The £1,000 emergency fund challenge.

12_month_challenge

Hi chasingdreams

I fund my EF by rounding down my accounts a few times a week. I bring the total down to the nearest pound and then transfer the difference into my online savings account. I have even added 28p at one time but it soon adds up.

I have also set up a standing order for £7 every Friday to it as OH gets paid weekly. This amounts to £1 per day. I haven't even missed it.

Good luck with your EF

Ellieseleven

Another £10 added to my fund today:)

theresamum2

Hi everyone been lurking on this thread for past couple of days i think this is a brilliant idea
i can't join wish i could, trying to save a £1,000 for my family holiday next August so not really an emergency fund but just wanted to say what a good idea it is and you are all doing well saving hopefully after my holiday i an come and join. I always fear going to be left with no money and something breaks. so really need to do an emergency fund. Hope no one minds me posting on the thread

12_month_challenge

A payment of £1.20 today to EF :T

chasingdreams_2

Thanks for the info about how you save 12 month challenge.

I sold another item tonight for £15 plus i found 50p in DH's trousers so my EF total is £22/£1000.

stormpassing

£5 added today. Takes my total to £72.72. Growing steadily

[Deleted User]

theresamum2 wrote: »

I always fear going to be left with no money and something breaks. so really need to do an emergency fund. Hope no one minds me posting on the thread

Of course we don't mind, theresamum! Welcome to the group, the more the merrier:beer:

Thought I'd fixed my overheating laptop by one of the DIY fixes I saw on YouTube (where would we be without it?:rotfl:). A few suggested blowing air into the grilles which I did several times and the fan came back to life:j but it's still only sporadic and the laptop still feels hot underneath. I know it probably should but it's hot rather than warm if you get what I mean. Is this normal? I can't ever recall being aware of it before:o. Still, at least there's air coming out of the 'exhausts' now so that's a plus.

Well done to all moneymakers and moneysavers:T:T:T

grassgirl

Well I hit it a while back which was nice but back to £1 as just paid a large bill off. Love this challenge, I aim to do it by Easter - every day I send 10% of what is in my bank over to my savings account, keep going everybody x

Buffythedebtslayer

chasingdreams wrote: »

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

I don't know if this helps but this is what I do.

I was doing quite well saving for a while - different amounts in different pots but I keep borrowing out of them and paying stuff back and whilst it worked it was a bit haphazard. I never knew what was what and if I owed myself.

So this time, since October I pay myself 740 pounds a month, aiming to spend as little as possible. As a base I try to spend a 100 a week to cover everything, food, petrol, vets, going out, presents etc. and aim to save 340.

In October I didn't manage to save anything but I have no CC bill and paid for dog grooming, a birthday, some clothes and a good time in my half term break. Currently my EF is 384 (from previous savings, (84 pounds extra I moved from the last of my old saving accounts) and in a couple of weeks the cycle starts again. 100 a week all in.

I am fortunate in that I am single and don't have any children (not often I say that!) so all my spending in within my control.

Once I have 1000 I will hopefully continue to save 240 to it and build up 3 months living expenses (then I can quit my job!!)

I also save 350 to an ISA - which for me is like a debt I owe myself. Long term plan to buy a house........very long term plan.

XXX

stormpassing

Another £1.46 added from rounding down current account