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  • FIRST POST
    • patman99
    • By patman99 3rd Oct 14, 10:35 PM
    • 8,056Posts
    • 9,466Thanks
    patman99
    The £1,000 emergency fund challenge.
    • #1
    • 3rd Oct 14, 10:35 PM
    The £1,000 emergency fund challenge. 3rd Oct 14 at 10:35 PM
    For the idea for this after listerning to the 'Dave Ramsey Show'.

    The idea is to accumulate an emergency fund of £1,000 sitting in a Bank account just in case of emergencies.

    You must not leave yourself short in order to reach your goal.

    Members-
    #1 Patman99 .................................................. ..#2 Hummingbird
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    #13 DreamerHelen ........................................#14 mobo1980
    #15 sunshinegirl66 .........................................#16 MrsSave
    #17 rosieben .................................................# 18 peony40
    #19 Buffythedebtslayer .................................#20 October Starter
    #21 monz .................................................. .....#22 georgiebrown0
    #23 Jubilee76 ................................................#2 4 Debt Free Desires
    #25 abundant1972 ..........................................#26 Toomuchtodo
    #27 I-need-to-be-debtfree ............................#28 WantToBeSe
    #29 Bobarella ................................................#3 0 Muser1
    #31 twiggy86 ................................................#3 2 laurababs
    #33 Roundthebend .......................................#34 Kermit2601
    #35 StressedSteph ........................................#36 YoungBusinessman
    #37 redlaces .................................................# 38 stiltoncheese
    #39 Magsnoodle ...........................................#40 MessyBetty
    #41 ruby_eskimo ..........................................#42 IrishRose12
    #43 carbootcrazy ..........................................#44 Simply_Saving
    #45 Dobbibill ...............................................#46 grassgirl
    #47 Ms.Dita .................................................# 48 On my way
    #49 CountingPennies ................................#50 Tilly MFW in 6 YRS
    #51 Hoipolloi ...............................................#52 pozza_73
    #53 newroadahead .......................................#54 Pinksteps
    #55 kdalwayskint ........................................#56 So Very Confused
    #57 marleyboy .............................................#58 bmma
    #59 Vkz .................................................. ......#60 Ep007
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    #71 Mbizi .................................................. ...#72 littleangels3
    #73 dida80 .................................................. .#74 Harleyquinn
    #75 BabyBetty ..............................................#76 Sallybunny
    #77 Meezel ...............................................#78 rising from the ashes
    #79 newpennypincher ................................#80 damondash
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    #83 MrCrimeFiction ...................................#84 MrsR68
    #85 29Found ..............................................#86 Kelxx
    #87 January2015 ........................................#88 Jacko_amz
    #89 Kayalana99 ..........................................#90 Andyfromotley
    #91 Jon81 .................................................. ..#92 astrid35
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    #111 PollyPrissypants ................................#112 amber03
    #113 teeni .................................................. .#114 bogbrsh250
    #115 thegreenone .......................................#116 inamin
    #117 Hope78 ..............................................#118 Bored
    #119 King_Slayer .......................................#120 BettyBoof
    #121 Cat Girl ..............................................#122 Triangle
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    #125 nows the time ....................................#126 milky1991
    #127 Lina T ................................................#1 28 sugar123
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    #143 The Only Girl .....................................#144 nellis10
    #145 Swash .................................................# 146 Justforme
    #147 crv1963 ...............................................#14 8 mossy
    #149 Ellieseleven ........................................#150 bilbodreams
    #151 Claire1a ..............................................#152 mrs motivated
    #153 fairyclicks ..........................................#154 12 month challenge
    #155 chasingdreams ...................................#156 lexbubbles
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    #161 Dandytf ..............................................#162 5erge
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    #165 NeedToBeDebtFree ............................#166 moneytree1
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    #169 Cutcostsandsave ..................................#170 Kim_13
    #171 PinkWhisk ..........................................#172 debbie_debt
    #173 Jo3y83 .......................................#174 Havecourageandbekind
    #175 Effyb4 .................................................# 176 Monks
    #177 doingitanyway ....................................#178 lcc86
    #179 Positivelypunked ...............................#180 evuka
    #181 BelleBelles19 ..................................#182 little library lady
    #183 Anna-marie3363 ............................#184 Meezel
    #185 LABMUM ........................................ #186 -Selene
    #187 PositiveBalance ..............................#188 Grandad's Offspring
    #189 Kimplus8 ........................................#190 Hanliam
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    #193 swimminginaseaofdebt .....................#194 BlackFrosting
    #195 evo5819 ...........................................#196 Hermionesaver
    #197 cheesedoffwithdebt ........................#198 PennyJar
    #199 Julie67 ...............................................#20 0 Angelicious
    #201 Pinkwhisk .....................................#202 tibbles209
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    #205 Smolly .........................................#206 Dobs
    #207 Treasurequeen ..............................#208 ab_saver
    #209 BeTheChange ..............................#210 Anita55
    #211 primalmother ................................#212 Kawaii corgi
    #213 Thora ...........................................#214 PoorGuyNextDoor
    #215 2sonmum ....................................#216 theresamum2
    #217 luvabargain ................................#218 missy83
    #219 willkeepontrying ......................#220 mumto2girlsandaboy
    #221 Bluelala ........................................#222 LianneH
    #223 Treasurequeen ..............................#224 Whoknowskt89
    #225 Foxyloxy11 .................................#226 Bird.Heart.Mouse
    #227 Stb ...............................................#22 8 Macey1510
    #229 Dreamtruce ..............................#230 IndigoWarrior
    #231 ploppy57 ....................................#232 Claremylove
    #233 foxyloxy11 ...................................#234 Muser1
    #235 XSpender .....................................#236 PlaysNicely
    #237 DancingUnicorn ..............................#238 thoragunnr
    #239 Jessop64 .........................................#240 quintwins
    #241 Mummy_bear .................................#242 BachFlower
    #243 mixmir ...........................................#244 Moneybutterfly
    #245 catralense ......................................#246 Narola1976
    #247 Farmeress ......................................#248 Billy12345
    #249. Cozicup
    This list is correct as of 19/1/17.
    Last edited by patman99; 04-10-2017 at 8:36 PM. Reason: List got 'lost'.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £494.94/ £1000 (that's 49.49%)

