The £1,000 emergency fund challenge.

patman99
patman99 Posts: 8,532 Forumite
First Anniversary Combo Breaker Photogenic First Post
edited 13 January 2020 at 8:27PM in Debt-free wannabe challenges
For the idea for this after listerning to the 'Dave Ramsey Show'.

The idea is to accumulate an emergency fund of £1,000 sitting in a Bank account just in case of emergencies.

You must not leave yourself short in order to reach your goal.

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This list is correct as of 23/11/19.
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If you haven’t already, join the forum to reply.
Never Knowingly Understood.

Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)

3-6 month EF £0/£3600 (that's 0 days worth)

«134567340

Comments

  • hummingbird
    hummingbird Posts: 1,522 Forumite
    Hi Patman,
    I'd like to try this, but it would be a bit different. I have a credit card with £1500 outstanding balance, which I could pay off using this challenge. It could then be an "emergency fund" if the need arose.

    Thanks for thread!
    hummingbird
    £10 a day extra in May '18[B]£35/310[
    Virtual Sealed Pot 2018 £500/£2500 = 20%
    You can find my diary here:http://forums.moneysavingexpert.com/showthread.php?t=5189836:beer:
  • patman99
    patman99 Posts: 8,532 Forumite
    First Anniversary Combo Breaker Photogenic First Post
    Well, it is whatever works best. I have a credit card with a £2,500 limit that I have £250 to pay-off, so in theory I have £2.250 emergency fund but as my aim is to clear and close all my cards and loans, I will only use this card to rebuild my credit score.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)

    3-6 month EF £0/£3600 (that's 0 days worth)

  • GaLa15
    GaLa15 Posts: 198 Forumite
    yes please could I join too
    LBM April 2014: Every Single Penny Counts

    Overdraft: £[STRIKE]1000[/STRIKE] £580
    School Fees: £5500
    Barclaycard: £6709.05
    Halifax: £5280.56
  • hummingbird
    hummingbird Posts: 1,522 Forumite
    For me at least by getting this card paid off I'll be saving on the interest each month - then if I did have to use the credit again later I wouldn't be in any worse position than I am now. First step is to get the exact balance on this card - think it might be just under the £1500, hopefully anyway!
    £10 a day extra in May '18[B]£35/310[
    Virtual Sealed Pot 2018 £500/£2500 = 20%
    You can find my diary here:http://forums.moneysavingexpert.com/showthread.php?t=5189836:beer:
  • Trixxibell
    Trixxibell Posts: 699 Forumite
    First Anniversary Combo Breaker Car Insurance Carver!
    Hiya

    Can I join please this has been a goal of mine for a while in addition to beating my debt.
    3rd LBM July 2014: Debt [STRIKE]£31,416.68[/STRIKE] Down To: [STRIKE] £23,403.43[/STRIKE] [STRIKE]15th July: £25,709.83[/STRIKE] 26th March: £31,229.68
    CC £0 :j WFTC £1660, SLC £6600, Car £18,654, Emergency Fund £1,000 :T
  • patman99
    patman99 Posts: 8,532 Forumite
    First Anniversary Combo Breaker Photogenic First Post
    All are welcome. I have updated the list, so check out your #.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)

    3-6 month EF £0/£3600 (that's 0 days worth)

  • hummingbird
    hummingbird Posts: 1,522 Forumite
    Checking credit card a/c online wasn't very helpful - my minimum payment had gone on but they hadn't added the interest and my repayment option plan payment on so the actual total was still a bit of a mystery. I have made an additional £20 payment though over the minimum, so I'll start with that as my figure and adjust when I have the up-to-date statement.
    £10 a day extra in May '18[B]£35/310[
    Virtual Sealed Pot 2018 £500/£2500 = 20%
    You can find my diary here:http://forums.moneysavingexpert.com/showthread.php?t=5189836:beer:
  • Oh.. This is exactly what I need to do. Can I join patman? Not sure how long it will take, but when I achieve this it will be a very big deal to me. I've just realised that I haven't ever had any savings!! :shhh:
    Loan 1: €12,148
    Loan 2: €2,700
    Card 1: €470
    Card 2: €970
    All Approximate values - TBC
    Total: €16,288. :( :mad: :mad:
  • Hi,

    I would love to join in this please.

    Lord only knows when I will have the £1000.00 but like you say no time limit at all!

    Thanks Dxxx
  • patman99
    patman99 Posts: 8,532 Forumite
    First Anniversary Combo Breaker Photogenic First Post
    2 more added. The list is growing.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)

    3-6 month EF £0/£3600 (that's 0 days worth)

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