Emergency funds

Vaila

In an ideal world we would all have emergency savings,but not everyone has he income

Im not a big spender so do have enough for emergencies, an example is today my washing machine broke down and had to buy a new one

I can understand why people dont have savings,but im sure if they could,they would

im 19 too,and always have a tenner in my purse "just in case"

shellsuit

arran_m wrote: »

In an ideal world we would all have emergency savings,but not everyone has he income

Im not a big spender so do have enough for emergencies, an example is today my washing machine broke down and had to buy a new one

I can understand why people dont have savings,but im sure if they could,they would

im 19 too,and always have a tenner in my purse "just in case"

'Your' washing machine? Do you have 2 washing machines at home then? :huh:


____________________

We have an emergency fund. It goes by the name of 'Dad'

sarah*a

We don't - not at the moment as every spare penny goes to pay off various debts.

I am now at a stage where one or two smaller ones are coming to an end and I am trying to decide whether or not to (a) use the extra towards paying off other debts a tiny bit quicker or (b) put it into a savings pot.

Which ever I decide it won't be (c) back into general spend account

Tropez

sarah*a wrote: »

We don't - not at the moment as every spare penny goes to pay off various debts.

I am now at a stage where one or two smaller ones are coming to an end and I am trying to decide whether or not to (a) use the extra towards paying off other debts a tiny bit quicker or (b) put it into a savings pot.

Which ever I decide it won't be (c) back into general spend account

If you're not planning on treating yourself, it might be best to pay off the other debts quicker. Makes more sense in the long run (unless the APRs are very minor) which means that you'll free up more funds for your savings kitty and also for any well deserved treats in the future.

sarah*a

Tropez wrote: »

If you're not planning on treating yourself, it might be best to pay off the other debts quicker. Makes more sense in the long run (unless the APRs are very minor) which means that you'll free up more funds for your savings kitty and also for any well deserved treats in the future.

TBH I'm leaning more that way - and when everything is done and dusted will then put the majority into a savings pot and leave a little over for treats

Might be a while yet though :rotfl:

Caroline73_2

Jinx wrote: »

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

sarah*a wrote: »

We don't - not at the moment as every spare penny goes to pay off various debts.

I am now at a stage where one or two smaller ones are coming to an end and I am trying to decide whether or not to (a) use the extra towards paying off other debts a tiny bit quicker or (b) put it into a savings pot.

Which ever I decide it won't be (c) back into general spend account

My debts were all paid off last November and I started a savings pot then. I have got £2000 in there which would cover two months bills.

We both work and have good sickness benefits. We could also just about manage on one wage albeit with a more frugal lifestyle than now.

I weighed up having more in savings against overpaying the mortgage but I went with the mortgage OP due to the interest rates. I can also stop paying my mortgage if I need too up to the amount that I have overpaid.

I have an empty credit card which is for emergencies too. My laptop died at New Year so I bought a new one on the CC and I wil pay it off on pay day so I don't have to use my savings.

Sessie

I had one for ... oooh.... about a week recently!

We paid off our credit card recently (finally!) and had £2,000 or so to put into an emergency fund.

Then, two days after that I found out the NHS would not fund my treatment for my back condition so I have to pay privately - the cost? £1,800!

:mad:

x

Lilium

We have a couple savings accounts with emergency money in...one mainly intended for covering DH's wages for several months should he ever lose his job...one has a few hundred £ in it which is intended to pay for any car probs. We'd dip into either of those if some other emergency came up and replace the money later.

FatVonD

Sessie wrote: »

I had one for ... oooh.... about a week recently!

We paid off our credit card recently (finally!) and had £2,000 or so to put into an emergency fund.

Then, two days after that I found out the NHS would not fund my treatment for my back condition so I have to pay privately - the cost? £1,800!

:mad:

x

Story of my life! I've always been lucky in that if I had a big bill something would come along so's I could pay it but if I ever have spare cash something will always crop up that needs paying for!

No savings for me but I do have a separate account with an O/D facility that I usually keep at zero which I could use in an emergency. It used to be £500 but since I hadn't used it for a while the bank reduced it to £120 :cool:

laurenjs88

Should we ever be out of debt then I will concentrate on buliding up savings, I did have a sealed pot but need to start over as i had to break into it to pay for petrol & parking when baby got taken to hosptial the other week! Oh the life of the porpers! lol