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3-6 Month Emergency Fund Challenge!!

edited 20 November 2018 at 12:11PM in Debt-free Wannabe Challenges
2.1K replies 240.4K views
DreamerHelenDreamerHelen Forumite
2.6K posts
Part of the Furniture Combo Breaker I've been Money Tipped!
✭✭✭✭
edited 20 November 2018 at 12:11PM in Debt-free Wannabe Challenges
MoneySavingExpert.com Official Insert:

Our Moneysavers have been joining this challenge since 2015 and it's still going strong! Why not join in?

Back to DreamerHelen's original post...


Morning Everyone.... :)


I have been wondering for MONTHS now about what would happen if there was some kind of Emergency....I am self-employed and also starting a new Business which will also be on a self-employed basis....so I will never get holiday pay or sick pay....although I AM hoping to maybe get an employed Job but that would only be for a couple of days a Week so it won't cover me completely if something were to happen....


My health is not wonderful at the moment, and hasn't been for a while, but I'm going to start trying to lose Weight once I've moved Flats (which I'm doing this Weekend!!).


So the point of this Challenge is to save up at least 3 month's worth of wages....that can be a different amount for each person....and some people might want to save up to 6 months if they are feeling ambitious!! :D


Me personally, I want to save 3 months worth of wages which for me will be £6000.


Now, there is ABSOLUTELY NO TIME LIMIT on this Challenge...in fact I suspect it could take me Years to get to the point of having 3 months wages as Savings....For now I can only afford £5 per week but as my new Business builds up (hopefully!!) then I should be able to afford more.


This Thread is mainly for us all to encourage each other to keep on Saving and to celebrate when we reach milestones, however large or small they may be.....Like for me, when I get to having £500 I will be ecstatic!! :)


I also wanted to say that if at any time an emergency crops up and you need to use your Fund and then start again then please don't worry about doing that.....It's what the Emergency Fund is there for after all....


I don't like having Savings in the Bank as I get too tempted to spend them so I'm going to invest in a Terramundi to put my Savings into at least at first......but other's may choose to use their Bank Accounts or a Tin from Poundworld...or stuff it under your Mattress!! :D:D:D


Sooooo.....Here we go.....I'll add the names below as people Join....xXx :)




