The £1,000 emergency fund challenge.

StressedSteph

Number 35 checking in with a ZERO emergency fund :o:o:o

I have soo many things to pay for in the next three months I cannot see how the heck I am going to get this emergency fund sorted as I barely have my debt minimum payments let alone extras.

So I am going to use you Paypal account as my Emergency savings account. Everything I sell on Ebay will sit in my Paypal account and I will not withdraw it until it gets to £1,000.

It staying in there will ensure that my little sales do not just disappear into my bank and never be found again.

Good luck everyone, hope you are doing better than me

rylee12

Seriously behind with my new year financial planning due to my OH changing his mind about what he wants to do with his classic car, which will have a knock on effect to our overall savings etc :mad:

Hoping to get a definitive decision from this this week so I can then start looking at saving some money towards our emergency fund and all the other outgoings we have in the next couple of month (birthdays, insurances etc) :eek:

Cutcostsandsave

Hi all. I'm really new to these forums but I can already see how joining some of the challenges and sharing experiences will help keep me motivated. In 2016 I really do need to cut my costs and save some money. I started an emergency fund on New Years Day and up to now it has the grand total of £25 in it! Can I join the challenge please to save £1000?

Calling14

Hiya Patman, 15 pounds added to my EF today. Thanks update in my signature. Happy New Year everyone.

12_month_challenge

Hi all £10 added for me today

Good luck all

[Deleted User]

Well done to anyone who has managed to add anything to their EF over Christmas and New Year:T:beer:

After what seems like an eternity without adding anything to my EF:o I've finally managed to put something in there today:j

I cancelled my Pet Insurance at the end of last year and vowed to save the equivalent amount in my EF. It's so easy to use the saving on day-to-day expenses but I've set up a regular transfer into my online savings account so there's no excuse now is there? I have needed to call on my EF this past year a lot for vet bills so really must be prepared;)

The insurance premium was £15.20 a month but I'm managing to up this to a round £20. The first payment went in today and EF now stands at £585.47.

I'm not going to stop there and hope to add other small amounts as and when I can this year. But at least the £20 each month is a 'definite':j

patman99

Well done everyone who has been adding to their EF.

Also, welcome to our newest members who will find their number in post #1.

For those who have used their EF for car repairs, home repairs etc, this is what the EF is all about. When you have an emergency, you have the funds without having to resort to credit cards or loans.

Cutcostsandsave

Yeah!! I've got a number Thank you for including me in this challenge. Cashed out £15 today from Topcashback from a referral that I'd forgotten about. Was a lovely surprise when I logged on. Should arrive in bank in a couple of days (had email to confirm payout) so it will go straight into Emergency Fund
New balance now £40/£1000

andyfromotley

Hi Pat,

super long time since last check in sorry. But over the last year have quietly chipped in to EF at each and every opportunity.Have dipped into it once or twice but as of today it stands at £850 i hope to get it to £1k this month or next. Thanks for managing this, it is the first time in my life i have accumulated an EF and the security it gives me to see it there is amazing!!

Dobbibill

andyfromotley wrote: »

Hi Pat,

super long time since last check in sorry. But over the last year have quietly chipped in to EF at each and every opportunity.Have dipped into it once or twice but as of today it stands at £850 i hope to get it to £1k this month or next. Thanks for managing this, it is the first time in my life i have accumulated an EF and the security it gives me to see it there is amazing!!

Hey Andy,

Judging from your signature you've not only been chipping away at the EF but also your debt has halved in 12 months. Well done, you should be proud of yourself, you have done amazing! Looks like 2016 is going to be your year.

A big welcome to all our newest members too, you will have plenty of support on this thread. We share the ups and we share the downs but there's no time limit so plod along at your own pace, it's a target but not a finish line or a race.

Happy New Year to everyone

Dobbi