The £1,000 emergency fund challenge.

grassgirl

Up to £801 now.

Hope the interview went well Patman. I'm thinking of going self employed x

Stereochild

I lost my job at the end of January and have had to use my Emergency Fund to pay all the added expenses which where not included in my budget. My Emergency Fund is now down to just over £100 which is not good but thankfully I have now got another job.
So my number one priority now is to get my fund back up to it's minimum of £1000.

patman99

Well, based on my phylosophy that each time I get made redundant, I take 50% less time getting back in to work, the interview I have this Wed. will be the one that gets me back off the dole.

andyfromotley

ok, using Ynab has enabled me to free some money up from other savings and chip in a bit from this mnths budget so i am off to a flyer with £275 in the emergency fund! Whoop! (Gotta try and figure out how to do a signature now)

Bobarella

grassgirl wrote: »

Up to £801 now.

Hope the interview went well Patman. I'm thinking of going self employed x

Well done Grassgirl, must feel fanstasic to be so close:T

I am self employed. Its hard. If I had one tip for you, it would be, if possible keep some form of paid employment at the same time. Once you are your own boss, you literally can go for months without being able to pay yourself when times are tough. Think about how you would manage in those times, and what the absolute rock bottom amount you need to live on is per month. If we didnt have my husbands steady salary as well as my sporadic one, we'd have run into trouble a long time ago. Its not all doom and gloom by any means and there is a lot to recommend it, but I would err on the side of caution every time, and wish someone had given me this advice 3 years ago. Good luck!:)

Kelxx

Hi, quick update,

£8.00 went across to Nat West today so my E-Fund so far is No. 83 - £35.00/£1000.00 :j

patman99

Good work people.Andyfromotley (I guess you are a Suffolk bhouy), you have reminded me that I have yet to update my YNAB this month.

andyfromotley

Hi patman,

No, Otley, West Yorkshire!!

Another £25 in today from some spare cash after changing the car last week. Its a great start for me but the rest of the challenge will be somewhat slower.

patman99

Ahhh, my apologies. There is also an Otley in Suffolk.

[Deleted User]

Keeping everything crossed for you in tomorrow's interview, patman.

We all know you can do it:beer: