The £1,000 emergency fund challenge.

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  • *snow*white*
    *snow*white* Posts: 142 Forumite
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    adding £15 to the fund just sold something on Gumtr££ :rotfl:
    NST#14/2
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    edited 7 August 2015 at 4:19PM
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    Well done everyone. MrsSave in particular, you're an inspiration:beer:

    Have bitten the bullet and taken out breakdown cover for my car. With an old car and living in a rural backwater I'm a fool not to have it but up to now it's seemed more of an unaffordable luxury than a 'must have'. Have no room for manoeuvre in my budget on the DMP unless I reduce the monthly payments to creditors which I certainly won't do. So now I have a nice balance in my EF (mainly from a couple of weeks of casual work plus selling loads of clutter) I'm using some of that to pay for it:j Most of my emergencies seem to be car-related anyway:mad: so it's a legitimate use of the funds I'd say.

    Will update sig later but I'll also get about £39 cashback from TopCashBack (although not payable for 6 months:eek:) so not too bad after all and I feel a whole lot better for having the peace of mind that professional help is only a phonecall away:j
  • MrsSave
    MrsSave Posts: 1,817 Forumite
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    carbootcrazy wrote: »
    Well done everyone. MrsSave in particular, you're an inspiration:beer:

    Thank you! I'm just throwing every penny I can into it at the moment because my work is unpredictable. I'm really pleased we've managed to save as much as we have so far, and hoping we can continue!

    We took out breakdown cover recently, too. Paying just over £5.50 a month, which I don't think is too bad! Cars can be a pain in the backside!!
    Starting a new debt free journey
    Starting Debt: £5,250
    Current Debt: £4,995.50
    Amount Paid: £254.50 Percentage Paid: 4.84%
    Emergency Fund: £350
  • belleandthebudget
    belleandthebudget Posts: 401 Forumite
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    Hi all! Please may I join you?

    I've never had an emergency fund and I think it'll add great peace of mind while I pay down my debts. Currently stands at zero but I'll definitely be looking at where I can skim a little off my current account or make some extra dosh for it, since all my free income is smashing the debt right now.

    :D
  • Digging_2
    Digging_2 Posts: 91 Forumite
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    Added £1.39 to emergency fund. Total for #125 is £6.39
    LBM July '15: [STRIKE]£34,867.89[/STRIKE] :mad: £34,077.59 (1% paid) DFD:[STRIKE]Feb 2020[/STRIKE] April 2019 £2 Savers #129: £8 'Extra payment a week': £0
    Wombled: £18.22 GC £200 #185 Aug:£167.98 Sept: £63 Pay off by Xmas'15 : £4200/£790.80(5.3%) House deposit: £5000/£360 (7%) Emergency fund #125: £1000/£30
  • MrsSave
    MrsSave Posts: 1,817 Forumite
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    Phoned sky up today and managed to get a reduction on my account. It's definitely worth doing, I only had the cheapest package to start with but they've almost halved it. It means that I'd over budgeted in YNAB for sky this month, so have transferred the difference (£14.52) to the emergency fund. I now have £784.72. I can't wait to break through the £800 barrier now :D

    Oh, and have been told that my tax refund/rebate should be with me within a couple of weeks, so I've got everything crossed for that.
    Starting a new debt free journey
    Starting Debt: £5,250
    Current Debt: £4,995.50
    Amount Paid: £254.50 Percentage Paid: 4.84%
    Emergency Fund: £350
  • patman99
    patman99 Posts: 8,532 Forumite
    First Anniversary Combo Breaker Photogenic First Post
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    Just rounded-up my EF to a nice £300. Will have a good pay day come the end of August what with all the overtime I have been working.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)

    3-6 month EF £0/£3600 (that's 0 days worth)

  • Aphidgirl
    Aphidgirl Posts: 431 Forumite
    First Anniversary Combo Breaker Debt-free and Proud!
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    Mind if I join this challenge too?

    I'm a big Dave Ramsey fan. I haven't quite cleared all the debt yet but very nearly there. I was given a 4% monthly saver account with Club Lloyds so I thought I might as well use it to build an emergency fund.

    Only just started saving this month. So far:

    £25/£1000

    Well, it's a start!
    Starting 2016 debt-free :D
    Emergency Fund: £350/£1000
  • MrsSave
    MrsSave Posts: 1,817 Forumite
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    Eeeeek! My parents just deposited £200 into my account because they know my work situation is a little up and down, and August is a tight month! Was completely not expecting it, and I've popped it straight into the emergency fund. My emergency fund is now at £984.72. :j So close to £1000!!!

    I should have a little extra coming in over the next few days from my second, crafting job as well as a tax rebate within the next 2 weeks. It's so nice that everything's going the right way at the moment. Fingers crossed it lasts!!

    Also, can I stay after I reach £1000??
    Starting a new debt free journey
    Starting Debt: £5,250
    Current Debt: £4,995.50
    Amount Paid: £254.50 Percentage Paid: 4.84%
    Emergency Fund: £350
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    That's brilliant, MrsSave:T. What lovely kind parents you have.

    I'm sure you are welcome to stay:rotfl:. The idea of the thread initially was for a £1000 cushion but most of us have had to dip into ours to cover what it was meant for, the dreaded emergencies:mad:. I think all of us would like to have more stashed away than the £1000 as it probably won't stay that high for long:(

    I think someone (maybe patman, the starter of the challenge) was going to start a challenge to raise an EF of 3 months worth of money so that it would be possible to live off it in case all other income dried up such as with loss of job etc.

    Here's to your success in reaching the magic £1000 without having to pay for any of life's emergencies:beer:.
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