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  • FIRST POST
    • DreamerHelen
    • By DreamerHelen 20th Oct 15, 8:30 AM
    • 2,491Posts
    • 13,406Thanks
    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: £15/£6000
    2) Dobbibill - GOAL: £9000 CURRENTLY: £9000/£9000 - COMPLETE!!
    2) Dobbibill - NEW GOAL: £5000 CURRENTLY: £581.70/£5000
    3) Patman99 - CURRENTLY: £213
    4) LittleMissDetermined - GOAL: £7129 CURRENTLY: £1504.14/£7129
    5) Sophieo16 - GOAL: £3000 CURRENTLY: £3000/£3000 - COMPLETE!!
    5) Sophieo16 - NEW GOAL: £4000 CURRENTLY: £2555.21/£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: £1920/£4000
    10) crazy_cat_lady - GOAL: £6338 CURRENTLY: £17.66/£6338
    11) stormpassing - GOAL: £5400 CURRENTLY: £30/£5400
    12) carbootcrazy - GOAL: £3000 CURRENTLY: £1200/£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: £1640/£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: £4000 CURRENTLY: £1250/£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: £500/£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 £600/£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 3800/15,000
    70) dfbefore30 - GOAL: £5000 CURRENTLY: £2836/£5000
    71) indigowarrior - GOAL: £6000
    72) angelpye - GOAL: £4200
    73) HoneyBee83 - GOAL: £1000 CURRENTLY: £200/£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

    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; 21-06-2017 at 6:26 AM.
    Pay ALL Your Debts Off By Xmas 2017 #13 £6000 Emergency Fund #1 £15/£6000 General £1000 Emergency Fund #13 £5/£1000 MSE Sealed Pot Challenge #089 - Stars From SueUU x23
Page 78
    • x_raphael_xx
    • By x_raphael_xx 8th Jun 17, 10:26 PM
    • 3,328 Posts
    • 16,263 Thanks
    x_raphael_xx
    Sneaky £40 popped into the EF.
    Total now £1200.
    Debt Free as of 17/01/2009 Turtle Power!!
    June NSD's 15/20
    EF Challenger #36 £1300/£4000
    / Lose weight 18.6 / 20lbs
    • skye blue
    • By skye blue 9th Jun 17, 7:36 PM
    • 81 Posts
    • 386 Thanks
    skye blue
    Hi everyone, u ok helen

    Please add £100 to my pot, still putting extra in for a while

    Enjoy the weekend everyone x
    • DreamerHelen
    • By DreamerHelen 10th Jun 17, 5:41 AM
    • 2,491 Posts
    • 13,406 Thanks
    DreamerHelen
    Morning Everyone...

    This Week has been a mixture of really really good and really bad....But maybe that's the way of life....Who knows....What I do know is I have my dreams and am determined to achieve them..

    I'm re-starting my Emergency Fund with £10....I'll get there in the end...We all will....

    Here's to the Updates xXx

    abundant1972 - I've Updated the First Page...You're doing AWESOME!! Keep on going and moving forwards....It's a pleasure to give everyone support and thank you for your lovely words about my Accreditation...I'm thrilled... xXx

    dfbefore30 - I've Updated the First Page...You're doing BRILLIANTLY!! Keep on going... xXx

    Mooloo - I've Updated the First Page...You're doing AMAZING...I know you can do this... xXx

    x_raphael_xx - I've Updated the First Page...You're doing WONDERFULLY!! You can do this...Just keep on going... xXx

    skye blue - I've Updated the First Page...You're doing INCREDIBLE!! Keep going...I'm doing okay thanks, one step at a time... xXx
    Pay ALL Your Debts Off By Xmas 2017 #13 £6000 Emergency Fund #1 £15/£6000 General £1000 Emergency Fund #13 £5/£1000 MSE Sealed Pot Challenge #089 - Stars From SueUU x23
    • LittleMissDetermined
    • By LittleMissDetermined 10th Jun 17, 1:30 PM
    • 1,643 Posts
    • 6,571 Thanks
    LittleMissDetermined
    Not posted in a while, my fund stands at £1104.14 but will probably need some next month for holiday spending

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

    £1000 EF Challenge #142 £1078.29/£1000 ... 3-6Mth Wages Challenge #4 £2014.14/£7129...
    24 months of Debt-busting to go...
    • sophieo16
    • By sophieo16 10th Jun 17, 3:43 PM
    • 149 Posts
    • 777 Thanks
    sophieo16
    Hi everyone,

    I haven't posted in ages but i have still been adding to my little car fund, slowly.

    #5 £2555.21 (51.10%)

    Im wanting to up the amount I'm saving to £5000, rather than the initial £4000 if thats ok.