    3-6 month EF £240.61/£3600 (that's 4 days worth)

    Do you/your spouse earn less than £197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
Page 127
    • Dobbibill
    • By Dobbibill 1st Jul 17, 1:45 PM
    • 2,343 Posts
    • 3,456 Thanks
    Dobbibill
    #45 checking in

    SO ready to go over on the next working day - this will bring the total up to £700 aka 70%.

    keep on keeping on

    Dobbi
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
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    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • PlaysNicely
    • By PlaysNicely 1st Jul 17, 8:03 PM
    • 77 Posts
    • 449 Thanks
    PlaysNicely


    Thanks for the number and welcome Patman!

    So #236 update ~ cheeky cash shuffle to ensure pots are right for start of the month has freed up an extra £18, so straight into the EF it goes: £ 50 / £1,000

    Having looked at the finances across several days this week, I've decided my end date for meeting the £1,000 goal should be December 2018 at the latest, will aim to do it more quickly but also trying to be realistic as life has a habit of getting in the way!

    Happy weekend y'all, PN x
    £1000 Emergency fund challenge #236 - £147 / £1000 365 day penny challenge - £142.00 / £667.95 30 Fridays savings pot = £ 105 / £465
    NST July #23 - trying to build up EF & savings (as above)
    • patman99
    • By patman99 2nd Jul 17, 12:10 PM
    • 8,056 Posts
    • 9,466 Thanks
    patman99
    Yep, life does have a habit of getting in the way. Lost 1 days pay due to illness last week and the end damage was a lot less than I had thought it would be.

