In praise of emergency funds - Over the last couple of years I’ve been steadily building my emergency fund - my goal is 6 months’ worth of expenses and I’m sitting on about 5 months’ worth now. That account has tempted me once or twice when I wanted to buy a big-ticket item or spend a little extra for a vacation. But I kept my hands off it and just let it sit in an HYSA.

I didn’t know if or when I would need it. That’s impossible to predict. But I need it now and I am so grateful that I didn’t touch it. Because when you do need it, there is nothing like the relief and security of having it there.

My mother is very ill, and I had to take a leave of absence as her primary caregiver so I could focus on her needs. My state does have family leave insurance (FLI), but there are a few hoops to go through before I will be paid. I’ll be at least 2-3 weeks without any income at all, and when the FLI kicks in it will reimburse for those few weeks but only at about half of my take home pay.

And when it rains, it pours, right? I also just got hit with a pretty hefty car repair bill.

I would be so stressed if I didn’t have my emergency fund to back me up. The peace of mind I have right now to not worry about how I’ll pay for rent or groceries or that repair is worth every single grumble I made when I wished I had that money for fun.

Just wanted to share my experience. Budget for that emergency savings. Hopefully you’ll never need it, but if you do you will be so glad you have it.