Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • DreamerHelen
    • By DreamerHelen 20th Oct 15, 8:30 AM
    • 2,543Posts
    • 13,649Thanks
    DreamerHelen
    3-6 Month Emergency Fund Challenge!!
    • #1
    • 20th Oct 15, 8:30 AM
    3-6 Month Emergency Fund Challenge!! 20th Oct 15 at 8:30 AM
    Morning Everyone....


    I have been wondering for MONTHS now about what would happen if there was some kind of Emergency....I am self-employed and also starting a new Business which will also be on a self-employed basis....so I will never get holiday pay or sick pay....although I AM hoping to maybe get an employed Job but that would only be for a couple of days a Week so it won't cover me completely if something were to happen....


    My health is not wonderful at the moment, and hasn't been for a while, but I'm going to start trying to lose Weight once I've moved Flats (which I'm doing this Weekend!!).


    So the point of this Challenge is to save up at least 3 month's worth of wages....that can be a different amount for each person....and some people might want to save up to 6 months if they are feeling ambitious!!


    Me personally, I want to save 3 months worth of wages which for me will be £6000.


    Now, there is ABSOLUTELY NO TIME LIMIT on this Challenge...in fact I suspect it could take me Years to get to the point of having 3 months wages as Savings....For now I can only afford £5 per week but as my new Business builds up (hopefully!!) then I should be able to afford more.


    This Thread is mainly for us all to encourage each other to keep on Saving and to celebrate when we reach milestones, however large or small they may be.....Like for me, when I get to having £500 I will be ecstatic!!


    I also wanted to say that if at any time an emergency crops up and you need to use your Fund and then start again then please don't worry about doing that.....It's what the Emergency Fund is there for after all....


    I don't like having Savings in the Bank as I get too tempted to spend them so I'm going to invest in a Terramundi to put my Savings into at least at first......but other's may choose to use their Bank Accounts or a Tin from Poundworld...or stuff it under your Mattress!!