    I've got some bits and bobs on eBay so hopefully they will sell and i can add to my total

    Thanks, Sophie
    DEBT FREE 08/2015 EF #60: £1000/£1000 3-6 EF #5 £3000/£3000

    Next Steps:
    1. Car Fund: £2555.21 / £5000 (51.10%)
    2. House Deposit Savings:£0/£35,000 (0%)
    • x_raphael_xx
    • By x_raphael_xx 10th Jun 17, 5:36 PM
    • 3,328 Posts
    • 16,263 Thanks
    x_raphael_xx
    x_raphael_xx - I've Updated the First Page...You're doing WONDERFULLY!! You can do this...Just keep on going... xXx
    Originally posted by DreamerHelen
    It's about to be wiped out imminently...we're almost ready to complete on our house buy!
    Debt Free as of 17/01/2009 Turtle Power!!
    June NSD's 15/20
    EF Challenger #36 £1300/£4000
    / Lose weight 18.6 / 20lbs
    • LittleMissDetermined
    • By LittleMissDetermined 14th Jun 17, 8:33 AM
    • 1,643 Posts
    • 6,571 Thanks
    LittleMissDetermined
    Popping in with an update - my fund now stands at £1504.14


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

    £1000 EF Challenge #142 £1078.29/£1000 ... 3-6Mth Wages Challenge #4 £2014.14/£7129...
    24 months of Debt-busting to go...
    • Dragon Lily
    • By Dragon Lily 14th Jun 17, 9:46 PM
    • 207 Posts
    • 2,186 Thanks
    Dragon Lily
    Hi DreamerHelen

    Just added £25 to my total which is now £1206! Slowly creepying towards the £250 mark

    Sig updated
    Star from Sue-UU

    SPC10 #105 (banked £100)
    3-6 EF #66 Target £3000 (£1206) 40%
    • x_raphael_xx
    • By x_raphael_xx 16th Jun 17, 10:07 PM
    • 3,328 Posts
    • 16,263 Thanks
    x_raphael_xx
    £50 added to EF, total now £1250.

    House completion date set for 10th July! So some of this money will be used to replace the hallway carpet and kitchen lino that the puppy has eaten.
    Once things settle down I'll be back to start again with a new goal & total.
    Debt Free as of 17/01/2009 Turtle Power!!
    June NSD's 15/20
    EF Challenger #36 £1300/£4000
    / Lose weight 18.6 / 20lbs
    • skye blue
    • By skye blue 19th Jun 17, 6:07 PM
    • 81 Posts
    • 386 Thanks
    skye blue
    hi

    Hope you are all enjoying the sunshine,

    please add £20 to my pot please

    thanks
    • DreamerHelen
    • By DreamerHelen 21st Jun 17, 6:32 AM
    • 2,491 Posts
    • 13,406 Thanks
    DreamerHelen
    Morning Everyone

    Well it's been much more of a positive time for me lately....I'm feeling more positive and things seem to be going my way, which is nice....apart from this Weather (which I hate!)....but that should settle after a while...

    I've added another £5 to my Emergency Fund...Building it slowly...but then again slowly is the way to go for me...

    Please stay safe in this hot Weather everyone...take care, drink plenty....

    Here's to the Updates.... xXx

    LittleMissDetermined - I've Updated the First Page...You're doing INCREDIBLE!! Keep going...I may have asked you this already but where are you off to on Holiday? xXx

    sophieo16 - I've Updated the First Page and changed your Target...You're doing AMAZING!! You can do this! I hope your Ebay stuff sells really well for you xXx

    x_raphael_xx - I've Updated the First Page...You're doing GREAT!! I know you said it would be wiped out but that's exciting given what you are wiping it out for!! Let me know when you have used some of it and where you are starting from again and I'll adjust the First Page....Good luck with completing the house buy! xXx

    Dragon Lily - I've Updated the First Page...You're doing AWESOME!! Keep going and moving forwards... xXx

    skye blue - I've Updated the First Page....You're doing BRILLIANTLY!! You know you can do it...keep going and it will build up xXx
    Pay ALL Your Debts Off By Xmas 2017 #13 £6000 Emergency Fund #1 £15/£6000 General £1000 Emergency Fund #13 £5/£1000 MSE Sealed Pot Challenge #089 - Stars From SueUU x23
    • LittleMissDetermined
    • By LittleMissDetermined 21st Jun 17, 8:30 AM
    • 1,643 Posts
    • 6,571 Thanks
    LittleMissDetermined
    Off to Dubrovnik this time, makes a change from the Canaries
    Target Debt Free Day 27th Jun 2019
    Life gets in the way...PADding is addictive... Saving's better than spending...

    £1000 EF Challenge #142 £1078.29/£1000 ... 3-6Mth Wages Challenge #4 £2014.14/£7129...
    24 months of Debt-busting to go...
    • LittleMissDetermined
    • By LittleMissDetermined 23rd Jun 17, 7:44 AM
    • 1,643 Posts
    • 6,571 Thanks
    LittleMissDetermined
    another £10 to my fund today which for the moment is £1514.14


    Hope you all have a good weekend


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

    £1000 EF Challenge #142 £1078.29/£1000 ... 3-6Mth Wages Challenge #4 £2014.14/£7129...
    24 months of Debt-busting to go...
    • dfbefore30
    • By dfbefore30 23rd Jun 17, 6:41 PM
    • 24 Posts
    • 82 Thanks
    dfbefore30
    Hi everyone!
    Today is payday (Hooray! ) so £200 has gone into my EF, bringing the total to £3036. So excited that I've got past the £3000 milestone!

