grow became a source of motivation.
Then, while driving to a work appointment, I got into an accident that totaled my car. Since my job required my own vehicle and the company offered no accident insurance, I lost my position. Soon after, I learned I needed surgery, making it impossible to search for a new job while recovering. My savings dwindled as I had no health insurance. However, my diligence in saving allowed me to stay afloat during this challenging time.
During my recovery, I realized I hadn’t pursued anything I was passionate about. My life had been work-focused, and it was time for a change. The savings I had built offered me the security and freedom to explore new paths. I began to develop my artistic style, created a portfolio, and showcased my work online. Before long, I was selling prints and accepting commissions. Now, my art generates an income, allowing me to support myself while following my passions. I still save towards my financial goals, but now I can also pursue dreams I had set aside.
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Beth Anne: 'My savings helped me support my disabled son.'
In April, my husband and I welcomed our first child, Holden, from India. Holden faces a disability called arthrogryposis, which means he cannot walk and requires ongoing medical care. Our emergency fund enabled us to travel to see a skilled orthopedic surgeon at a top hospital. The ability to make multiple trips and cover travel expenses significantly impacted our son’s life. We’ve also purchased adaptive equipment and toys that promote his mobility.
Additionally, my emergency savings allowed me to reduce my nursing hours when my husband was deployed for nine months. My son needed my support for surgeries and therapy. I’m grateful we planned ahead, enabling me to be there for him.
Kendal: 'My savings covered an unexpected tax bill and a pet emergency.'
One year, my husband and I thought filing “married filing separately” would lower our tax bill due in April. When I logged into TurboTax one Saturday, I was shocked to find we owed over $3,000. We amended my husband’s return and filed jointly to save money, but we still faced a bill exceeding $2,000. Thankfully, our emergency fund came to the rescue.
My emergency fund also proved beneficial during a pet crisis. When my dogs were just a year old, one needed urgent vet care after showing signs of distress. It took two overnight stays and a day-long appointment to find out he had been choked during play. The veterinary bills totaled over $1,700, but our emergency savings helped us manage the costs without incurring credit card debt.
Valerie: 'My savings allowed me to be with my father at the end.'
While many suggest having an emergency fund for job loss, few consider that a family death can create urgent financial needs. When my father fell gravely ill while I was overseas, I had to rebook my nonrefundable flights to rush home (cost: $1,200). My sister and I shared a hotel and car for the week (cost: $850), and we had additional expenses for meals and an ER visit (cost: $800, post-insurance).
I was grateful to be by my father’s side during his final moments. Fortunately, I had credit cards to cover unexpected expenses, along with an emergency fund to settle bills promptly.
Tracy: 'My savings helped me bounce back after divorce.'
Having an emergency fund empowered me to tackle smaller debts, so when the credit union wanted to close my joint credit account after my divorce, I could take out a personal loan to cover the balance instead of asking family for help. My credit score improved as I managed to fix my car and pay bills, allowing me to gain control over my finances.
Currently, I have $1,000 set aside for my deductible for hail damage repairs on my roof, and I plan to keep saving for future expenses.
Eulynn: 'My savings prevented an apartment crisis.'
While living in New York City in 2011, my expanding family needed more space. We bought a two-bedroom on the Upper East Side and attempted to rent our vacant one-bedroom. Despite pricing it competitively and engaging a real estate firm, our apartment remained unrented for six months. Without our emergency fund, we might have had to sell our new home and leave the city.
A year later, my husband lost his job as the executive director of a major education company. We didn’t have enough funds to stay afloat (only $5,000 saved) and were forced to sell our home. Instead, we opted for an adventurous route: we bought a 1986 RV, packed up our kids and dog, and traveled the U.S. for three months, searching for the best place to raise a family. We eventually settled in Southern California, near my family.
By significantly reducing our expenses, we avoided debt. Now that we’re established, we’re rebuilding our emergency fund while my husband works part-time and I manage my tutoring business.
Laura: 'My savings financed my startup.'
Early on, our accountant advised me to maximize contributions to my company’s 401(k) plan (not taking advantage of the 6% match would be like burning cash). I also saved an additional 14% of my income in a low-fee investment account. This strategy became a habit I maintained for over 12 years.
During that period, I supported four children through college, provided spousal support to my ex-wife, and funded my husband's company. I kept saving despite living on a commission-only income, which was often tight.
Fast forward five years: when a corporate merger eliminated my position, my savings empowered me to pursue an unconventional path instead of returning to a traditional job. I could take a risk and fund my startup, FreshTape (resealable tape for chips), without seeking investors. My savings provided the freedom to break free from the restrictive jobs many of my peers feel stuck in.
