I am an Accredited Financial Counselor® (AFC®), but I am sharing my personal experience, not professional advice. Having an emergency fund is crucial. I am going to share two big emergencies we faced this year. The first was a car hitting the fence on our rental property in Virginia. The second was repairs to the same property to welcome new tenants. As a military family of 23 years, we keep five months of expenses saved, so we were equipped to handle these expenses.

In February, our property management company notified us of a work order: a car hit the fence on our Virginia rental. I called the maintenance team to ensure all tenants were safe and to get clarity. After speaking with them, we made the requested contribution. It was a relief when repairs were completed.

You might wonder why we paid upfront. A vendor provides a service, and they need payment. The fence had to be fixed to protect the property’s structure. As the house sits on a corner lot, we wanted a safe space for the tenants’ kids to play. Waiting for an insurance claim wasn’t an option–repairs couldn’t be delayed. The same month, a periodic review flagged another fence section needing replacement, unrelated to the car accident. We approved it, and the work was done quickly at the estimated price.

Then came tenant turnover. The tenants, there for ten years, gave notice to vacate by the end of June when asked about lease renewal. A move-out inspection revealed suggested repairs for the new occupants. We didn’t think all were necessary and approved certain repairs. The cost appears high, but long-term tenants meant wear and tear. Our emergency fund covered all repairs.

We have heard, “You had the money for those repairs?!” Our answer is, Yes, we did! My AFC® training and our 15 moves taught us to budget for the unexpected. I have seen families struggle with emergencies, reinforcing why we save. A Bankrate article by Andrew Dehan, edited by Troy Segal breaks down home maintenance costs, with a U.S. map showing state averages and a table for home-price-based estimates. Fidelity’s “50/15/5: An easy trick for saving and spending” guide suggests putting 5% into savings for emergency expenses. The recommendation in this article is to have an emergency fund that “cover 3 to 6 months of essential expenses.” Building that fund takes time–don’t get frustrated.

Military and veteran families reach out to Emergency Relief (AER), Navy-Marine Corps Relief Society, Air Force Aid Society, or Coast Guard Mutual Assistance for support. Anyone can contact United Way 211 for local resources. What is your emergency fund strategy? Share your tips with me.

Originally published on LinkedIn on July 21, 2025. [Read it here]