The £1,000 emergency fund challenge.

patman99

Stereochild when you look at the bigger picture, by paying-off your loan, you will be saving £x per month in not having to pay the monthly amount to it.
Say, for instance, your loan had a monthly repayment of £50 and you had £800 left to pay, then by paying-off the remainder, you will now have £50 per month no longer going out to a loan payment. You may also find that the Bank will send you a cheque for the interest you have saved as well.

You can not look at making that £50 per month do some work for you.

I.e.
£10 into an ISA
£10 lent out via ZOPA or Ratesetter
£30 in to EF

Debt_Free_Desires

Well it's pay day for me today, so I have done the mad money shuffle and can say I'm really happy with the savings I made from my budgets at the end of the month

I have been able to add £35.57 (3.5%) :T:j:T

My EF is now siting at £279.63 (27.96%). I'm so happy with this total considering that the only spare money I have to throw at this is from savings I make on each budget category.

Daisychain1

#94

Hi everyone and hello to bestfootforward and Dramaqueen :j Sorry I haven't posted as much as I should have over the last week but it's been busy, busy, busy!!

Really pleased to report that I have managed to squirrel away another £10 before payday which is at the end of the week. I hope then I can put a larger lump sum into the EF to bump it up a bit.

Stereochild- congratulations on becoming debt free, what a wonderful feeling. I think if I were you I would be tempted to go back and do baby step one just so you have a bit of a an emergency fund. That way any little emergencies that might crop up won't get in the way of your larger savings goal.

Off to update my signature now.

DC1

BuildingBricksOfGold

Hadalbm wrote: »

How did batch cooking and meal planning go? I keep trying to do it but haven't managed any this weekend

I made a batch of chilli and a batch of bolognaise came in handy this eve and I really couldn't be bothered to cook so just swopped my meal plan about.

EF update: pleased to say I have another £40 to add :j Work finally paid our christmas incentive which we worked our little butts of to hold onto so it's being immediately squirreled away before I'm tempted to spend it.

Congrats as well Stereochild! :beer:

Off to update my signature.....

Stereochild

patman99 wrote: »

Stereochild when you look at the bigger picture, by paying-off your loan, you will be saving £x per month in not having to pay the monthly amount to it.
Say, for instance, your loan had a monthly repayment of £50 and you had £800 left to pay, then by paying-off the remainder, you will now have £50 per month no longer going out to a loan payment. You may also find that the Bank will send you a cheque for the interest you have saved as well.

You can not look at making that £50 per month do some work for you.

I.e.
£10 into an ISA
£10 lent out via ZOPA or Ratesetter
£30 in to EF

Thanx Patman - yes I am waiting on a rebate from the Bank hopefully will have it all sorted by the end of the week. I have now freed up £600 a month to use towards my fully funded Emergency Fund. Which is my next goal. :rotfl:
Am very happy that now I don't have to worry about debt payments any more. :T

Daisychain1

#94

EF now stands at £205.64 :T Hoping I can bump it up to £250 before now and next payday, so 4 weeks to achieve or beat this goal.

Feeling very happy because I have gone from nothing to 20% of the goal amount in less than three weeks.

Will update my signature now.

DC1

[Deleted User]

Daisychain1 wrote: »

#94

EF now stands at £205.64 :T Hoping I can bump it up to £250 before now and next payday, so 4 weeks to achieve or beat this goal.

Feeling very happy because I have gone from nothing to 20% of the goal amount in less than three weeks.

Will update my signature now.

DC1

That's brilliant, Daisychain1. Well done:T

Simply_Saving

Savings are now topped up to £251 plus I've been able to put money aside for new brakes on my car without stressing. Now that's a first!

N x

so_very_confused

Well I've had several disasters and some neccesary unavoidable expenditure this month. I won't bore you all by listing them, but none involved the rust bucket!
Unfortunatly this has brought my EF down to £230. I am hoping to top this up later in the month when I should have some additional hours coming in.

It was nice not to have to stress where the money would come from. I also bought my brother and sister in law a lovely anniversary present. They are the only people who know about my circumstances and have been absolutely brilliant, supportive in every way so I have no remorse about this just pleasure.:)
Nice to see some newbies and welcome.
Patman may get the 1000 participants yet, that would be an achievement:j

Well back to counting my pennies:rotfl:

patman99

1000!!!, I'll be chuffed if we reach the magic 100.