    All the regular monthly bills have left my account, so I can now book my car in for a full service without any risk of not having any cash to pay the bill.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £494.94/ £1000 (that's 49.49%)

    3-6 month EF £240.61/£3600 (that's 4 days worth)

    Do you/your spouse earn less than £197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • carbootcrazy
    • By carbootcrazy 2nd Jul 17, 10:55 PM
    • 4,125 Posts
    • 23,166 Thanks
    carbootcrazy
    OH thinks the fault with my car that I mentioned earlier is the catalytic converter. Sounds like an expensive repair/replacement. Am taking it in for inspection tomorrow but the car is so old it probably isn't going to be cost-effective to have the work done. My EF is probably in for a bashing
    Make £10 A Day Challenge 2017. Jan-Sept: £4251.91 Oct: £12.00
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £15841
    . Getting there
    • indigowarrior
    • By indigowarrior 3rd Jul 17, 5:40 PM
    • 274 Posts
    • 1,976 Thanks
    indigowarrior
    Back to start. Can I do the minimal income option patman as Dave says to save 500 if under 20k?
    #545- SPC
    Homeowner by 40
    August Nsd 1/15
    • XSpender
    • By XSpender 5th Jul 17, 9:50 PM
    • 2,626 Posts
    • 27,058 Thanks
    XSpender
    #235 checking in with £50 payment made to the EF putting me on £400. That will be it for me this month as its going to be a tight one with some work getting done in the house.
    EF £1000 - £0
    • carbootcrazy
    • By carbootcrazy 6th Jul 17, 10:43 AM
    • 4,125 Posts
    • 23,166 Thanks
    carbootcrazy
    Had to change my car repair date from Tuesday until today. OH took it in early this morning for me so I'm sitting here waiting with everything crossed until he phones me and tells me the worst.
    I'm probably worrying unnecessarily but anything car related that involves potential big bills freaks me out
    Make £10 A Day Challenge 2017. Jan-Sept: £4251.91 Oct: £12.00
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £15841
    . Getting there
    • LittleMissDetermined
    • By LittleMissDetermined 7th Jul 17, 6:49 AM
    • 1,769 Posts
    • 7,331 Thanks
    LittleMissDetermined
    Another expense claim has been settled so £89 added to the fund today- my new total is £1167.44

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

    £1000 EF Challenge #142 £1100/£1000 ... 3-6Mth Wages Challenge #4 £3545.87/£7129...
    24 months of Debt-busting to go...
    • carbootcrazy
    • By carbootcrazy 7th Jul 17, 11:32 AM
    • 4,125 Posts
    • 23,166 Thanks
    carbootcrazy
    Quick update on my car. The mechanics gave it a good going-over and could find no trace of the cause of the panic-inducing warning light and 'anti-pollution fault' shown on the display recently. The only thing that is listed on my paperwork is 'throttle actuator circuit fault' whatever that is. I expect patman knows what it is


    Had a full service and MOT (which it passed without a single advisory) and whatever else they did to check on the 'fault' all for £150 so I'm over the moon.


    Looks like my Emergency Fund is intact for a while longer as I'd budgeted for 'normal' servicing and MOT costs anyway.
    Make £10 A Day Challenge 2017. Jan-Sept: £4251.91 Oct: £12.00
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £15841
    . Getting there
    • LittleMissDetermined
    • By LittleMissDetermined 7th Jul 17, 11:41 AM
    • 1,769 Posts
    • 7,331 Thanks
    LittleMissDetermined
    Quick update on my car. The mechanics gave it a good going-over and could find no trace of the cause of the panic-inducing warning light and 'anti-pollution fault' shown on the display recently. The only thing that is listed on my paperwork is 'throttle actuator circuit fault' whatever that is. I expect patman knows what it is


    Had a full service and MOT (which it passed without a single advisory) and whatever else they did to check on the 'fault' all for £150 so I'm over the moon.


    Looks like my Emergency Fund is intact for a while longer as I'd budgeted for 'normal' servicing and MOT costs anyway.
    Originally posted by carbootcrazy
    This is fab news! Happy for you and your EF
    Target Debt Free Day 27th Jun 2019
    Life gets in the way...PADding is addictive... Saving's better than spending...

