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  • FIRST POST
    • DreamerHelen
    • By DreamerHelen 20th Oct 15, 8:30 AM
    • 2,495Posts
    • 13,426Thanks
    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: £0/£6000
    2) Dobbibill - GOAL: £9000 CURRENTLY: £0/£9000 - COMPLETE!!
    2) Dobbibill - NEW GOAL: £5000 CURRENTLY: £2969.55/£5000
    3) Patman99 - CURRENTLY: £240
    4) LittleMissDetermined - GOAL: £7129 CURRENTLY: £2364.14/£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: £2080/£4000
    10) crazy_cat_lady - GOAL: £6338 CURRENTLY: £17.66/£6338
    11) stormpassing - GOAL: £5400 CURRENTLY: £30/£5400
    12) carbootcrazy - GOAL: £3000 CURRENTLY: £1900/£3000
    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: £1750/£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: £600/£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: £750/£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 £0/£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: £1206/£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: £3537/£5000
    71) indigowarrior - GOAL: £6000
    72) angelpye - GOAL: £4200
    73) HoneyBee83 - GOAL: £1000 CURRENTLY: £300/£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

    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; 12-08-2017 at 7:25 AM.
    Pay ALL Your Debts Off By Xmas 2017 #13 £6000 Emergency Fund #1 £0/£6000 General £1000 Emergency Fund #13 £0/£1000 MSE Sealed Pot Challenge #089 - Stars From SueUU x23
Page 77
    • Mooloo
    • By Mooloo 16th May 17, 7:34 PM
    • 9,063 Posts
    • 44,305 Thanks
    Mooloo
    Just added another £19.23 however also had a letter telling me that I am going to loose £26.52 a week from Monday as my guardianship funding has been cut!
    So I will be reviewing the budget over the next few days.
    When I die I will know that I have lived, loved, mattered and made a difference, even if in a small way.
    • Dragon Lily
    • By Dragon Lily 17th May 17, 6:36 PM
    • 211 Posts
    • 2,216 Thanks
    Dragon Lily
    Hi DreamerHelen

    £150 to add to my total this month taking it to £1181. Not far to go to reach £1250 my first milestone


    Sig. updated
    Star from Sue-UU

    SPC10 #105 (banked £100)
    3-6 EF #66 Target £3000 (£1206) 40%
    • skye blue
    • By skye blue 19th May 17, 6:53 PM
    • 88 Posts
    • 410 Thanks
    skye blue
    Hi guys

    Hope you are all ok, how are you doing helen, weekend yeah

    it wasn't a good work week for me and left me a bit down so had yet another rethink and im going to up my emergency savings again for a while in case of worse case scenario

    Ive been putting £10 a week into my emergency pot and any remainder trying to pay down my interest only mortgage but after this week im going to split any spare cash differently till i feel brighter about things

    I got a tax refund this week so ive some in the pot (the total is £1,500 in there now)!

    take care
    • Dobbibill
    • By Dobbibill 19th May 17, 10:54 PM
    • 2,202 Posts
    • 3,344 Thanks
    Dobbibill
    #2 update

    £185.47 added - new total £568.49 aka 11.37%

    keep on keeping on

    Dobbi
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    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.
    • DreamerHelen
    • By DreamerHelen 21st May 17, 1:20 AM
    • 2,495 Posts
    • 13,426 Thanks
    DreamerHelen
    Morning Everyone...

    I'm doing okay....been a sort of rough Week....but I'm getting there slowly....One day at a time...

    Nothing to Report moneywise....Hopefully this Week coming xXx

    Here's to the Updates.... xXx

    x_raphael_xx - Sounds like you're doing really well...keep going... xXx

    abundant1972 - I've Updated the First Page....You're doing AMAZING. I'm sorry to hear that your Car failed it's MOT but that is what Emergency Funds are there for so I think you did the right thing xXx

    kazt2006 - Welcome to the Gang...it's lovely to have you here...I've put you on the Member's List....and added your Target....Keep going...You're doing AMAZING already xXx

    Keeping Motivated - I've Updated the First Page....You're doing INCREDIBLE....Keep on moving forwards.... xXx

    Mooloo - I've Updated the First Page...You're doing BRILLIANTLY!! Keep on going hun....I'm so sorry to hear that your funding has been cut.... xXx

    Dragon Lily - I've Updated the First Page...You're doing AWESOME!! Keep on going....you WILL get there xXx

    skye blue - I've Updated the First Page...You're doing AMAZING!! I'm doing okay thanks hun....Hope you're doing okay too xXx