    Sooooo.....Here we go.....I'll add the names below as people Join....xXx




    CHALLENGERS
    1) DreamerHelen - GOAL: £6000 CURRENTLY: £105/£6000
    2) Dobbibill - GOAL ONE: £9000 CURRENTLY: £9000/£9000 - COMPLETE!!
    2) Dobbibill - GOAL TWO: £9000 CURRENTLY: £3904.72/£9000
    2) Dobbibill - GOAL THREE: £1000 CURRENTLY: £161.69/£1000
    3) Patman99 - CURRENTLY: £240.61
    4) LittleMissDetermined - GOAL: £7129 CURRENTLY: £3950/£7129
    5) Sophieo16 - GOAL: £3000 CURRENTLY: £3000/£3000 - COMPLETE!!
    5) Sophieo16 - NEW GOAL: £4000 CURRENTLY: £2862.51/£5000
    6) Crv1963 - INITIAL GOAL: £7800 CURRENTLY: £10/£7800
    7) Mothernerd - INITIAL GOAL: £1000 CURRENTLY: £1000/£1000 COMPLETE!!
    8) Stewby - GOAL: £2000 CURRENTLY: £230.76/£2000
    9) stoplurking - GOAL: £4000 CURRENTLY: £2160/£4000
    10) crazy_cat_lady - GOAL: £6338 CURRENTLY: £346.92/£6338
    11) stormpassing - GOAL: £5400 CURRENTLY: £30/£5400
    12) carbootcrazy - GOAL: £5000 CURRENTLY: £3733/£5000
    13) Munchin - GOAL: £6000 CURRENTLY: £1300/£6000
    14) traveller - INITIAL GOAL: £1000
    15) Freysmum - GOAL: £8500 CURRENTLY: £8500/£8500 - COMPLETE!!
    16) The Only Girl - GOAL: £12,000 CURRENTLY: £9425.89/£12,000
    17) Southern-girl - GOAL: £5000 CURRENTLY: £437/£5000
    18) dubsteppenguin - GOAL: £5000 CURRENTLY: £250/£5000
    19) DuranGirl - GOAL: £6000 CURRENTLY: £5000/£6000
    20) WantToBeSE - GOAL: £5000 CURRENTLY: £1000/£5000
    21) black cat - GOAL: £6000 CURRENTLY: £6000/£6000 - COMPLETE!!
    22) lexbubbles - GOAL: £4600 CURRENTLY: £2158.63/£4600
    23) ani*fan - GOAL: £3000 CURRENTLY: £40.29/£3000
    24) Keeping Motivated - GOAL: £6000 CURRENTLY: £6000/£6000 - COMPLETE!!
    24) Keeping Motivated - NEW GOAL: £6000 CURRENTLY: £3790/£6000
    25) rylee12 - GOAL: £6000
    26) Rosylee - GOAL: £8850 CURRENTLY: £60/£8850
    27) BlackFrosting - GOAL: £2700 CURRENTLY: £69.37/£2700
    28) Westbeef - GOAL: £5000
    29) skye blue - GOAL: £3000 CURRENTLY: £190/£3000
    30) MrsSave - GOAL: £5000 CURRENTLY: £1241.36/£5000
    31) crimson.addict - GOAL: £10,000 CURRENTLY: £350/£10,000
    32) linc1205 - GOAL: £20,000 CURRENTLY: £20/£20,000
    33) Brass_Triumphant - GOAL: £5000 CURRENTLY: £450/£5000
    34) Christa27 - GOAL: £3000
    35) Wishfullthinking2 - GOAL: £4500
    36) x_raphael_xx - GOAL: £5050 CURRENTLY: £900/£4000
    37) moneymakestheworldgoround - GOAL: £3000
    38) georgiebrown0 - GOAL: £6000
    39) Sharon87 - GOAL: £1500 CURRENTLY: £330/£1500
    40) BabyBetty - GOAL: £5000 CURRENTLY: £276/£5000
    41) -Selene - GOAL: £5000 CURRENTLY: £691.69/£5000
    42) Thistlewhistle - GOAL: £5000 CURRENTLY: £2500/£5000
    43) abundant1972 - GOAL: £4500 CURRENTLY: £2000/£4500
    44) castlelough - GOAL: €3000 CURRENTLY: €86/€3000
    45) MLAB - INITIAL GOAL: £450
    46) milasavesmoney - GOAL: $15000 CURRENTLY: $11,273/$15000
    47) WatWing - GOAL: £3900 CURRENTLY: £250/£3900
    48) happytails - GOAL: £8400
    49) Grandad's Offspring - GOAL: £5000 CURRENTLY: £80/£5000
    50) Smodlet - GOAL: £3000 CURRENTLY: £325/£3000
    51) JCUK - GOAL: £6000 CURRENTLY: £1250/£6000
    52) Mooloo - GOAL: £4000 CURRENTLY £65.01/£4000
    53) aphill24 - GOAL: £5000 CURRENTLY: £1100/£5000
    54) evo5819 - GOAL: £3000
    55) mum-to-many - GOAL: £3000 CURRENTLY: £306/£3000
    56) oh2bdebtfree - GOAL: £6000
    57) Keedie
    58) AnxiousHomemaker - INITIAL GOAL: £500 CURRENTLY: £15/£500
    59) PoorGuyNextDoor - GOAL: £5300
    60) angelicious - GOAL: £7200 CURRENTLY: £270/£7200
    61) misselvis - GOAL: £6000
    62) benten69 - GOAL: £10,750 CURRENTLY: £230/£10,750
    63) TopsyMum - GOAL: £1000
    64) Poor_Single_lady - GOAL: £5000 CURRENTLY: £80/£5000
    65) swimminginaseaofdebt - GOAL: £9000 CURRENTLY: £15.71/£9000
    66) Dragon Lily - GOAL: £3000 CURRENTLY: £1135/£3000
    67) FrugalinShropshire - GOAL: £7200
    68) Determined diva - GOAL: £2000 CURRENTLY: £1050/£2000
    69) muppets - GOAL: Euro 15,000 CURRENTLY: Euro 4000/15,000
    70) dfbefore30 - GOAL: £5000 CURRENTLY: £5000/£5000 - COMPLETE!!
    71) indigowarrior - GOAL: £6000
    72) angelpye - GOAL: £4200
    73) HoneyBee83 - GOAL: £1000 CURRENTLY: £800/£1000
    74) wegle - GOAL: £6000 CURRENTLY: £548.23/£6000
    75) Hillwalker17 - GOAL: £6000 CURRENTLY: £1000/£6000
    76) Doglover - GOAL: £7500
    77) NewMeNewLife - GOAL: £5000 CURRENTLY: £300/£5000
    78) Bumblebear - GOAL: £5670
    79) lilyflower7 - GOAL: £3000 CURRENTLY: £519.23/£3000
    80) Dogbooks - GOAL: £9300 CURRENTLT: £950/£9300
    81) kazt2006 - GOAL: £10,000 CURRENTLY: £7900/£10,000
    82) Jellybeans&FF - GOAL: £9000 CURRENTLY: £20/£9000
    83) Moneybutterfly - GOAL: £1000 CURRENTLY: £270/£1000
    84) moneymanager - GOAL: £1500
    85) fruitloop04 - GOAL: £6000 CURRENTLY: £1000/£6000
    86) peedie - GOAL: £6000
    87) datlex - GOAL: £5000 CURRENTLY: £3750/£5000
    88) Anoneemoose - MINI GOAL: £931 CURRENTLY: £170/£931
    89) SamSam17 - GOAL: £5000 CURRENTLY: £20/£5000
    90) 166million - GOAL: £10,000 CURRENTLY: £244/£10,000

