You may have noticed that one of our financial goals for this year (see my goals here) is to rebuild our emergency fund. Don’t tell Dave Ramsey but we spent much of our e-fund during December and it wasn’t on Christmas gifts.
Do I believe emergency funds are important? YES.
Do I believe you should manage your money well? YES.
Did we spend it anyway? YES.
Because we also believe relationships are important.
We had not seen family in the area for a couple of years and my daughter’s best friend was getting married. My daughter had planned to attend the wedding before her accident and we felt that it was even more important that we take her there for this once-in-a-lifetime event — even though the cost of traveling meant that our savings would be depleted.
We saved where we could by packing food rather than stopping at drive-throughs and using points for our hotel stay but the trip still cost us several hundred dollars.
Life cannot always be lived “by the rules”.
Of course, if you are making exceptions or excuses all the time you will never get ahead financially but the occasional exception for a valid reason can be a good idea. The money and the numbers aren’t what is most important in life.
Have you ever spent your emergency fund for a non-emergency? Tell me about it in the comments.
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I truly think what you spent your emergency fund money on can be considered an emergency. Your daughter and whole family had been going through a horrific experience and going was very important for your daughter (and the rest of your familie’s) emotional well being. Each family needs to decide what is worth spending your emergency funds on. I am glad your created those memories!
That is a terrific perspective Kat. Thank you for your encouragement!
Good for you! It was one of those times that the money was there for a good reason. I spent a huge chunk of money in 2009/2010 when I was driving down to my grandparents house on a weekly basis. My grandma lost her battle to cancer in February of 2010. I was so glad my son and I went down there. My family got to see my son and I got to be with my grandma. Sometimes you have to do the non frugal thing and spend the money on your family. It is something you will always cherish.
I am so sorry that your grandmother died but so glad that you were able to spend time with her! You are right — sometimes the “frugal” choice isn’t the right choice.
I would have done exactly what you did, because I would have considered it an emergency. Not every emergency is about life and death. This one is purely about the value of actually living, as opposed to merely breathing. Good for you!
Thanks Katherine – great point!
Yay! I am so glad you were encouraged Stephanie!
That sounds awesome Emilie! I hope you have lots of warm weather and good family fun!
In my view, what constitutes an emergency for one may not be for another. We have used our emergency fund to pay our taxes. I would have done the same thing as you did.
That is so true Fran. Personal finance is personal isn’t it?
We are taking a once in a life time trip to Florida this spring…Universal, Space center, the beach, time to visit my sister, spring training game…It is going to cost a lot, but my children have never flown before and none of my family have been to Florida. We are using savings as well as some extra pay we get through out the year, gift certificates and hotel points as well. We are spending a few dollars a night extra for a kitchenette in the hotel room to save on eating costs and will spend some time at my sister’s so we will not have hotel costs. Relaxation, memories and family time are priceless!
We also hope to accumulate some other hotel points to still be able to go somewhere the following year (closer to home for sure).
With 25 below wind chills, icy roads and inches of snow falling and blowing today…I can not wait for March!
Good for you making the best choice for your family. Those memories will last a lifetime, and as my husband is constantly reminding me, “it’s just money. It’s meant to be spent on important things.” This post was an encouragement to me!