From the Expert: Establishing an emergency fund can prevent financial pressures from causing full-on disasters … but only if you use the money you’ve saved when you need it.

This message highlighted guidance I offered during an appearance on Militarily Speaking, a podcast produced by Armed Forces Bank with a focus on military life and finances.

The episode includes advice on how to manage your finances before or during any loss of income. One step neglected by many facing financial difficulty: Actually using the money you’ve set aside for such situations.

Tapping into savings may be uncomfortable, but it can be a much better option than seeking emergency funds from nefarious places. 

Other options include speaking with creditors and banks to find out what assistance is available, as well as accessing service-specific resources such as relief societies and family readiness centers on military installations.

[RELATED: The MOAA Foundation’s Crisis Relief Program]

Other advice offered during the interview for those facing financial problems:

• Prioritize expenses to meet basic needs and key financial obligations.
• Take stock of retirement account contributions, and consider scaling them back to address immediate needs.
• Rethink debt payments, prioritizing minimum payments over paying down balances to avoid deeper financial difficulty.

Another point to remember: Once you are in a position to rebuild your emergency fund, make doing so a priority.