    If you haven’t already, join the forum to reply!
    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by DreamerHelen; 06-12-2017 at 10:35 PM.
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 £105/£6000
    General £1000 Emergency Fund #13 £60/£1000
    MSE Sealed Pot Challenge #089 - Stars from SueUU x25
Page 87
    • x_raphael_xx
    • By x_raphael_xx 2nd Dec 17, 5:38 PM
    • 3,423 Posts
    • 17,289 Thanks
    x_raphael_xx
    Evening all. Hope we're all enjoying the season.
    I've had to borrow £100 from my EF for xmas gifts. Aiming to return it (or at least the majority) by the end of the month.
    Down to £900/£5050
    Debt Free as of 17/01/2009 Turtle Power!!
    Nov NSD's - /25 / Lose weight 29.0 lbs / 30lbs
    EF Challenger #36 £900/£5050
    • Mooloo
    • By Mooloo 3rd Dec 17, 10:18 AM
    • 9,297 Posts
    • 45,095 Thanks
    Mooloo
    I have scraped up a few £ and now have £65.01 in my Emergency Fund and my Holiday Fund.
    But I also now have my Retirement Fund as I don’t have much of a pension so that is getting the majority of my money at the moment. It’s up to £800.
    I want to get it to £1,000 by the end of the year.
    Then I will revisit the Emergency Fund.
    When I die I will know that I have lived, loved, mattered and made a difference, even if in a small way.
    • skye blue
    • By skye blue 3rd Dec 17, 4:31 PM
    • 109 Posts
    • 465 Thanks
    skye blue
    Hi everyone

    please add another £30 to my pot if you will helen

    hope everyone is getting along with their xmas stuff and keeping stress levels down, ive almost done as im not buying as many this year and its helped me loads. nothing worse than struggling to find gifts for people who you don't know what to buy

    keep warm everyone
    • abundant1972
    • By abundant1972 3rd Dec 17, 5:10 PM
    • 1,178 Posts
    • 8,602 Thanks
    abundant1972
    Evening Everyone!

    I have been AWOL the last few months whilst I relocated my life from down South to up North to be nearer to my family. I have landed, started my new job, and just trying to settle in. I somehow managed to keep my payments going, although as of 2018 the amount I will be able to save will drop from £250 to £25 because I'm on less hours.

    Amount added = £250 x 3
    3-6 Month EF = £2000/£4500


    I am still a long way off my goal, but who knows what the New Year will bring? Wishing you all the best and thanks to Helen for running this post as always x
    Repay Car : Phase 2 : £0/£500 by 13/09
    Follow your heart & be true to yourself always
    Help To Buy ISA = £5283.65. EF = £2000/£4500
    NST Dec : NSD=2/16 : Food £0/£100 : Spends £0/£100
    Spiritual Practice =0/31. Exercise Sessions 0/14.
    • 166million
    • By 166million 4th Dec 17, 12:54 PM
    • 1,131 Posts
    • 4,777 Thanks
    166million
    £7 added from Chip
    Have again told it to save lesser amount. It's draining all my money away!

    £244 total
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    No. 90: Emergency fund £250
    • DreamerHelen
    • By DreamerHelen 6th Dec 17, 10:42 PM
    • 2,543 Posts
    • 13,649 Thanks
    DreamerHelen
    Hi All

    Apologies for going AWOL again....Just been a bit of a rough time....I'm going to be kind of glad when this Year has gone, there have been some good things but also bad things...and my Anxiety seems to have gone through the roof this Year...I'm hoping I can get a handle on it over the next few months...I guess that's an ongoing thing really...

    I managed to put another Fiver in my Emergency Fund...so at least I'm just over the £100-mark...

    Here's to the Updates... xXx

    166million - I've Updated the First Page...You're doing AWESOME!! Keep on going hun...and thank you for your lovely words....The Night Shift work does cause Anxiety but so many other things in my life do as well...I think it's an overall Anxiety... xXx

    datlex - I've Updated the First Page...WOW, look at how AMAZING you're doing!! xXx

    LittleMissDetermined - I've Updated the First Page...You're doing BRILLIANTLY!! Keep on moving forwards hun xXx

    skye blue - I've Updated the First Page....You're doing WONDERFULLY!! I'm not sure I have the correct total so could you check it for me and let me know please hun? I know you can do it...keep on going...I'm doing okay thank you hun xXx

    Dobbibill - I've Updated the First Page...You're doing INCREDIBLE..I take it the Update was for your Number 2 Goal? I hope you are doing well hun xXx

    x_raphael_xx - I've Updated the First Page....You're doing AWESOME...keep on going and keep beavering away xXx