    £1000 EF Challenge #142 £1100/£1000 ... 3-6Mth Wages Challenge #4 £3545.87/£7129...
    24 months of Debt-busting to go...
    • patman99
    • By patman99 7th Jul 17, 11:19 PM
    • 8,056 Posts
    • 9,466 Thanks
    patman99
    CBC, it could be the throttle position sensor is playing-up. Had this on an old Focus. It would randomly cut out then restart.
    Mechanic replaced both the throttle sensor and knock sensor for around the £100 mark and the issue disappeared.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £494.94/ £1000 (that's 49.49%)

    3-6 month EF £240.61/£3600 (that's 4 days worth)

    Do you/your spouse earn less than £197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • carbootcrazy
    • By carbootcrazy 8th Jul 17, 7:51 AM
    • 4,125 Posts
    • 23,166 Thanks
    carbootcrazy
    CBC, it could be the throttle position sensor is playing-up. Had this on an old Focus. It would randomly cut out then restart.
    Mechanic replaced both the throttle sensor and knock sensor for around the £100 mark and the issue disappeared.
    Originally posted by patman99
    Never had any cutting out, nothing to suggest there was anything amiss with the car apart from the exhaust symbol being lit up and the message 'anti pollution fault' which was obviously unrelated to any throttle sensor problem.

    It's all a mystery to me, I just drive the car without a clue as to what is going on mechanically. All sorted now though, whatever it was that sent me into a panic, and didn't cost me an arm and a leg to get fixed.
    Make £10 A Day Challenge 2017. Jan-Sept: £4251.91 Oct: £12.00
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £15841
    . Getting there
    • mossy
    • By mossy 8th Jul 17, 10:47 AM
    • 1,125 Posts
    • 8,119 Thanks
    mossy
    That's great news carbootcrazy!!
    Emergency Fund Savings - #148 - £100/£500 20%
    #083 SPC6 £63 - SPC7 £90 - SPC8 £63 - SPC9 £54 - SPC10
    Ta for the stars Sue
    • dreamtruce
    • By dreamtruce 9th Jul 17, 10:28 AM
    • 100 Posts
    • 156 Thanks
    dreamtruce
    I've put in £89.76 into my emergency fund.

    I was paid a lot less this month as I had 2 weeks
    off work due to really bad illness and so I'm down £300+

    So I'm slowly working my way back up from the bottom.
    Last month I miss underestimated a lot of bills & also had £43 to pay for medication.
    So I had no money left at all in any of my accounts.
    Home Deposit: £100.61|BULSFund: £50.00|EmergencyFund: £89.76 | Retirement: 5.21| Xmas 17:£10.00 |July NSD:1 / 15
    • foxyloxy11
    • By foxyloxy11 9th Jul 17, 12:21 PM
    • 223 Posts
    • 1,213 Thanks
    foxyloxy11
    I've put in £89.76 into my emergency fund.

    I was paid a lot less this month as I had 2 weeks
    off work due to really bad illness and so I'm down £300+

    So I'm slowly working my way back up from the bottom.
    Last month I miss underestimated a lot of bills & also had £43 to pay for medication.
    So I had no money left at all in any of my accounts.
    Originally posted by dreamtruce
    Every little bit counts
    365 day penny challenge - £176.00/£667.95
    £1000 Emergency fund challenge #225 - £440.00.00/£1000 Stage 1
    • patman99
    • By patman99 9th Jul 17, 1:25 PM
    • 8,056 Posts
    • 9,466 Thanks
    patman99
    I have all my bills go out in the first 3 days of the month with the exception of a couple. I like to have £1k in the account at months end to cover this.It then takes 2 weeks for my pay to increase the level above this, so I only really tx money across on wekk 2 and 3.

