Emergency funds

dmg24

I have put away £75 per month for some time now, which was intended for emergencies. However, it has now turned into a holiday fund ...

JodyBPM

Yes, we have an emergency fund.

Each month we have a long a complex series of DD that ping between DH's and my various accounts, but the net result is that we put enough to cover the mortgage and all the bills into one account, a set sum for food and family spends in another account, a little bit of individual spends into each of our sole accounts, a small amount into accessible emergency savings, and the bulk of our funds into ISAs and longer term savings accounts that require notice.

I was always brought up on the basis that 10% of salary should go into savings, and have always managed to save at least that much, now we are better off, we save considerably more.

meritaten

yes, we have emergency funds - it took a while to build up but OH makes sure that the minimum amount in his current account is one months wages and he has a savings account with about the same in (fluctuates depending on whether we have needed to withdraw cash or had a bit over and could put it in there).
personally I have a couple of 'savings' jars - one contains about a hundred now in cash - was last years xmas savings but I didnt actually need it. and my penny jar - found money and copper left in my purse - about 40 quids worth! this usually is saved for xmas too. but I will probably keep saving for summer holidays - to have my own spending money.

Buddingblonde

roadiegirl wrote: »

as well as when I go out, always keep a bit of money away from my handbag (tenner in a pocket/bra), just incase something happens, and I've been doing this since I was about 14!

Me too although it was my own idea. Door key in one side of my wonderbra (between the pad inserts and the cup) and the other with my taxi fare in it. If not wearing my wonderbra my taxi fare went in my boot and my key on a chain round my neck!!!!! Many is the night when an impatient taxi driver had to wait while I got my boot off to pay him!! Zips and buckles are hard when you are drunk you know.

pupsicola

Buddingblonde wrote: »

Me too although it was my own idea. Door key in one side of my wonderbra (between the pad inserts and the cup) and the other with my taxi fare in it. If not wearing my wonderbra my taxi fare went in my boot and my key on a chain round my neck!!!!! Many is the night when an impatient taxi driver had to wait while I got my boot off to pay him!! Zips and buckles are hard when you are drunk you know.

:beer:superb:beer:

onlyroz

Our old financial advisor recommended that we keep 6-months salary saved up for emergencies. However, there's little point in saving if you have debts.

We've currently got about £4k saved up, largely because of the low interest rate on our mortgage. We'll prob need it if/when the rates start to rise again.

SkintGypsy

We paid off all our debts last summer and have saved just over half our emergency fund. I would ideally like £6k in there, at which point funds will be diverted to overpaying the mortgage. Security is everything to me.

stepharoo

It's something we'd like to have, but can't afford it right now. I think we have about £100 in savings.

Jinx

Once I am debt free I want a nice 'emergency' pot and to overpay my mortgage Getting there slowly...

pupsicola

Jinx wrote: »

Once I am debt free I want a nice 'emergency' pot and to overpay my mortgage Getting there slowly...

Looks like you have done fantastically well paying off your debts. Well done you :T