    Dobbibill - I've Updated the First Page...You're doing BRILLIANTLY!! You're right, we just have to keep on keeping on...You're doing great.... xXx
    Pay ALL Your Debts Off By Xmas 2017 #13 £6000 Emergency Fund #1 £0/£6000 General £1000 Emergency Fund #13 £0/£1000 MSE Sealed Pot Challenge #089 - Stars From SueUU x23
    • x_raphael_xx
    • By x_raphael_xx 21st May 17, 12:12 PM
    • 3,358 Posts
    • 16,768 Thanks
    x_raphael_xx
    x_raphael_xx - Sounds like you're doing really well...keep going... xXx
    Originally posted by DreamerHelen
    I've just had to shell out £190 for a new phone as mine is dying, so I won't be able to put in for a little bit! But I'm just pleased I can afford to cover little emergencies like this.
    Debt Free as of 17/01/2009 Turtle Power!!
    August NSD's 8/20
    EF Challenger #36 £600/£5050
    / Lose weight 21 / 30lbs
    • Mooloo
    • By Mooloo 23rd May 17, 9:13 AM
    • 9,063 Posts
    • 44,305 Thanks
    Mooloo
    They didn't tell accounts in time so still got the same funds this week. So I put it into the emergency funds, along with 4p interest
    So I now have £550 in my funds.
    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 24th May 17, 6:03 PM
    • 88 Posts
    • 410 Thanks
    skye blue
    Hi helen and eveyone

    Popped another £20 in today, never had so much in savings for a long time

    Thanks helen for keeping us going
    • Mooloo
    • By Mooloo 25th May 17, 8:09 AM
    • 9,063 Posts
    • 44,305 Thanks
    Mooloo
    Hi helen and eveyone

    Popped another £20 in today, never had so much in savings for a long time

    Thanks helen for keeping us going
    Originally posted by skye blue
    Well done!
    When I die I will know that I have lived, loved, mattered and made a difference, even if in a small way.
    • HoneyBee83
    • By HoneyBee83 25th May 17, 9:39 AM
    • 330 Posts
    • 3,469 Thanks
    HoneyBee83
    Good Morning everyone,
    What a beautiful day!
    Managed to pop another £20 into my EF, so I'm now £200/£1000.
    Every little helps!
    SPC #050 £250.00
    Emergency Savings #73 = £300.00/£1,000
    House Savings = £13,000/£15,000 + £250.00 Furniture
    Morrisons= £50.00/£100.00 Xmas 2017=£50/£200
    Holiday Fund, Greece = £0.00/£1,500
    • stoplurking
    • By stoplurking 25th May 17, 10:29 PM
    • 323 Posts
    • 2,068 Thanks
    stoplurking
    Hi

    I hope everyone is doing ok. I have added to my fund today so it now stands at £1920
    Next month I should hit 50%, it's very slow but I don't think I would even have got to that without this thread. Thanks, Helen, for keeping everyone updated and motivated. X
    LBM Oct12 Debts at LBM £17715.93.
    Orig DFD Apr15 DFD 24/12/13
    3-6monthEFC#9 £2080/4000 52%
    • DreamerHelen
    • By DreamerHelen 28th May 17, 7:09 AM
    • 2,495 Posts
    • 13,426 Thanks
    DreamerHelen
    Morning Everyone....

    I'm doing okay at the moment....Let's hope it continues....Nothing to report moneywise this week....Let's see how the next week pans out...

    Here's to the Updates... xXx

    x_raphael_xx - I'm so sorry that you're phone has died but, like you say, at least you had the Funds to cover it....so that's definitely a good thing....hope things get better for you from now on xXx

    Mooloo - I've Updated the First Page...You're doing AWESOME!! Keep on going hun xXx

    skye blue - I've Updated the First Page...You're doing AMAZING!! I know you can do this hun....And thank you for your lovely words, updating is not a problem xXx

    HoneyBee83 - I've Updated the First Page...You're doing INCREDIBLE!! Keep on moving forwards... xXx

    stoplurking - I've Updated the First Page...You're doing WONDERFUL!! Keep going...and thank you to you too for your lovely words...It's a pleasure xXx
    Pay ALL Your Debts Off By Xmas 2017 #13 £6000 Emergency Fund #1 £0/£6000 General £1000 Emergency Fund #13 £0/£1000 MSE Sealed Pot Challenge #089 - Stars From SueUU x23
    • patman99
    • By patman99 28th May 17, 12:37 PM
    • 7,962 Posts
    • 9,393 Thanks
    patman99
    Hi everyone, DH can you update my total to £213 please.

