The £1,000 emergency fund challenge.

The_Only_Girl

Good morning all! Hi to all new members! DH got paid last night last night which was lower than we expected (no overtime or oncall pays so just the basic this month . ). We've drawn up the budget for November and because of the emergencies during the last 2 weeks, we are only able to add £75 to the emergency pot taking the EF up to £1198.13. It's better than nothing I suppose. We are hoping to make some savings on the weekly food budget which we will add on to the EF and I need to find some ways to boost the income this month. Fingers crossed.

DreamerHelen

Managed to add my first Fiver this Afternoon.... I'm really pleased with that....

patman99

Welcome to Claire1a, member #151.

CBC they only seem to credit check you if you want to take out a loan.
Anyone can depsoit and lend any amount they wish.

With ZOPA you decide whether you want to loan short-term (3 years) or long-term (5 years). Once you have decided, your money gets added to the main lending pot and gets lent out automatically.
The risk is low as a loan is spread over many lenders, so you might find that if someoe borrows £1,000, your part of the loan is just £10.

The only thing to remember is that unlike a normal bank account, you have no protection should the social lending site go bust.

This has only happened once in the UK when Quackle shut it's doors after suffering a near 100% non-repayment rate (it's business model relied on lenders rating borrowers based on feedback and starts like ebay does).

DH as you are now diabetic, you will get all your prescriptions for free, so make sure you get the forms filled-in.
My spouse is on loads of pills for various conditions and 18 months back was diagnosed type 2 diabetic.
I reckon she saves over £64 a month in prescription fees.

DreamerHelen

Thanks Patman...Have already filled in the Form and just waiting for it to come back with a Certificate xXx

crv1963

#140- Payday have put £10 into the £1k EF account, hope to add more but will have to wait until the bills have gone out before I add extra I don't want to put in to then have to take it out a few days later!

DreamerHelen

YAY...Congratulations crv1963....that's awesome....And the best way to do it is to do it slowly slowly.....that way, as you say, you won't have to take it out again

mrs_motivated

Hi Folks,


I cant believe I've only just found this thread and its exactly what I am looking for...its very motivating reading how well you have all done.


So, I would like to join in please. My savings have just been totally wiped out with some house renovations and a new boiler etc.
I have just had a good, long hard look at my finances and I'm shocked to have paid £75 pet insurance for so long...total spent £2700 (never used)...anyway I have just cancelled the insurance and started saving in a 'pet' emergency fund as well as my own emergency fund.


My target is £2000 - pet emergency fund
£1000 - normal emergency fund


Its pay day for me today so £80 in the pet emergency fund & £125 in mine ..if I have anything left from my weekly spend I will also throw this at the fund pots.

Swash

Hi all,
It's payday so I've managed to reach my goal of £1000 EF!

I'm going to continue adding to it but I'm so happy I now have back-up funds just in case x

Dobbibill

Congrats Swash - well done :T :T :T

fairyclicks

I've just started working on savings again with a great big 19p in my account lol! I will be using my online earnings to build up the pot so will be interesting to see how it grows Hoping to get to that £1000 figure eventually (and beyond).