    Might set myself a lower month end limit in order to help build up my EF quicker.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £494.94/ £1000 (that's 49.49%)

    3-6 month EF £240.61/£3600 (that's 4 days worth)

    Do you/your spouse earn less than £197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • Calling14
    • By Calling14 10th Jul 17, 11:17 AM
    • 2,493 Posts
    • 18,549 Thanks
    Calling14
    Had to dip into my EF. Car repairs came to 500 pounds the other week. EF will hopefully be back up to 90 pounds on Friday. Never spent much on my car and had it for 13 years just hope it keeps going till I can save some pennies up. Quite low mileage 77k and I still love it.

    Can leave my total at 120 as set up dd so the following week I will be back where I started. Just thought I would explain my absence Patman.

    Thanks for running this thread.
    LBM 13039 1.1.13 NOW 1250
    PAYDBX 2017 #16 3050 /4300 DFD 12/17
    E
    Fund #9 £60/£1,000
    1 x 100 days challenge 621.85/2000 ends 29/12/17


    • carbootcrazy
    • By carbootcrazy 10th Jul 17, 2:30 PM
    • 4,125 Posts
    • 23,166 Thanks
    carbootcrazy
    Had to dip into my EF. Car repairs came to 500 pounds the other week. EF will hopefully be back up to 90 pounds on Friday. Never spent much on my car and had it for 13 years just hope it keeps going till I can save some pennies up. Quite low mileage 77k and I still love it.

    Can leave my total at 120 as set up dd so the following week I will be back where I started. Just thought I would explain my absence Patman.

    Thanks for running this thread.
    Originally posted by Calling14
    Sorry you had a hefty car repair bill. My car is old too (2002 registered) but I still love it too. The old ones are the best IMO. New models are so high-tech they scare me. OH is still struggling with all the tech on his brand new car, even the SatNav is a mystery to him as he never had it before. Being dyslexic he finds user manuals totally undecyperable. I can't help him much with his SatNav as I've never had it in any of my cars. I like the old-fashioned way with a map and common sense
    Make £10 A Day Challenge 2017. Jan-Sept: £4251.91 Oct: £12.00
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £15841
    . Getting there
    • Calling14
    • By Calling14 10th Jul 17, 2:51 PM
    • 2,493 Posts
    • 18,549 Thanks
    Calling14
    Sorry you had a hefty car repair bill. My car is old too (2002 registered) but I still love it too. The old ones are the best IMO. New models are so high-tech they scare me. OH is still struggling with all the tech on his brand new car, even the SatNav is a mystery to him as he never had it before. Being dyslexic he finds user manuals totally undecyperable. I can't help him much with his SatNav as I've never had it in any of my cars. I like the old-fashioned way with a map and common sense
    Originally posted by carbootcrazy
    Way I look at it the car has paid for itself if it gives up the ghost today. Looked at new cars however seeing my neighbour managed to dent her car with a wheelie bin, think my Ford gives a lot more protection on road. Made them tougher then.
    LBM 13039 1.1.13 NOW 1250
    PAYDBX 2017 #16 3050 /4300 DFD 12/17
    E
    Fund #9 £60/£1,000
    1 x 100 days challenge 621.85/2000 ends 29/12/17


    • datlex
    • By datlex 10th Jul 17, 6:24 PM
    • 1,355 Posts
    • 1,137 Thanks
    datlex
    After having been watching Dave Ramsey I have been reading through these posts. Some actually sadden me as they unfortunately missed the point of baby step 1. Baby step 1 is there so that you don't add to your existing debt if for example your car breaks down or the washing machine goes wrong. Under his plan you put aside an emergency fund of $1000 (£775) if you earn over $20,000, $500 is you earn less. Then you go on to tackle the debt. I was particularly saddened by the folk who were planning on paying off their credit cards and then using those as emergency funds which is completely not the idea! Now I am not anti credit cards I use them most of the time but pay IN FULL. Mr Ramsey however feels you should only use cash and have under go "plastic surgery", of course we need to keep in mind US financial systems work differently to here. Baby step 1 is meant to enable you to go on to Baby Step 2 the debt snowball. I was also saddened by those folk who got caught out by the not so unexpected event of being paid early at Christmas, which most salaried folk seem to be..... As for my own "emergency fund I have £3500.
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