The £1,000 emergency fund challenge.

I-need-to-be-debtfree

Hi All

:jHooray:j I've made a start and have transferred some money into my E bank account that's left over from October. I have been following this thread and love everyone's commitment and support for one another.

xx

patman99

Welcome to our 2 newest members. You will both find your #'s in post #1.

About to do the 'money shuffle'. I have £51 sitting in an ISA where the interest is actually paid into my main account. Therefore, unless I add it back to the ISA, it stays flatlined.

Toomuchtodo

MrsSave wrote: »

Just checked through the accounts, and I have £65 spare to add to the Emergency Fund.

Brings me to £216.32, so 21.63% :j:j

I hope you don't mind me asking, how do you decide whether to put your excess to your debts or your EF? At the minute I'm setting aside £50 a month for my emergency fund and paying excess left at the end of the month off my cc debt.

WantToBeSE

Hi Patman, do you have room for another?


I need to rebuild my EF after spending everything on setting up my new business.
I have a savings diary that I keep updated, but it'll be nice to join in with this thread.


I am starting from £0 as of today. I know it wont be quick, and especially with Christmas coming up I wont be able to get a proper handle on it, but I am going to give it a go

October_Starter

Hi Everyone! :wave:

I am sticking to a weekly budget so if I have anything left over the end of Sunday, it's going into my emergency fund. Doing well so far and hoping today will be a LSD.

Keep going everyone and welcome to the new challengers!

October xx

MrsSave

Toomuchtodo wrote: »

I hope you don't mind me asking, how do you decide whether to put your excess to your debts or your EF? At the minute I'm setting aside £50 a month for my emergency fund and paying excess left at the end of the month off my cc debt.

I work as a supply teacher, so work is never guaranteed. I've decided I would be better off building an emergency fund at the moment, in case I get a very quiet month in work where I don't earn enough to pay the bills. Once that is up to £1000 I will still add the £50 a month, but any extra will then go off the debt.

Edited to add: it does depend on how much extra I have each month, though. I had enough at the end of October to pay my Next and Barclaycard bills in full and add to the emergency fund. I do plan on paying off my M&S card by Christmas too, but will hopefully get my emergency fund up to £300ish if not a little more!

Toomuchtodo

Thanks for replying, I'm still trying to figure out in which order to put money and where, I suppose as a homeowner and with my cc debt on 0% for a while I'm best building an emergency fund too, just incase. I'm just interested to see what works for others, that's how I ended up sorting my banking, copying someone else's system!

Bobarella

Excuse me guys but where can I find the thread regarding the emergency fund? I'm trying to build mine too.

MrsSave

Toomuchtodo wrote: »

Thanks for replying, I'm still trying to figure out in which order to put money and where, I suppose as a homeowner and with my cc debt on 0% for a while I'm best building an emergency fund too, just incase. I'm just interested to see what works for others, that's how I ended up sorting my banking, copying someone else's system!

No problem. All our debts are on 0% as well and we are homeowners. There are so many things that can go wrong in the house, as well as quiet in work, so it makes sense for us.

MrsSave

Bobarella wrote: »

Excuse me guys but where can I find the thread regarding the emergency fund? I'm trying to build mine too.

You're here. Someone will be along soon to give you your number Welcome