    Mooloo - I've Updated the First Page...You are doing BRILLIANTLY...Just keep on plugging away, you WILL get there xXx

    abundant1972 - I've Updated the First Page...You're doing REALLY GREAT!! Keep on going...it's really lovely to see you again and it sounds like there are some exciting times ahead.... Thank you for your lovely words...it's a pleasure to run this Thread... but it is all of you Guys that make it what it is... xXx
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 £105/£6000
    General £1000 Emergency Fund #13 £60/£1000
    MSE Sealed Pot Challenge #089 - Stars from SueUU x25
    • Mooloo
    • By Mooloo 7th Dec 17, 6:43 AM
    • 9,297 Posts
    • 45,095 Thanks
    Mooloo
    Added another £10 yesterday, so up to £75.01 in Emergency Fund.
    When I die I will know that I have lived, loved, mattered and made a difference, even if in a small way.
    • LittleMissDetermined
    • By LittleMissDetermined 7th Dec 17, 7:03 AM
    • 1,823 Posts
    • 7,627 Thanks
    LittleMissDetermined
    Thanks For the updates Helen - sorry that your Anxiety seems to be getting the better of you again, I know how much it can impact our everyday lives. Sending you hugs xx

    Well done on reaching the £100 mark!
    Target Debt Free Day 27th Jun 2019
    Life gets in the way...PADding is addictive... Saving's better than spending...

    £1000 EF Challenge #142 £1285/£1000 ... 3-6Mth Wages Challenge #4 £4100/£7129...
    24 months of Debt-busting to go...
    • 166million
    • By 166million 7th Dec 17, 11:37 AM
    • 1,131 Posts
    • 4,777 Thanks
    166million
    Thanks Helen, you are awesome too. You have so much on your plate but you persevere and help all of us to reach our goals too!


    Please increase my total to £250!
    Last edited by 166million; 08-12-2017 at 10:44 AM.
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    No. 90: Emergency fund £250
    • LittleMissDetermined
    • By LittleMissDetermined 9th Dec 17, 4:59 PM
    • 1,823 Posts
    • 7,627 Thanks
    LittleMissDetermined
    Hi all

    Popping in to update with another £150 to the pot taking my total to £4100

    Hope everyone is ok and keeping safe and warm

    LMD x
    Target Debt Free Day 27th Jun 2019
    Life gets in the way...PADding is addictive... Saving's better than spending...

    £1000 EF Challenge #142 £1285/£1000 ... 3-6Mth Wages Challenge #4 £4100/£7129...
    24 months of Debt-busting to go...
    • Anoneemoose
    • By Anoneemoose 11th Dec 17, 3:18 PM
    • 1,805 Posts
    • 2,195 Thanks
    Anoneemoose
    Hi everyone.

    Sorry, long time no post! Been so busy with Christmas organisation and DS's birthdays and then getting the house back to normal (well, ish).

    Not much to report on my EF though. Although, actually, I have added £25 to it, so I'll report that! We have spent more than budgeted for Christmas, but that's no surprise really (we always do ) and it's all noted and accounted for.

    I'm having a dilemma..once Christmas is out of the way, I will be losing two payments (one for our bathroom loan which we paid over 10 months) and our sofa loan which is coming to an end in February. It means that without tweaking our budgets much, we could throw around £550 per month at our credit card debt. I am two minds about what to do. Just plough on and get rid of that as quickly as possible, or divert some to the EF. I'll have to have a think.

    Sorry to hear your anxiety is still playing up, DreamerHelen. I hope it settles soon. I can't remember what, if any, help you might be receiving already, but if it doesn't lift, I would visit your quack. Sometimes just having that chat makes me feel better, although I appreciate not everyone is the same.

    Sending good wishes to everyone and I hope this time of year is enjoyable, rather than stressful for you all.
    Last edited by Anoneemoose; 11-12-2017 at 6:11 PM.
    • 166million
    • By 166million 14th Dec 17, 11:42 AM
    • 1,131 Posts
    • 4,777 Thanks
    166million
    Hi all, nothing to report. Just checking in.
    Helen if you want/ need any help maintaining the thread/ totals I am happy to chip in. Not sure how that would work but am willing if needed
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    No. 90: Emergency fund £250
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

249Posts Today

1,308Users online

Martin's Twitter
  • Have a lovely weekend folks. Don't do anything (fiscally) that I wouldn't do!

  • RT @thismorning: With his last deals of the year, @MartinSLewis wishes us all a 'very merry Christmas, a happy Hanukkah and a wonderful and?

  • RT @stoneygran: @MartinSLewis I furtively used a pub toilet last night before getting on the bus and felt really guilty!

  • Follow Martin