CHALLENGERS
1) DreamerHelen - GOAL: £6000 CURRENTLY: £0/£6000
2) Dobbibill - GOAL ONE: £9000 CURRENTLY: £9000/£9000 - COMPLETE!!
2) Dobbibill - GOAL TWO: £9000 CURRENTLY: £5383.67/£9000
3) Patman99 - CURRENTLY: £631.65
4) LittleMissDetermined - GOAL: £7129 CURRENTLY: £6050/£7520.80
5) Sophieo16 - GOAL: £3000 CURRENTLY: £3000/£3000 - COMPLETE!!
5) Sophieo16 - NEW GOAL: £4000 CURRENTLY: £2862.51/£5000
6) Crv1963 - INITIAL GOAL: £7800 CURRENTLY: £10/£7800
7) Mothernerd - INITIAL GOAL: £1000 CURRENTLY: £1000/£1000 COMPLETE!!
8) Stewby - GOAL: £2000 CURRENTLY: £230.76/£2000
9) stoplurking - GOAL: £4000 CURRENTLY: £2160/£4000
10) crazy_cat_lady - GOAL: £6338 CURRENTLY: £346.92/£6338
11) stormpassing - GOAL: £5400 CURRENTLY: £30/£5400
12) carbootcrazy - GOAL: £5000 CURRENTLY: £3733/£5000
13) Munchin - GOAL: £6000 CURRENTLY: £1300/£6000
14) traveller - INITIAL GOAL: £1000
15) Freysmum - GOAL: £8500 CURRENTLY: £8500/£8500 - COMPLETE!!
16) The Only Girl - GOAL: £12,000 CURRENTLY: £9425.89/£12,000
17) Southern-girl - GOAL: £5000 CURRENTLY: £437/£5000
18) dubsteppenguin - GOAL: £5000 CURRENTLY: £250/£5000
19) DuranGirl - GOAL: £6000 CURRENTLY: £5000/£6000
20) WantToBeSE - GOAL: £5000 CURRENTLY: £1000/£5000
21) black cat - GOAL: £6000 CURRENTLY: £6000/£6000 - COMPLETE!!
22) lexbubbles - GOAL: £4600 CURRENTLY: £2158.63/£4600
23) ani*fan - GOAL: £3000 CURRENTLY: £40.29/£3000
24) Keeping Motivated - GOAL: £6000 CURRENTLY: £6000/£6000 - COMPLETE!!
24) Keeping Motivated - NEW GOAL: £6000 CURRENTLY: £3790/£6000
25) rylee12 - GOAL: £6000
26) Rosylee - GOAL: £8850 CURRENTLY: £60/£8850
27) BlackFrosting - GOAL: £2700 CURRENTLY: £69.37/£2700
28) Westbeef - GOAL: £5000
29) skye blue - GOAL: £3000 CURRENTLY: £1440/£3000
30) MrsSave - GOAL: £5000 CURRENTLY: £1241.36/£5000
31) crimson.addict - GOAL: £10,000 CURRENTLY: £350/£10,000
32) linc1205 - GOAL: £20,000 CURRENTLY: £20/£20,000
33) Brass_Triumphant - GOAL: £5000 CURRENTLY: £450/£5000
34) Christa27 - GOAL: £3000
35) Wishfullthinking2 - GOAL: £4500
36) x_raphael_xx - GOAL: £5050 CURRENTLY: £1000/£4000
36) x_raphael_xx - GOAL 2 (Mum's Money) CURRENTLY: £0/£1600
37) moneymakestheworldgoround - GOAL: £3000
38) georgiebrown0 - GOAL: £6000
39) Sharon87 - GOAL: £1500 CURRENTLY: £330/£1500
40) BabyBetty - GOAL: £5000 CURRENTLY: £276/£5000
41) -Selene - GOAL: £5000 CURRENTLY: £691.69/£5000
42) Thistlewhistle - GOAL: £5000 CURRENTLY: £2500/£5000
43) abundant1972 - GOAL: £4500 CURRENTLY: £2275/£4500
44) castlelough - GOAL: !!!8364;3000 CURRENTLY: !!!8364;86/!!!8364;3000
45) MLAB - INITIAL GOAL: £450
46) milasavesmoney - GOAL: $15000 CURRENTLY: $11,273/$15000
47) WatWing - GOAL: £3900 CURRENTLY: £250/£3900
48) happytails - GOAL: £8400
49) Grandad's Offspring - GOAL: £5000 CURRENTLY: £80/£5000
50) Smodlet - GOAL: £3000 CURRENTLY: £325/£3000
51) JCUK - GOAL: £6000 CURRENTLY: £1250/£6000
52) Mooloo - GOAL: £4000 CURRENTLY £596/£4000
53) aphill24 - GOAL: £5000 CURRENTLY: £1100/£5000
54) evo5819 - GOAL: £3000
55) mum-to-many - GOAL: £3000 CURRENTLY: £306/£3000
56) oh2bdebtfree - GOAL: £6000
57) Keedie
58) AnxiousHomemaker - INITIAL GOAL: £500 CURRENTLY: £15/£500
59) PoorGuyNextDoor - GOAL: £5300
60) angelicious - GOAL: £7200 CURRENTLY: £270/£7200
61) misselvis - GOAL: £6000
62) benten69 - GOAL: £10,750 CURRENTLY: £230/£10,750
63) TopsyMum - GOAL: £1000
64) Poor_Single_lady - GOAL: £5000 CURRENTLY: £80/£5000
65) swimminginaseaofdebt - GOAL: £9000 CURRENTLY: £910.40/£9000
66) Dragon Lily - GOAL: £3000 CURRENTLY: £1270/£3000
67) FrugalinShropshire - GOAL: £7200
68) Determined diva - GOAL: £2000 CURRENTLY: £1050/£2000
69) muppets - GOAL: Euro 15,000 CURRENTLY: Euro 4700/15,000
70) dfbefore30 - GOAL: £5000 CURRENTLY: £5000/£5000 - COMPLETE!!
71) indigowarrior - GOAL: £6000
72) angelpye - GOAL: £4200
73) HoneyBee83 - GOAL: £1000 CURRENTLY: £1200/£1000
74) wegle - GOAL: £6000 CURRENTLY: £548.23/£6000
75) Hillwalker17 - GOAL: £6000 CURRENTLY: £1000/£6000
76) Doglover - GOAL: £7500
77) NewMeNewLife - GOAL: £5000 CURRENTLY: £300/£5000
78) Bumblebear - GOAL: £5670
79) lilyflower7 - GOAL: £3000 CURRENTLY: £519.23/£3000
80) Dogbooks - GOAL: £9300 CURRENTLT: £950/£9300
81) kazt2006 - GOAL: £10,000 CURRENTLY: £7900/£10,000
82) Jellybeans&FF - GOAL: £9000 CURRENTLY: £20/£9000
83) Moneybutterfly - GOAL: £1000 CURRENTLY: £270/£1000
84) moneymanager - GOAL: £1500
85) fruitloop04 - GOAL: £6000 CURRENTLY: £1000/£6000
86) peedie - GOAL: £6000
87) datlex - GOAL: £10,750 CURRENTLY: £10,750/£10,750 - COMPLETE!!
88) Anoneemoose - MINI GOAL: £931 CURRENTLY: £300/£931
89) SamSam17 - GOAL: £5000 CURRENTLY: £2627.58/£5000 COMPLETE!!
90) 166million - GOAL: £10,000 CURRENTLY: £637/£10,000
91) A Random Man - GOAL: £4500
92) Littlebigmoose - GOAL: £1000
93) kimplus8
94) claireg86 - GOAL: £6000 CURRENTLY: £605/£6000
95) Cherbear82 - GOAL: £2000 CURRENTLY: £100/£2000
96) mylastpound - GOAL: £2000 CURRENTLY: £1000/£2000
97) moneyonmymindsam - GOAL: £4389 CURRENTLY: £1/£4389
98) MelBell2015 - GOAL: £2100
99) Charleyalmostking - GOAL: £1000 CURRENTLY: £100/£1000
100) lindez - GOAL: £6000 CURRENTLY: £180/£6000
101) July257 - GOAL: £1000
102) Treasurequeen - GOAL: £2000
103) Dolly Rocker - GOAL: £7000 CURRENTLY:£140/£7000
104) stoopy - GOAL: £10,000 CURRENTLY: £739.25/£10,000
105) zippygeorgeandben - GOAL: £17,064 CURRENTLY: £12,081/£17,064
106) smurphington - GOAL: £3500
107) katsoocam - GOAL: £15,000 CURRENTLY: £15,000/£15,000 - COMPLETE!!
108) apricity - GOAL: Undecided CURRENTLY: £100
109) ka11yz - GOAL: Undecided CURRENTLY: £2300
110) Missymae0 - GOAL: Undecided CURRENTLY: £1350
If you haven!!!8217;t already, join the forum to reply!
[purplesignup][/purplesignup]
Committed To Paying Off My Debts AND Saving
3-6 Month Emergency Fund #1 £0/£6000
General £1000 Emergency Fund #13 £0/£1000
Saving For Christmas 2018 £1 per day #13 £0/£500
MSE Sealed Pot Challenge #089 - £276.70 Banked For 2017/2018 - Stars from SueUU x25 :staradmin
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Replies

