The £1,000 emergency fund challenge.

Littlebigmoose

Number 270 here, happy to announce that I have now reached my £1000 emergency fund goal due to a nice little windfall.

PositiveBalance

Hi Patman,


I'm sorry to hear about your crummy work situation. You sound like you will have a good chance at the tribunal, but it's stress I'm sure you don't need.


But what an example of why we need an emergency fund in life!


Mine has been resuccitated to the tune of £107. I've decided to store it in Premium Bonds as they are a bit more restrictive to access (but not much). I'm hoping to top it up to £500 on payday and leave it at that for now. I have a zero percent credit card I want to destroy, but I might set up a BSO to pay £50pcm in (the minimum payment) moving forward to get it to £1000.


Annoyingly, Premium Bonds are really RC about how much you can move in/out in one go, which is a bit restrictive. I could have added a few more pounds which were freed up this month but due to their ludicrous £100 minimum pay-in, I could not.


If it wasn't for the fact that taking money out makes you ineligible for the next draw making me think twice about touching the money, I wouldn't bother with it, but it does make me think that when I've put money into Premium Bonds they aren't coming out unless the need is dire.

lcc86

Another vet bill! EF down to £653 now I've looked at my finances from now until the end of the year and the first few months of next year and should be able to get it back up to £1,000 relatively soon.

I think I'm going to set up a separate vet fund from next year to try and mitigate any damage to my EF moving forwards.

doingitanyway

I am number 177.
It has taken me a long time and I stopped posting because it was taking me so long but I can now report I have achieved my £1,000 emergency fund. I have £1,0015 in there and I am thrilled.:j:j:beer: I will keep adding to it at £15 a week.

Thank you creating this inspiring thread as it helped me to achieve this.

lcc86

Payday today so I've transferred £100 into the EF. I'll see what I can do for the rest of the year! We're now at £753.

[Deleted User]

NeverendingDMP wrote: »

…. I've made a grid with squares to colour in and I'm hoping to be back up to 1000 by December 2019.

Thanks for reading if you got this far. Ha ha

Sorry to hear about all the financial setbacks you've had recently. They never come singly, do they?:mad:

I hope you managed to enjoy your mini-break without feeling guilty, sepecially as most of it was free.

Good to see another squares colourer:T. I've been a fan of it for years, I know it's very old-school but I'm not a big fan of technology at the best of times:o. I use my squares to count off the monthly payments on my debts. I taped lots of sheets of large-squared graph paper together, it was like a loo roll to start with in 2013:rotfl:. Lovely to see how far I've come though and how few squares there are still to be coloured in:j

NeverendingDMP

doingitanywayI am number 177.
I have achieved my £1,000 emergency fund. I have £1,0015 in there and I am thrilled.

Well done doing it anyway. Very impressive and very inspiring X

And thankyou to carboot crazy. I had a great break. First time seeing where my brother lives- he's been there a few years but I've only just been able to fly out to visit.

I have decided that I have 416 in my emergency fund. :j

I've moved it into my isa and decided that this is the amount and it's not moving back. I'm Normally up to date with everything but honestly with hubby's new job, the car back in the garage again tomorrow and the holiday spends- aqua card -to sort I can't tell you what my current financial situation is. :eek:

I think I need to see the month out to be properly organised but I have moved 416 back to the emergency fund and I'm sticking to it. Aqua card will be cleared in good time as well, the interest is shocking.

I've thought about squares for my debts but would probably need rolls of paper as well. I could paper the house with it and save on wallpaper eh X

mavvysmum

Hi :j please can I join?
Desperately need a £1k EF but have £5k debt I need to tackle at the same time so might be slow progress. Better than not saving anything though!

Willowtree222

#252 back down to 1k due to needing a few new things. I will try and build it back up again this month!

patman99

Welcome to NeverendingDMP, who is member #279 & mavvysmum who is #280.


Job-wise, I have stuck in a few applications and have had 1 interview already with another on Monday.
I'm in a UC area, so have got my claim rolling.


Financially, I have enough in the bank not to worry for a while.