    Keep it up everyone! We can do this!
    • x_raphael_xx
    • By x_raphael_xx 24th Jun 17, 7:55 PM
    • 3,328 Posts
    • 16,263 Thanks
    x_raphael_xx
    Another £50 snuck into EF to bring it to £1300.
    I'm adding all I can before people start requesting money!
    Debt Free as of 17/01/2009 Turtle Power!!
    June NSD's 15/20
    EF Challenger #36 £1300/£4000
    / Lose weight 18.6 / 20lbs
    • Dobbibill
    • By Dobbibill 25th Jun 17, 4:51 PM
    • 2,152 Posts
    • 3,270 Thanks
    Dobbibill
    #2 update

    £10.10 TCB added
    £219.29 added

    new total - £811.09 aka 16.22%

    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.
    • LittleMissDetermined
    • By LittleMissDetermined 27th Jun 17, 8:39 AM
    • 1,643 Posts
    • 6,571 Thanks
    LittleMissDetermined
    Pay day for me today so £500 added, taking my total to £2014.14 (for now at least!)

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

    £1000 EF Challenge #142 £1078.29/£1000 ... 3-6Mth Wages Challenge #4 £2014.14/£7129...
    24 months of Debt-busting to go...
    • carbootcrazy
    • By carbootcrazy 27th Jun 17, 9:21 AM
    • 3,693 Posts
    • 20,531 Thanks
    carbootcrazy
    again to Helen and all the lovely posters on this thread. Sorry I haven't dropped in for weeks but have been having a massive rethink of my savings.


    As I mentioned before this EF is for a 'new to me' car as my ancient old friend can't go on forever and is now starting to cost me a lot in repairs/replacement bits. Living so rurally a car is a lifeline and I just can't manage without one. I'm not proud though, I don't care how old or unstylish it is so long as it goes. I'm not going to replace the current one until absolutely necessary, I'll probably only get scrap value for it anyway so I need as much as poss saved to cover it's replacement.


    At the same time I want to pay off my debts as soon as possible and have plans to offer Full & Final settlements on as many as I can. For anyone who isn't in such dire debt as me, not on a DMP and maybe doesn't know what I'm on about it basically means that the creditors will accept a reduced amount to clear the debt once and for all especially after it's eventually been 'sold on' often for pennies in the pound. There's a brilliant forum I visit (which has kept me motivated and sane during my long get-out-of-debt journey) and people on there have negotiated settlement figures of 40% and less. Someone managed 10%. Once the offer is made and accepted by the creditor it has to be paid straight away so it's necessary to actually have the money available before making the offer. I suspect my EF might be used this way, at least to get rid of one of the smaller debts. I can always, hopefully, gradually build it up again for the 'new' car.


    I've managed to scrape together a further £700 since I was here last (from a little casual work on Election Day, delivering phonebooks,, surveys, refunds, cashback, selling unwanted stuff etc) which I've added to my total on here. It seems like the best place to keep it for now, regardless of what it eventually gets used for.

    Well done to everyone on here who is saving money and commiserations and hugs to all who have had to dip into their funds or have had problems saving anything recently. I'll keep on dropping in to see how you all are.
    Last edited by carbootcrazy; 27-06-2017 at 4:34 PM.
    Make £10 A Day Challenge 2017. Jan-May: £1620.98. June: £173.25
    3-6 Months Emergency Fund Challenge #12: £1900.00/£3000. This is such hard going but I will do it.

    Original Debt: £56804 (@ LBM 02/13). Paid : £32316. Balance: £24488
    • benten69
    • By benten69 27th Jun 17, 2:38 PM
    • 235 Posts
    • 1,266 Thanks
    benten69
    Hi all, payday again today Up to 70.7% of my total goal!! Slowly getting there. Hope you're all keeping well
    SPC9 #408 - £200.39 | SPC10 #408 - £121.22
    3-6 Month Emergency Fund Challenge #62 - 70.7% Complete
    Mortgage Sept '15: £161,250 | June '17: £154,432.16

    • stoplurking
    • By stoplurking 27th Jun 17, 8:31 PM
    • 324 Posts
    • 2,052 Thanks
    stoplurking
    Hi all

    Just popping in to report my EF is now £2000. Whoa we're halfway there!

    Will catch up soon but thanks for all you do to keep the challenge going Helen.
    LBM Oct12 Debts at LBM £17715.93.
    Orig DFD Apr15 DFD 24/12/13
    3-6monthEFC#9 £2000/4000 50%
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