    I now have 4 working days covered. Just another 56 to go.

    I will admit to concentrating on my EF a bit more as it is the one that takes the most hammering at the moment.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £244/ £1000 (that's 24.4%)

    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.
    • Mooloo
    • By Mooloo 31st May 17, 7:49 AM
    • 9,063 Posts
    • 44,305 Thanks
    Mooloo
    Paid myself first, so another £20 added to my EF. So £570 now.
    Slowly.
    When I die I will know that I have lived, loved, mattered and made a difference, even if in a small way.
    • Dobbibill
    • By Dobbibill 2nd Jun 17, 7:12 AM
    • 2,202 Posts
    • 3,344 Thanks
    Dobbibill
    #2 update

    £13.21 added making the new total £581.70 aka 11.63%

    keep on keeping on

    Dobbi
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    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.
    • x_raphael_xx
    • By x_raphael_xx 5th Jun 17, 3:04 PM
    • 3,358 Posts
    • 16,768 Thanks
    x_raphael_xx
    Back from a weekend away with the familam and I only spent £40 of my budgeted £100. So £60 transferred into my savings. First time I've popped something in for a while.

    Total now £1160.00
    Debt Free as of 17/01/2009 Turtle Power!!
    August NSD's 8/20
    EF Challenger #36 £600/£5050
    / Lose weight 21 / 30lbs
    • DreamerHelen
    • By DreamerHelen 6th Jun 17, 3:47 AM
    • 2,495 Posts
    • 13,426 Thanks
    DreamerHelen
    Morning Everyone...

    Things have got significantly better for me....Which is good....So I'm pleased about that....

    I've finally gotten Registered as a Therapist....which has been a long-time coming....so I'm pleased about that....But it did mean that I had to empty my Emergency Fund to pay for the Fees....so I'll be paying for that very soon and it's in my Bank at the moment waiting for that....

    I feel bad that I had to empty my EF....But, that IS what it's meant for so I can't complain about that at all....

    And so I'm starting again....Hoping to put something in there later today....

    And here's to the Updates... xXx

    patman99 - I've Updated the First Page....You're doing AMAZING...keep on going.....Don't worry, you need to concentrate on what you need to concentrate on.... xXx

    Mooloo - I've Updated the First Page...You're doing INCREDIBLE...Keep on moving forwards....Slowly Slowly is good xXx

    Dobbibill - I've Updated the First Page....You're doing AWESOME....I know you can do this....You're such an inspiration.... xXx

    x_raphael_xx - I've Updated the First Page....You're doing BRILLIANTLY!! I know you can do this xXx
    Pay ALL Your Debts Off By Xmas 2017 #13 £6000 Emergency Fund #1 £0/£6000 General £1000 Emergency Fund #13 £0/£1000 MSE Sealed Pot Challenge #089 - Stars From SueUU x23
    • abundant1972
    • By abundant1972 6th Jun 17, 7:22 AM
    • 1,173 Posts
    • 8,557 Thanks
    abundant1972
    Morning everyone!

    Well 01st June completely passed me buy but I did make my regular payment to my EF. Thanks DreamerHelen for your kind words of support as always!!! Congrats on gaining your Therapy Registration too - an amazing achievement!!!

    Amount added = £250
    3-6 Month EF = £500/£4500


    Keep up the great work everyone!!!

    Repay Car : Phase 2 : £0/£500 by 13/09
    Follow your heart & be true to yourself always
    Help To Buy ISA = £4483.65. EF = £1000/£4500
    NST Sept : NSD=0/16 : Food £---/£100 : Spends £---/£100
    365 Day 1p Challenge = £479.25/£667.95. £1.00 a Day = £243.00/£365.00
    Spiritual Practice =0/31. Exercise Sessions 4/14. Cash Bonus = £26/£150 + £249/£399
    • dfbefore30
    • By dfbefore30 6th Jun 17, 7:29 PM
    • 25 Posts
    • 89 Thanks
    dfbefore30
    Hello!
    Been a little while since I updated but I've continued to squirrel money away and I'm proud to say that my emergency fund stands at £2836! The house deposit fund isn't doing as well but I'd rather have peace of mind than a house right now. One thing at a time and all that!
    • Mooloo
    • By Mooloo 7th Jun 17, 9:29 AM
    • 9,063 Posts
    • 44,305 Thanks
    Mooloo
    Managed the £30 extra to do £600 now
    When I die I will know that I have lived, loved, mattered and made a difference, even if in a small way.
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