  • edited 27 November 2015 at 4:44PM
    DreamerHelenDreamerHelen Forumite
    2.6K posts
    Part of the Furniture Combo Breaker I've been Money Tipped!
    ✭✭✭✭
    edited 27 November 2015 at 4:44PM
    CHALLENGERS PART 2

    Leaving Blank for Challengers names....
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 £0/£6000
    General £1000 Emergency Fund #13 £0/£1000
    Saving For Christmas 2018 £1 per day #13 £0/£500
    MSE Sealed Pot Challenge #089 - £276.70 Banked For 2017/2018 - Stars from SueUU x25 :staradmin
  • DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
    ✭✭✭✭
    Hi Dreamer Helen, :hello:


    I'm doing the £1000 EF but would like to do this too if that's OK. I've been frantically saving for a new car for a while now, which I will need in time but at the moment my car is OK so its there for when that time comes. I add to it each pay day. :T

    My plan is to keep ploughing into it until I have 6 months wages to start with but if I have to take it for my car then that's fine too, and just plough on after the car. It will be a bit of a multi purpose fund.

    My target......... £8700 balance after the car :eek:

    DB
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • patman99patman99 Forumite
    8.5K posts
    Part of the Furniture 1,000 Posts Combo Breaker Photogenic
    ✭✭✭✭
    Please add me DH.

