Savings and owning your own home

SandC

*Louise* wrote: »

I'd love to have 10k for emergencies but unfortunately it aint gonna happen!

I have a small amount saved in the bank and a CC with 5k on it. If there's a dire emergency then I'll have to use that.

Apart from the boiler going I can't think of anything else happening that would cost thousands (that isn't covered by insurance.)

One of mine was roof repairs (wear and tear so not covered by insurance), that and car troubles which can be pricey if it's something disastrous. That and funding for a new car (or newer) if yours is old - there comes a point where you wonder if it's worth the MOT or trading in for newer.

**Amy**

Thanks SandC, thats so how I feel (about being worried about the "what ifs").

Setting up a direct debit each month seems like a great idea, as it will all add up.

Thank you

x

Mutton_Geoff

No debt other than mortgage = good credit score and a need to build savings? I smell a perfect stoozing opportunity. Build your buffer with interest from day one

gallygirl

It also depends on what type of mortgage you have - if it's offset or allows you access to overpayments maybe emergency money not needed (assuming you have a credit card to pay with, to allow for the few days it takes for money to hit your account).

I agree with poppysarah, ISA's should be for long term, not for emergency (i'm good at theory, not so good at practice ).