The £1,000 emergency fund challenge.

a_silver_lining

Just checking in Have had a review of my bank account and budget and have set an ambitious £2000 as the amount saved towards my emergency fund. This budget is taking into account the remains of a sofa payment and a holiday so there's a chance it might be less by my next month check in. I'm hoping that it will keep me focused though on limiting the rest of my spending.
I've also decided to raise my emergency fund to £6000 as I'll feel safe with more of a buffer.
Hope everyone else is doing well

Stereochild

I have added another £50 to my Emergency Fund. This is the £50 that I had been budgeting for my gym membership. As I can no longer get to the gym it has had to go, so that is a little more towards my Emergency Fund each month. every little helps

patman99

There's nothing to say you can't raise your EFs to whatever you want.

Inmy case, £1k covers 1 months bills, or any emergency that might crop-up.

In reality, I would like to aim for 3 months salary so when back in work, would be aiming to reach £1k in EF in my Natwest account, then look to use any surplus to over-pay on my DMP to clear off my debts as quickly as I can based on the theory that for every £1 I over-pay, my DFD reduces by 1 month.

LullaBelle

Hi All,

Can I join too? I have £407 in the pot so far. I am saving up for fertility treatment as well as tackling my debts so if I got to £1000 that would be a good bit of the treatment paid for.

MrCrimeFiction

CountingPennies wrote: »

Thats a fantastic amount! :T How much are you aiming for?

CP xx

Haha oops put an extra 1 at the front by accident. Just logged in to see I got a few £ interest aswell so my new total is £105.97

Slowly but surely.

[Deleted User]

Sorry have been AWOL for a while but I've just had a catch-up of the latest posts and am full of admiration for the money you've all been saving:beer:.

When do you start your new job, patman? The thought of a regular income must be a great feeling.

Was interested to hear of your hopes to pay off your DMP quicker. I didn't think it was as easy as that to overpay, do you have to renegotiate your agreement with them or can you just transfer a bit of extra cash as and when you are feeling flush? Must check this out (not that I have any spare cash to do it yet:o) but anything that brings the final DFD nearer has to be a bonus.

None of my DMP creditors are charging interest except my Lloyds overdraft:mad:. It's only for about £270 and I'd love to get rid of that one as the interest they add keeps wiping out any progress made by the payment StepChange send them every month. Was thinking my EF could be used for that (when I get some more money in it after my car expenses). Last time I spoke to SC they said other creditors don't like it if they see that one of them has been favoured more than others (with extra payment).

Have been delivering Telephone Directories so should have about £160 to add to my EF at the end of the month:j

patman99

Welcome to LullaBelle, our 90th member.

Carbootcrazy, I'm now waiting on a DBS check and references to go through then I will get a start date.
It is so frustrating as I still have to sign-on until the day I start, so still have to go through all the hoops that my advisor wants me too. Luckily, he never checks on any of the stuff I have entered on UJM so i can jsut populate it with a load of old tosh and get away with it.

so_very_confused

Hi Carbooty. Re paying individual debt. SC say that but I think in reality it happens all the time. I once told SC advisor ihad been offered F and F by a creditor smallish amount, the advisor laughed nd said go for it as long as someone else is paying It off ie relative. Then just alter your SC debt on your statement. Didn't o it as it was for £600 didn't have the money.
It might be other creditors aren't happy, but what would they do abut it? I think it likely they only check your statement at review or if tere are any changes.
Having said all that I haven't done it. Worth asking on dmp board?
Cheers
svc
Sorry for the spelling, can't spell on ipad:)

Trixxibell

Hi all just updated to say I'm up to £500 now, halfway there xx

Keep up the hard work everyone xx

Congratulations on the job Patman xx

patman99

So very confused it is nice to know I'm not the only one who finds fat fingers a pain when it comes to typing on a tablet or phone.