The £1,000 emergency fund challenge.

claremylove

My new direct debit has gone out so I've added another £25 into my EF. That means #232 is up to £177.

Slowly creeping up :j

James1968

Added £7.61 to my EF. Its a start.

patman99

Checked change jar and have £6.42 to add to EF. Might wait until I have to go into Town (sorry, City, For that is what Colchester has been since AD49).


At least I haven't had to raid my £7.86 that currently sits in my EF.

Bored

Number #118 checking in. I think I originally signed up to this challenge in 2016 and I managed to save a £1000 emergency fund and a deposit. Of course, then I spent it all on buying a flat and furnishing it. :eek:

If you'll have me back, I've started with a £25 deposit in my new Marcus savings account. :A

Loz2018

Please could I join?

I vaguely remember posting on this thread but can’t find my number on the list. Or maybe I posted on the other emergency fund thread challenge ��.

I currently have £650 in my emergency fund.

aimeemum

Please can I join in too? I am currently trying to pay off all my debts (aim is by Christmas but the majority of it should be gone by the summer holidays) and at that point I will be starting in earnest to get that magic £1k in my EF. Until then I'm paying small amounts and whatever change I can muster in, and promising myself I wont touch it.

Is it best in people's opinions to have a change jar (sealed or otherwise) or to do it virtually on my banking? Neither ever seems to stay un-touched so I'm open to suggestions.

claremylove

My EF is premium bonds. Can't really touch them without having to go to the effort of withdrawing them, but if necessary that would only take a few days. Now that they have set a minimum of £25 per month, I've set up a DD for that amount and that fits will with my income/expenses so suits me fine. Not likely to win but still saving money each month, which is a step in the right direction for me.

You have to find a way that fits with your lifestyle. If a sealed pot works for you, then go that way, likewise a separate online bank account. I'm sure others will be along to give you their preferences.

Good luck

PositiveBalance

claremylove wrote: »

My EF is premium bonds. Can't really touch them without having to go to the effort of withdrawing them, but if necessary that would only take a few days. Now that they have set a minimum of £25 per month, I've set up a DD for that amount and that fits will with my income/expenses so suits me fine. Not likely to win but still saving money each month, which is a step in the right direction for me.

You have to find a way that fits with your lifestyle. If a sealed pot works for you, then go that way, likewise a separate online bank account. I'm sure others will be along to give you their preferences.

Good luck

Same here! I know I am diddling myself out of a small amount of interest, but for me it's the psychological barrier of knowing that if I take the money out it's not eligible for next month's draw, even if I put it all back straight away, as that might be the month I win something.



It would have to be a genuine bluelight end-of-the-world emergency for me to touch that money.


It's funny how our heads work, isn't it?! :rotfl:

aimeemum

Thanks both - I've set up a whole new savings account attached to my main account and I'm going to try again with doing it online. Physical money is a problem as I have no access to cash (only every 2 weeks when I go into town) so I will start pulling out the 'other' savings for things like birthdays, holidays in physical cash then instead, and try the envelope system for this money. All a learning curve at the moment. Currently have £1 in my EF......go me!!

claremylove

It’s payday so I've added £25 to my EF. NOW UP TO £202 and reached my 20% mark :T