Stories of Financial Freedom
Sarah, a 51-year-old woman from Canberra, used her escape fund to leave her marriage. While she didn't have a large amount saved, it allowed her to pay three months' rent upfront. She credits a former colleague for advising her to set up the fund, not necessarily to leave her marriage, but as a safety net in case something happened to her husband and life/disability insurance took time to come through.
Sarah plans to advise her daughter to do the same when she enters a serious relationship.
Several other readers shared their stories of escape funds after reading an article about the topic.
One woman, who has been married for 30 years, opened an escape fund when she got married. She openly discussed it with her husband, who has no issue with it. They even talk about it with their three adult daughters, whom she has encouraged to do the same.
Another woman shared that her late mother advised her sisters to have a "cunning kick," a secret stash of money. She has suggested the same to her own daughters. Cunning kicks were traditionally used by gamblers to hide money from their partners, but women also used them as a safety net for unforeseen circumstances.
A man shared that he and his wife always maintained separate bank accounts even after establishing joint accounts for their house. When he noticed his wife frequently withdrawing large sums from their mortgage into her own account, he realized their marriage was struggling. He is grateful for the few thousand dollars he had saved, as it helped him and his children establish a new household after their separation.
He advises anyone entering a cohabiting relationship, regardless of gender, to keep some personal savings aside for emergencies, whether they disclose it to their partner or not.
Another woman shared that her mother advised her to have "escape money" in case she needed to return home quickly from New Zealand, where she lived with her Kiwi husband. She continued saving until she became a widow. Her mother also had escape money, which she used to travel to New Zealand when her daughter needed her.
Finally, an 80-year-old woman shared that when she married at 20, her mother advised her to have "running away money" in a bank safety deposit box. When she was unmarried, she always had money saved in case she needed an illegal abortion.
These stories highlight the importance of having an escape fund, regardless of your relationship status. It can provide financial freedom and security in difficult situations.