The £1,000 emergency fund challenge.

Anna-marie3363

Could I join this please? This is my first posting on a forum, and I'm a little bit "green", so please bear with me (?).
I could really do with the £1,000 emergency fund - I've just spent all of my savings and investments on refurbishing my home. (I still have loads to do to finish it, but I'm hoping to achieve this myself)
Regards,
Anna-marie

patman99

You're very welcome and you are member #183.

I need to do a full redecoration of my flat but my niece's partner is a painter and owes me for fixing his laptop. I know they don't have any money at the moment, so have suggested that he repay me by painting my bathroom.

However, I am planning to replace the bath, sink and toilet (I am lucky enough to be able to do this myself) so may get him to do the hallway instead.

positivelypunked

Starting again - total is £212.35 / £2,700.

Had trouble with using my money to cover myself due to a sponge of a now-ex boyfriend.

Calling14

Another 20 pounds in for me today Patman. Up to 290/1000 nearly a third of the way there woo hoo.

Thanks

patman99

Every little helps as they say.
As I write this, I am watching the Reading v. Crystal Palace game on the telly whilst my wife and son walk to Sainsburys to buy some extra bits and bobs. As they were going there, I have asked my sone to purchase me a new mouse for my PC as the one I am using has now, after 18 years of use, decided to start to play-up.

When the mouse hits the bin, it will be an end of an era as it was the last thing left ovr from the first Windows PC I ever bought. Now, that's what I call an 'MSE mouse'.

5erge

I'm up to £300 now and I have a load of items ready to hit Ebay. No more topcashback due as I've not spent anything, should see that as a good thing really.


Des

patman99

Took some of my mum's rubbish to the tip today and came away with a dozen Xbox & Xbox 360 games which I will list on ebay. Hope to make £1 per game after expenses.
This will go into my 3-6 month fund as I want to build it up to pay for next year's holiday.

January2015

Hi everyone

My EF fund now stands at £1,250. With our debt levels where they are I am not starting a 3-6 month EF fund {yet}. It's nice to have that extra bit of a buffer

5erge

January2015 wrote: »

Hi everyone

My EF fund now stands at £1,250. With our debt levels where they are I am not starting a 3-6 month EF fund {yet}. It's nice to have that extra bit of a buffer

You may already have done this but as you have a nice buffer there I would open up a TSB classic current account.


Stick your EF money in there, you'll earn 5% interest (tax free from April) as long as you transfer in £500 a month and have paperless billing.


Des

patman99

Good advice there 5erge.
That £500 per month thing, would the following work?.

I open a TSB account and tx my EF to it (just over £1k).
I then recieve my monthly salary into my main account at another Bank and then do a £600 tx to TSB, wait 24 hours and do another £600 tx back (I need to pay my bills after all).

If this does, then I may well go for it as 5% interest is not to be sniffed at.

Evene if I find myself out of work, I have a small amount of cash in another Bank that I could transfer in/out enough times to reach the £500 needed to get the 5% interest, so would be covered.

Anyway, managed to get in a Saturday morning this week so that's 4 hours at time and a half. This may well either just help to make up the hours I booked off for 2 funerals (hopefully both will be paid as compassionate leave) or be paid on top of my normal 160 hours a month.

Right, am now off to investigate the TSB account.