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  • FIRST POST
    • threepenny bit
    • By threepenny bit 8th Oct 17, 8:17 PM
    • 206Posts
    • 1,694Thanks
    threepenny bit
    where to find an emergency fund
    • #1
    • 8th Oct 17, 8:17 PM
    where to find an emergency fund 8th Oct 17 at 8:17 PM
    Hi all - I am trying to pay off debts and get my credit cards down but I am really struggling to have a separate emergency fund as well.
    How do other people start to get their EF? I was wondering about using any sales I have for it rather than putting it on the visa but then I think that the interest I pay on visa outweighs putting the money aside lol!
    Any tips would be great!!
    Grocery challenge - $150 for Oct 0/150 NSD 6/18
    1st challenge to pay CC (JV1) 0/$1850 updated
    Work on selling items and make $100 a month for the rest of this year /100
Page 1
    • Ilona
    • By Ilona 11th Oct 17, 1:38 PM
    • 1,902 Posts
    • 6,490 Thanks
    Ilona
    • #2
    • 11th Oct 17, 1:38 PM
    • #2
    • 11th Oct 17, 1:38 PM
    My emergency fund builds up naturally in the bank because my outgoings are less than my incomings. I do not consciously put money aside for it. I just spend less than I earn.

    An emergency fund can be as little as £100, or more if you have some spare that you can squirrel away. Even saving £10 or £20 a week is better than nothing.

    Depends how you prioritize your spending. If your debt is substantial you may wish to live as frugally as you can and throw every penny at it. Or you may want to keep a little bit back for treats and pay down your debt over a longer period of time.

    If you have an old car you might want to put money aside to cover for breakdowns, tyres, and things going wrong with it. If your household appliances are getting on a bit you might want to put cash aside in case the washing machine packs up.

    Doing a Statement of Affairs might be the first step. Writing down all your incomings and outgoings, and keeping a spending diary, so you know where your money is going. Have a look at the Debt Free Wannabe board, lots of people on there to help.

    Ilona
    I love skip diving
    • missile
    • By missile 11th Oct 17, 2:53 PM
    • 8,943 Posts
    • 4,336 Thanks
    missile
    • #3
    • 11th Oct 17, 2:53 PM
    • #3
    • 11th Oct 17, 2:53 PM
    ... I just spend less than I earn.
    Originally posted by Ilona
    That is the only way
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • beanielou
    • By beanielou 14th Oct 17, 10:09 AM
    • 47,671 Posts
    • 172,831 Thanks
    beanielou
    • #4
    • 14th Oct 17, 10:09 AM
    • #4
    • 14th Oct 17, 10:09 AM
    Could you save even £10 a month with a credit union?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
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