3-6 Month Emergency Fund Challenge!!

[Deleted User] · 16 January 2016 at 11:42AM

Sorry, haven't been here for a while, but just popping in to say a sincere thank you for all the really sweet, supportive and encouraging comments about me leaving the challenge. I really was genuinely touched by them:A

Well done to all you savers and the lovely way you are encouraging each other:T

Have a great weekend everyone:beer:

DreamerHelen · 16 January 2016 at 1:55PM

Hey carbootcrazy hun.....I hope you're well....I'm leaving your Name on the Challengers List but please just drop in whenever you feel like it....You're part of the Family so I don't want to remove your name.... I hope that's okay but there really is no pressure....just pop in whenever you would like to xXx

[Deleted User] · 16 January 2016 at 2:39PM

DreamerHelen wrote: »

Hey carbootcrazy hun.....I hope you're well....I'm leaving your Name on the Challengers List but please just drop in whenever you feel like it....You're part of the Family so I don't want to remove your name.... I hope that's okay but there really is no pressure....just pop in whenever you would like to xXx

Thank you, Helen:A

crimson.addict · 17 January 2016 at 10:12AM

Good morning all

I have some goodish badish news.

I have had a little 206 GTi pug for the last 3 years. It cost me almost £4000 to buy and has since cost me around that much if not more to keep it running. Every time it has been to the garage (1-3 times a year) it hasn't cost me less than £500.

So, although I love him I decided it was time for a change. I looked online to see how much it's worth and was discussed at the £700 - £1500 estimate depending on how I sell it 😭

It was at that point I decided I cannot spend another penny on this car!!!!

Peugeot were running a deal (£250 extra on top of the part exchange quote) so I got a call from them and arranged a viewing for a shark grey car. I wanted blue but turns out they're around £1000 more than any other colour!!!!!

Long story short, I have put a deposit down on a 13 plate 308 in white (I hate white cars but fell in love the moment I saw this car). Now I just need to find £6000 and my log book by Friday. At first I was considering getting a loan. I can afford to buy the car but it'll leave me with nothing at all in the bank. Then my wonderful OH offered to lend me £3000 so I think I'll take £3000 from my emergency fund which will leave me with only £2000 for emergencies but it means I won't incur any interest.

What do you guys think?

Sorry for the long post. I am going to seriously hammer the emergency fund after this. Promise.

The_Only_Girl · 17 January 2016 at 10:27AM

Good morning savers! We've got sunshine today! Today is going to be a busy day doing cleaning, laundry, cooking and weekly shopping.

I thought I could add another £9.45 to my EF I had some money credited from Shopitise but last night I found I couldn't because I need that to cover the increase in my phone/internet bill. BT has increased my monthly package to £40. I am absolutely fuming. I used to pay only £25 a month for Internet and phone but I found out that my internet package has run out on the 7th of January so they have auto-enrolled my to a more expensive package but my phone package is not due to change until June (apparently when I signed up with them I unknowingly agreed to a 12 months contract for the Internet but 18months for the phone). So I have rang sky and signed up to a new 12 months contract (£21.40 per month for Internet and phone with evening and weekend calls). They will do the account transfer with BT. Rant over.

I need to find other ways to have some extra to throw into the EF.

[Deleted User] · 17 January 2016 at 12:31PM

crimson.addict wrote: »

Long story short, I have put a deposit down on a 13 plate 308 in white (I hate white cars but fell in love the moment I saw this car).

Sorry you hate white cars, I adore them;). I always chose white in the past but then they went completely out of favour for years and it was impossible to buy anything in white. Everything seemed to be silver for years and years and I hate that colour!

I like bright colours like red if I can't get white, although there's a lovely sort of burnt orangey colour around now which looks good:T. I only buy used cars anyway so by the time I've saved up enough to replace mine there will definitely be some used orangey ones available;)

Wishing you years of happy and safe motoring in your new car:j

There comes a time, doesn't there, when we have to say 'enough is enough' when the cost of repairs far outstrips the value of the car? I always feel sad to part with an old friend but sometimes needs must:o

Dobbibill · 17 January 2016 at 3:24PM

crimson.addict wrote: »

Good morning all

I have some goodish badish news.

I have had a little 206 GTi pug for the last 3 years. It cost me almost £4000 to buy and has since cost me around that much if not more to keep it running. Every time it has been to the garage (1-3 times a year) it hasn't cost me less than £500.

So, although I love him I decided it was time for a change. I looked online to see how much it's worth and was discussed at the £700 - £1500 estimate depending on how I sell it &#55357;&#56877;

It was at that point I decided I cannot spend another penny on this car!!!!

That's alot of money to pay out on repairs in the last few years. Getting rid before it costs you any more seems to be the sensible thing to do. Sad times though, when you are attached to it. [I'm dreading getting rid of mine when the time comes

]

Peugeot were running a deal (£250 extra on top of the part exchange quote) so I got a call from them and arranged a viewing for a shark grey car. I wanted blue but turns out they're around £1000 more than any other colour!!!!!

Long story short, I have put a deposit down on a 13 plate 308 in white (I hate white cars but fell in love the moment I saw this car). Now I just need to find £6000 and my log book by Friday. At first I was considering getting a loan. I can afford to buy the car but it'll leave me with nothing at all in the bank. Then my wonderful OH offered to lend me £3000 so I think I'll take £3000 from my emergency fund which will leave me with only £2000 for emergencies but it means I won't incur any interest.

