The £1,000 emergency fund challenge.

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  • foxyloxy11
    foxyloxy11 Posts: 344 Forumite
    First Anniversary Combo Breaker First Post I've been Money Tipped!
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    oh and another £222 bites the dust...car cost a bit extra...Doh!!
    £1000 Emergency fund challenge #225 - £1000.00.00/£1000- End of Baby Step 3 (A work in progress)
  • thoragunnr
    thoragunnr Posts: 52 Forumite
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    Up to £14.00 now.
    Each week now, I'll have £7.00 added to my emergency funds
    its not a lot but for now, it's affordable for me since I'm currently saving for xmas and a help-to-buy ISA.
    •• #238 £1000 ef; £14.00/£1,000 •• H2B; £120.00 •• BLS:£10.88/£15,000 ••
    •• Retirement: £4.86 •• New Home FundJar: £5.83p •• VOSS Jar £0.00 ••
  • datlex
    datlex Posts: 2,239 Forumite
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    patman99 wrote: »
    Well, it is whatever works best. I have a credit card with a £2,500 limit that I have £250 to pay-off, so in theory I have £2.250 emergency fund but as my aim is to clear and close all my cards and loans, I will only use this card to rebuild my credit score.
    I'm sorry but a credit card available limit is not an emergency fund.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • datlex
    datlex Posts: 2,239 Forumite
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    foxyloxy11 wrote: »
    just had to use £450 of my emergency savings to pop a new clutch in our car before it got too poorly....so time to make a new plan to get the savings back up again.
    it feels good to have an emergency fund :):):)
    foxyloxy11 wrote: »
    oh and another £222 bites the dust...car cost a bit extra...Doh!!
    That's the whole point of the emergency fund to pay for things like that so you don't have to borrow to pay for them.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • foxyloxy11
    foxyloxy11 Posts: 344 Forumite
    First Anniversary Combo Breaker First Post I've been Money Tipped!
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    I know Datlex it's good to have it so no stress involved :) already tidied my emergency fund up to a nice round number by transferring £6...onwards and upwards as they say
    £1000 Emergency fund challenge #225 - £1000.00.00/£1000- End of Baby Step 3 (A work in progress)
  • patman99
    patman99 Posts: 8,532 Forumite
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    Managed to add £40 to my EF last week. Should be able to add more this week, so things are looking up.
    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)

  • Mummy_bear
    Mummy_bear Posts: 604 Forumite
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    Quick update to say my EF is now up to £515/£1000

    Had some success with a claim. Really happy with the progress and hope to be close to £1000 by the end of the year
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £46444.23 :eek:
    £40773.61 /£46444.23 87.8% paid
  • Lynz90
    Lynz90 Posts: 3 Newbie
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    Just added £3 to my emergency fund this morning so my total stands at £6/£1000.
  • Calling14
    Calling14 Posts: 3,498 Forumite
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    Need to start rebuilding my EF. Had to use it for car repairs and insurance last month. I know car insurance not an emergency but rather than pay monthly thought I would save money and pay annually.

    EF now stands at £30. Sorry Patman I will try a lot harder x
    LBM 13039 1.1.13 Now £0 Finally Debt FreeMortgage free Oct 2019:)EFund/savings £25000 10/11/22
  • patman99
    patman99 Posts: 8,532 Forumite
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    Calling14, just think how much you will save by paying your insurance in one hit.


    Anyway, added another £80 to my EF and £1.18 to my 3-6 month fund.

    I was going to fit a new basin in my bathroom today, but the new one comes without a fitting kit. So had to find somewhere that sold the appropriate one, so have no longer got enough time left to fit the thing.
    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)

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