The £1,000 emergency fund challenge.

takingcontrolatlast

Hi,

My EF is now up to £30 due to NSD's and some careful budgeting. :j

nannygladys

Hi, I'm finishing work in a couple of weeks (retiring), have paid mortgage off and have no debt, it's taken me a while to be completely debt free but at least I'm there.

Anyway I have an emergency fund of £500 which I really think should be increased to £1000, so may I join please. I would really like to achieve it by the end of the year but as I only have the state pension I know it's going to be a long business, it'll be a few pence here and there.

Nannyg

patman99

Welcome to nannygladys, member #118 of our growing clan.

Not much to report this week ef wise as am waiting for the car to be serviced before I know the final financial outcome for the week.

On a plus note, I have achieved 2 goals this week.
Goal #1 was to have enough money in my main account to cover 1 month's outgoings.
Goal #2 was to reach 12 weeks employment in my permanent role. This now means that if I were to loose my job, my MPI would now pay my mortgage.

takingcontrolatlast

Wow NannyGladys - well done on paying off your mortgage and being debt free - you must feel a great sense of achievement I cant wait till i'm in the same boat

Well done Patman on reaching your goals :j

[Deleted User]

I agree with what takingcontrolatlast said, nannygladys:T.

The feeling of relief as you start retired life with no debts must be wonderful. It's going to be 4 years until I've cleared mine but I feel more and more optimistic with every payment I make.

You say you'll only be able to save a few pence here and there but every little helps, as they say:). You may come up with a few little money-making ideas as well, once you have more time on your hands. Good luck. Enjoy every minute:beer:

patman99

Got my mortgage round my kneck for another 18 years. If only I hadn't kept extending it to lower the payments, i'd be mortgage free in 2 years. Still, one debt at a time I guess.

Car serviced, just got to wait for the bill to arrive. Luckily, it will arrive after Tuesday so will have another payday before I need to cough-up.

Anyway, just added a £10 voucher from Swagbucks to my Amazon account.
Have also signed-up to 'Nimber' and 'Taskrabbit' so hopefully I might pick up some extra work to help boost the coffers.

rising_from_the_ashes

nannygladys wrote: »

Hi, I'm finishing work in a couple of weeks (retiring), have paid mortgage off and have no debt, it's taken me a while to be completely debt free but at least I'm there.

Well done NannyG and welcome to the challenge - I'm sure our paths have crossed before but I'm stumped which thread / challenge it was ... it'll come to me!

patman99 wrote: »

Got my mortgage round my kneck for another 18 years. If only I hadn't kept extending it to lower the payments, i'd be mortgage free in 2 years. Still, one debt at a time I guess.

*sigh* I know that feeling ..... if I'd stayed in my 1st flat (and not racked up loads of debts) - I'd be finished my mortgage in 5 years

As it is .... another 26.5 years to go :eek:

I will have to come up with a plan at some point as I a) can't see myself working until I'm 70 - and certainly don't intend to be working full time past 65 (and 60 if I can manage it) .... really just staying afloat though so unless a much better paid job comes along I don't know what the plan will be!

takingcontrolatlast

Hindsight is a wonderful thing isnt it? And comes with age :rotfl:

If only I could turn the clock back or have that crystal ball but hey ho one day at a time and im in for the long haul

Dobbibill

#45 checking in - SO payment gone over today as per, so total now at £450

slow and steady we go - if it stays there I will be hitting the half way mark next month :T

Muser1

Hi all

#30 £655.00 65.5%! :T:j

This is sooooo exciting.

Muser