What do you guys think?

Sorry for the long post. I am going to seriously hammer the emergency fund after this. Promise.

You have a couple of options here. You are not putting your EF back to zero with either option so nothing to worry too much about.

Option 1 - Get a bank loan. This would depend on what sort of return you are getting on your savings. If it's significantly higher than the % of the loan then it's free money so go for it. Some lenders offer loans at 3.6% and savings could be in 5% gross or more, although these deals are normally on loans of 7.5k and above.

Option 2 - Borrow from OH, this will hopefully be interest free

again this still leaves you a fair amount in the EF

Option 3 - Put it on a 0% purchase CC, let your EF carry on earning you a return, pay off before deal ends. Again this would equal free money.

Only you know
a) how much you are getting on your savings
b) how much APR you could get on a loan
c) how disciplined and savvy you are to make sure you don't get stung doing option 1 or 3

I hope I haven't made it worse by throwing a 3rd option in for you but you really have got several options.

Happy Sunday everyone

Dobbi

DreamerHelen · 18 January 2016 at 7:26AM

Morning Everyone....

Sorry I disappeared over the Weekend....I really had to hammer Work so that I earned what I needed to earn this Week.....I'm pleased to say that I worked my bottom off and earned what I needed....

Nothing to report Money-wise for me.....maybe next Week!!

crimson.addict - Sounds like a change of car is definitely needed although sad to see it go.....I'm not sure what the best option re the money is although I DO know that you can always build up the EF again if you need to....but saying that, if there is some other kind of Emergency you wouldn't have it there....I guess it's about weighing things up....let us know what you decide hun. We'll be here no matter how long it takes to build up that EF...

The Only Girl - Grrrrrrr re Phone Providers....I think they are getting greedy at this point!! But you WILL get there hun...I know you will

carbootcrazy - Great to see you hun and thank you for your wise words....

Dobbibill - Great to see you too hun....Thank you for your lovely wise words too.....

I hope you ALL have a GREAT start to the Week....I'm out at Placement all day....But looking forward to the Weekend....It's my Birthday on Thursday and a lovely close Friend is taking me out to Lunch...then Friday Night I'm going out with Friends from College and then Sunday Night I'm out with Family....so I'm feeling very grateful and a little bit excited....

Speak to you all during the course of the Week xXx

crimson.addict · 18 January 2016 at 11:01AM

carbootcrazy wrote: »

Sorry you hate white cars, I adore them;). I always chose white in the past but then they went completely out of favour for years and it was impossible to buy anything in white. Everything seemed to be silver for years and years and I hate that colour!

I like bright colours like red if I can't get white, although there's a lovely sort of burnt orangey colour around now which looks good:T. I only buy used cars anyway so by the time I've saved up enough to replace mine there will definitely be some used orangey ones available;)

Wishing you years of happy and safe motoring in your new car:j

There comes a time, doesn't there, when we have to say 'enough is enough' when the cost of repairs far outstrips the value of the car? I always feel sad to part with an old friend but sometimes needs must:o

I love blue or green cars best

i fell in love with this one though the moment i sat in it!!

I'd love to keep my little car forever. Every time I have fixed it I've said i've paid so much now surely there's nothing else that can go wrong.

Dobbibill wrote: »

That's alot of money to pay out on repairs in the last few years. Getting rid before it costs you any more seems to be the sensible thing to do. Sad times though, when you are attached to it. [I'm dreading getting rid of mine when the time comes ]

You have a couple of options here. You are not putting your EF back to zero with either option so nothing to worry too much about.

Option 1 - Get a bank loan. This would depend on what sort of return you are getting on your savings. If it's significantly higher than the % of the loan then it's free money so go for it. Some lenders offer loans at 3.6% and savings could be in 5% gross or more, although these deals are normally on loans of 7.5k and above.

Option 2 - Borrow from OH, this will hopefully be interest free again this still leaves you a fair amount in the EF

Option 3 - Put it on a 0% purchase CC, let your EF carry on earning you a return, pay off before deal ends. Again this would equal free money.

Only you know
a) how much you are getting on your savings
b) how much APR you could get on a loan
c) how disciplined and savvy you are to make sure you don't get stung doing option 1 or 3

I hope I haven't made it worse by throwing a 3rd option in for you but you really have got several options.

Happy Sunday everyone

Dobbi

My ISA is shocking at the minute. I was getting about £15 interest a month, i'm now getting about £3. I need to switch. Interest on the loan would be higher, even at tescos 5% rate.

I think i'll take the money from my bank and just make sure i pay as much as i can back in. I'm going to aim to give my OH £200 a month then whatever else i can spare will go back in my EF. I think that's the best way to do it!

DreamerHelen wrote: »

crimson.addict - Sounds like a change of car is definitely needed although sad to see it go.....I'm not sure what the best option re the money is although I DO know that you can always build up the EF again if you need to....but saying that, if there is some other kind of Emergency you wouldn't have it there....I guess it's about weighing things up....let us know what you decide hun. We'll be here no matter how long it takes to build up that EF...

My OH would always help me out if i had a proper emergency so i'm not too worried. I think i'll raid the EF.

Here it is. You can see my lovely old sporty baby in the background too

x_raphael_xx · 18 January 2016 at 12:31PM

Another £142.09 paid in today. Total is now £949.15.
I wonder if I can push it to £1000 this month.

3-6 Month Emergency Fund Challenge!!

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