The £1,000 emergency fund challenge.

Debt_Free_Desires

patman99 wrote: »

Had a start-date for the new job through today. well pleased.

Great news Patman:T

YoungBusinessman wrote: »

As you can see from my sig iv been sticking into this challenge, im now at £786.62....i predict i might manage to hit the £1,000 in April, fingers crossed! £1,000 is not enough though i dont think seeing as my PCM outgoings are £2,500 minimum so might have to go for that.

Fantastic figures, well done. Like you my EF will eventually need to be bigger than the 1k but for now I can only add tiny bits each month, so I intend to just do it in £1k sections as it feels like I am achieving more if that makes sense:o

Welcome to all the newbies.

I'll be back later to post my updated figure ... Not much change but plodding on and still amazed to be over 20% considering I didn't think I had any wiggle room in my budget at all. This challenge is definitely helping me shop more carefully as I really want to watch my EF grow.

rising_from_the_ashes

Debt_Free_Desires wrote: »

considering I didn't think I had any wiggle room in my budget at all. This challenge is definitely helping me shop more carefully as I really want to watch my EF grow.

That strikes a chord here too - I'm about to cancel my insurance for my tablet as a) I hardly ever take it out the house as it's really too bulky to carry around (wish I'd gone for the 7" now ) - but it is really fab to read on! and b) it's old (in gadget terms) so not worth anything

It's only £2.50 / month - but I think that's another little bit for the EF! :T

patman99

Sorry Meatloaf, I did add you, but forgot to welcome you. You are #93, with Daisychain1 coming-in at #94.

There is no end-point to the thread (although I will start a 2nd thread when this one reaches 500 pages as it then becomes easier to manage).

rising_from_the_ashes

January2015 wrote: »

We've just started a DMP (first payment to Stepchange 01/03/15) - historically we would have put car repairs onto a credit card:o and we have now started budgeting for such things but this one hit us before we had saved enough in the car repair/maintenance pot.

Best of luck with the DMP ...... that is the big downside of budgeting (whether you use pots or another method) - I know in the first few months I really struggled as some of my big annual bills came due before I'd had enough built up to cover them

I constantly felt like I was raiding one to cover something and had IOU's going on all over the place! (you should see my spreadsheet from those days!)

Getting there now but there are still times when it doesn't quite go to plan!

I'm not a good budget-er and I really do feel that's the route of my downfalls previously - still worries me a lot tbh

January2015

Car is now repaired It was paid for from our emergency fund...so drastic reduction from £350/£1000 to £15/£1000 - but at least it was paid for without the use of credit cards

[Deleted User]

Good Luck with your debt-busting now you are on the DMP, January.:beer:. I'm with StepChange too and opting for a DMP was the best thing I ever did since my financial problems became so bad.

If it's not a cheeky question:o how have you been able to keep your credit cards? All my creditors are credit card companies and they cancelled them automatically once my DMP started:eek:. StepChange warned me that this would happen so it didn't come as so much of a shock when it did but it was a scary feeling to start with when I lost all my 'safety blankets' at one stroke.

Glad the car is sorted and that you had enough available cash to cover it. My EF has been a lifesaver this year as my car has been a money-pit:(

Hadalbm

I've cashed in a large jar of copper coins today that had been sat in a corner of a bedroom gathering dust for years. Grand total of £41.51 in it :T Needed most of this to offset cost of a meal out last night with friends but have £9.09 left to go in emergency fund.
Total now stands at £19.09 / £1000 #92

patman99

I'm also on a DMP with Stepchange. When I started it, I had 1 cc that I had not added as I forgot I had it asI never used it.

Luckily, It still works, so I have a fall-back should I need it.

rising_from_the_ashes

*sigh* there's always something isn't there

Need to find £250 for external house works - split 50/50 with next door so I guess that's something (maintenance so unfortunately can't be claimed on insurance)

General savings fund is empty as I had to buy new wheels / tyres when I changed my car last autumn which were £550 and wiped it out - they will pay for themselves & save money over the lifetime of the car - just could've done without it at the same time as actually getting the car!

I have £60 in my '£ a week' jar .... started last year and supposedly saving £ a week until my 50th to treat myself to something nice (short break would be fab - not had a 'proper' hol since 1999!)

Another £20 in the £2 coin jar - was saving for a couple of garden chairs & a table garden but hey ho!

BUT that's about all I can scrape together :eek: (really too close to car tax & a couple of annual bills to even consider raiding)

Stereochild

Daisychain1 wrote: »

Is it possible to join you all? I know I'm a bit late to the party but I've just stumbled across this savings challenge and feel this is ideal for me. I have just started reading the Dave Ramsey books and I am going to begin to follow his method so this would be the ideal challenge to help me complete baby step one - the £1000 emergency fund.

Your help and encouragement along the way would be much appreciated. I will keep my progress updated in my signature.

Many thanks in advance

DC1

Welcome Daisychain1
I too am doing the baby steps but am not really doing them to order (Dave would be cross with me!). But I do like his system and should be back on track with the baby steps next month.
You will get loads of support and encouragement here :grouphug:
A nicer bunch couldn't be found!! :A