The £1,000 emergency fund challenge.

[Deleted User]

A big welcome, chasingdreams:beer:

I also know that feeling of panic when an emergency comes along with no money to pay for it, there have been so many in the last few years for me:o. I think several others on this challenge know what it's like too. Car troubles seem to feature very highly in many people's emergencies:(. It was a real lifeline for me when patman set up this thread and everyone is so supportive and friendly here that it makes a bad situation seem less scary than it might have been:T. He'll come along and give you a challenger number soon.


I was going to tell you about another challenge that I do (Make £10 a Month) and went over there to find a link for you but am delighted to see you've found it already:j. As you'll see by reading that thread (and please read it all right from the beginning for loads of brilliant little ways to make a bit of extra cash) you don't have to make £10. And whatever you aim for don't worry if you go for days by making nothing (lots of us do!) as maybe one day you'll make quite a lot and it all evens itself out over the month. I can honestly say that challenge has changed my life and how I think about how even tiny amounts of money all make a difference:j. Everyone is so friendly and supportive, it's a joy to drop in there.

Dobbibill

Hi chasingdreams,

I echo what CBC has said, a big welcome to you. This and other challenges are full of people doing what you're doing. Life has a tendency to throw up those hiccups when least want/expect it.

Cars and Vets seem to be the biggest theme for unexpected emergencies but everyone is so supportive as we are/were in the same boat as you.

I will warn you though, it does get addictive because it's so motivational, so again, a big big welcome :hello:

DB

[Deleted User]

You're so right there, Dobbibill:T. I completely forgot to mention the dreaded Vet's bills , and I've had a lot of them this past year too:eek:.

Yep! Cars and Vets:mad::mad::mad:

chasingdreams_2

Thank you carbootcrazy and Dobbibill for the warm welcome. It really is appreciated!

We really are stuck on the merry-go-round of debt right now and it needs to end. Emergency fund is definitely the first and best step for us. Until after christmas i will aim to fund this solely through the make £10 challenge (thank you carbootcrazy for taking the time to try and link that for me) and then decide which will be the best way going forwards.

Just a question if you don't mind? How do others fund their EF? Do you put a set amount aside weekly or maybe just include extra money from sales or savings on groceries etc?

Thanks

chasingdreams

[Deleted User]

chasingdreams wrote: »

Just a question if you don't mind? How do others fund their EF? Do you put a set amount aside weekly or maybe just include extra money from sales or savings on groceries etc?

Thanks

chasingdreams

I think some people pay a set amount every week/month into a designated account, maybe by Direct Debit. That's OK if you have a set wage or other income so you know what you'll have spare. I just save what I can when I can from any little savings/earnings I can make after everything crucial is paid. Some months it's next to nothing in my case:o. It's just whatever works for you and your situation really:)

patman99

Welcome chasingdreams, you are member #149.

Please remember, this is not a race. It is a pleasant walk in debtland.

Anyway, nothing added to either 1st or 2nd EF this month as trying to get my hands on a 2nd-hand tent ready for the Download festival I daftly booked in a fit of madness (depression does that to you). I need one I can stand up in and put my camp bed in as well (it's a proper one, not a blow-up jobby).

crv1963

Hello Chasing Dreams

I've recently started on the journey, slowly and steadily is the way for me or I'll just end up dipping into saved funds! I'm joining a limited number of challenges otherwise all my time and energy would end up being used on this site!
I'm selling stuff we haven't used/ been in the loft for over a year- just started this, money will be split between debt busting and saving, and will be putting £10 a month from wages into the EFs.
Good Luck


CRV1963

Dobbibill

chasingdreams wrote: »

Just a question if you don't mind? How do others fund their EF? Do you put a set amount aside weekly or maybe just include extra money from sales or savings on groceries etc?

Thanks

chasingdreams

I personally do a set amount each month, just after payday. When things were tighter, I reduced it.
Others say they do any thing they sell, any odds left over in their account, savings on a bill, a reduction in their groceries. It's whatever works for you and as Patman said, it's not a sprint/race to the finish but a scenic route. We are all here for the long haul.
It goes up, then goes down if an emergency crops up. The idea is not to have to rely on credit anytime life throws a curve ball.
You'll find what works best for you but there's no right or wrong way.

chasingdreams_2

Thank you patman99 for my number and to everyone who answered my question.

I will to have to keep reminding myself it's not a race. I find it quite hard to not get fixated on things like this. The very methodical part of me always wants a,b,c and d done in that order by whatever (usually unrealistic) time frame... perhaps i've got more than money to learn about!!

All things being equal, I should have an extra £15.00 to add tomorrow from another sale.

takingcontrolatlast

Hi Everyone,

My EF is now increased and is currently £31.77 - I sold some left over wool as a job lot which made me £10 and I made a PAD of £1.77.

I have some loose change around the house but not enough yet to bank in the money bags required but as soon as I can they will be banked and transferred to my EF.