The £1,000 emergency fund challenge.

[Deleted User]

so very confused. Thanks very much for your helpful reply and advice:T. I'll certainly check out the DMP board when I get a mo.

BuildingBricksOfGold

Hi All, I would very much like to join you please

I spent Friday of last week sorting out my finances, after spending the past year over using my credit card I had more money going out than coming in which meant my attempts at saving any money were pathetic (when I once used too be so good) Soooo, through christmas overtime and rejuggling some of my old savings (which I usually try not to touch but I thought hey what's the point in having savings if I keep getting slapped with monthly credit card interest), I managed to clear my £750 Credit card bill. So as of last week I set up a new savings account specifically to build an emergency fund and arranged a direct debit of £15 a week. I also have another Internet account which I try to pay £40 a week into which eventually gets transferred into my isa once I've built up a certain amount. I always build this account up first as I'm paranoid that I may need the money (which always seemed the way last year, house/car insurance etc) and paying it into the isa seemed too much of a final commitment! This is why I want to build a separate EF and I'm now obsessed with searching this site for money saving tips (I'm now meal planning my socks off) and find everyone else's money saving tip & journeys very motivating.

Hope I haven't rambled too much for my first post! :rotfl:

Oh p.s my 6year old is also going to start saving for his own mini 'emergency fund'. To encourage him to save I have said as of this Saturday I will give him £2 pocket money. £1 he can spend or save as he wishes, the other £1 he must save long term into one of those tins where you need a can opener to open them. Once the tin is filled I said I would give him 10% interest as a reward for good saving.

[Deleted User]

Welcome to our friendly group, BuildingBricksOfGold:wave:. It was a great idea of patman99 to start this thread and from what people have posted it has been a massive help to a lot of us already. Patman will give you a 'membership number' when he sees your post.

Lovely idea to encourage your son to start saving. Lessons learned in childhood are definitely the best.

Good luck to both of you:beer: (not that the beer's for him, there's no suitable smilie)

monz

So I have started my emergency fund..... £2 lol... better than nothing though :P:D haha x

[Deleted User]

monz wrote: »

So I have started my emergency fund..... £2 lol... better than nothing though :P:D haha x

Welcome, monz.

Remember, even the longest journey starts with a single step:)

patman99

Welcome to member #91, BuildingBricksOfGold.

Back down to £1.96 due to car MOT costs, but after this, the way must surely be up.

BuildingBricksOfGold

carbootcrazy wrote: »

Welcome to our friendly group, BuildingBricksOfGold:wave:. It was a great idea of patman99 to start this thread and from what people have posted it has been a massive help to a lot of us already. Patman will give you a 'membership number' when he sees your post.

Lovely idea to encourage your son to start saving. Lessons learned in childhood are definitely the best.

Good luck to both of you:beer: (not that the beer's for him, there's no suitable smilie)

Thank you carbootcrazy

And thank you Patman99, I have set up my signature and feel officially part of the team! As for your MOT costs, your EF covered the costs and you're still in a plus so the way is most definitely up!

My first dd of £15 went into my EF fund today, I opened the account with the money I received for my birthday in Jan so I'm now on my way with £80. Feeling postive :)

Simply_Saving

I've never been able to save before but between this challenge and the £2 saver challenge I'm getting addicted. It's only been possible by having a super strict budget but I'm getting there. In the past I'd be desperate for payday to spend money or catch up on late bills. Now I'm desperate for payday to add to the savings. I'm hoping with some serious scrimping I'll make £500 by the end of this month and the £1,000 by June. The plan is to then keep adding but in smaller amounts because I want to build up a fund for summer holiday activities, Christmas, towards a holiday next year and a small pot for car repairs as and when they arise. I would think £600 for car repairs should cover most repairs. At least I hope so! I'm trying to get virtual saving pots for any eventuality.

N x

CountingPennies

MrCrimeFiction wrote: »

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.

Pleased it isn't just me who does things like that! :rotfl:

Current total stands at £187.17, however we are going away at the end of the month so I doubt I will be adding any more this month. You never know tho!

CP xx

rising_from_the_ashes

Hi everyone plodding along here

Wondering if anyone would think I'm completely silly if I have 2 EFs

I've been really wanting to get a decent sum of money put aside in an account for the pets vet stuff - big insurance saga with the company pulling out / new one charging a fortune etc (won't bore you with it all) which has now left me with just accident & injury cover for the dog so really need to get a proper fund set up

I really want to keep this separate from 'the EF' as she does have a couple of ongoing issues and it would be far too easy to just use my EF over & over and then not have the EF for the 'real' emergencies iykwim

I finally managed to start it just before Christmas - but it sadly got totally decimated when 1 of my cats & the dog both needed several trips in December which resulted in over £250 bill in a month :eek:

It's back up & running again and have a SO going to the account each Monday & also the difference between their old insurance and the new one

There's £80 in it atm .... I'm due £35 cashback from the cats new insurance (they have no preexisting conditions so easier to find something affordable for them) so that can go in too


PS I can't type on my phone to save myself! Not much better on the tablet (not helped as some of the keys don't work well!)