Also, save one's neck or skin. Rescue one from a difficult situation or harm. The allusion¹ in the first term is no longer clear. It may simply be a comical way of referring to one's body or one's life. At the time it was first recorded, in 1654, bacon was a prized commodity², so perhaps saving one's bacon was tantamount to keeping something precious.

eg:, The boat capsized in icy waters, but the life preservers saved our skins.

Note:

save one's bacon也可以说save one's neck或者save one's skin，意思是救人于难，使某人免受伤害。bacon的原意为熏肉，大约是对人身体或者生命的幽默称呼。如今可追溯的最早记录是1654年熏肉被当作奖赏，也许因此指代一些非常珍贵的东西。

例：船在冰水中倾覆，但是救生员救了我们的命