Emergency funds typically sound like something that could be nice, if you had the money and time to save it up. Emergency funds are small pocket of change put aside just in case of an emergency. It is basically saving for a rainy day. It is said that two out of three Americans would have trouble coming up with $1000 for an emergency. People always save up for the things they want but forget to save for the things they don't expect. Having an emergency fund can prevent that stress.