    Btw, for those not in the know, a Terramundi is a clay pot with a slot in the top into which you drop your lose change.

    If you want to be really MSE, then you could try making one out of papier mache if you save all your junk mail and newspapers.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)


    3-6 month EF £0/£3600 (that's 0 days worth)


  • LittleMissDeterminedLittleMissDetermined Forumite
    2.1K posts
    Seventh Anniversary Combo Breaker
    ✭✭✭✭
    Hi DreamerHelen

    Please can I join this lovely new challenge? Having been made redundant twice before I have known for ages that I need to have this "employment buffer" but it's one of those things you hate to dwell on.... until it's too late!

    So, I will aim for the 3 months first and then push on to 6 - it may take some time!

    Where do I sign...?:rotfl:

    LMD x
    Life gets in the way...PADding is addictive... Saving's better than spending...

    £1000 EF Challenge #142 £800/£1000 ... 3-6Mth Wages Challenge #4 £7520.80/£7129...
  • DreamerHelenDreamerHelen Forumite
    2.6K posts
    Part of the Furniture Combo Breaker I've been Money Tipped!
    ✭✭✭✭
    YAY.....I'm glad to have you all on board.... :D


    Dobbibill you are more than welcome.....And I'll put your Goal as £8700....


    Patman99 Welcome to you too....of course you can Join.....And thank you for explaining the Terramundi to everyone, I forgot to do that!!....Do you have a Target in mind?


    LittleMissDetermined welcome welcome....you've now signed on the dotted line, there's no escaping now!! :D I'll put your Goal as 3 months initially....If you want to add a monetary figure then let me know....


    I get paid Weekly at the moment (contract work) so I'm hoping to be able to put in £5 next Thursday.....if I can put in more then I will do.... xXx :)
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 £0/£6000
    General £1000 Emergency Fund #13 £0/£1000
    Saving For Christmas 2018 £1 per day #13 £0/£500
    MSE Sealed Pot Challenge #089 - £276.70 Banked For 2017/2018 - Stars from SueUU x25 :staradmin
  • LittleMissDeterminedLittleMissDetermined Forumite
    2.1K posts
    Seventh Anniversary Combo Breaker
    ✭✭✭✭
    LittleMissDetermined welcome welcome....you've now signed on the dotted line, there's no escaping now!! :D I'll put your Goal as 3 months initially....If you want to add a monetary figure then let me know....

    Thanks, in monetary terms this is £7129 for 3 months, I'll go for that initially although it will take some time as I'm still working on my debts...

    i've opened another linked saver for this to go into which will help me keep focus on it.

    Thank you for starting the thread DreamerHelen

    LMD x
    Life gets in the way...PADding is addictive... Saving's better than spending...

    £1000 EF Challenge #142 £800/£1000 ... 3-6Mth Wages Challenge #4 £7520.80/£7129...
  • DreamerHelenDreamerHelen Forumite
    2.6K posts
    Part of the Furniture Combo Breaker I've been Money Tipped!
    ✭✭✭✭
    Morning LittleMissDetermined...

    I hope you are well this morning!! :)


    I have put your Target in the List above....and don't worry if it takes years for you to get there....It'll take me years too!! We can all aim for what we want together... ;)


    You're welcome for starting this Thread.....I just desperately want to be able to save for those major Life Emergencies - Especially if I'm going to be self-employed for my Future Career.... :)
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 £0/£6000
    General £1000 Emergency Fund #13 £0/£1000
    Saving For Christmas 2018 £1 per day #13 £0/£500
    MSE Sealed Pot Challenge #089 - £276.70 Banked For 2017/2018 - Stars from SueUU x25 :staradmin
  • DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
    ✭✭✭✭
    Ok so first update here for the car/ 3 - 6 month EF #2 and it's a grand total of £4454.43/£8700 aka 51.2%

    Signature updated ready, I've been working on it for a few months so feel like a bit of a cheat, not starting at zero.

    DB
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • Hi Dreamer,

    Can i join please?

    I have my £1000 EF in place although it always goes up and down. Once i reached that goal I started my 3/6 EF but kept on posting on Patmans emergency fund thread.

    My goal would be £3000

    Current total: £252.82/£3000 :) slowly but surely
    DEBT FREE 08/2015 :j EF #60: £1000/£1000 :j 3-6 EF #5 £3000/£3000

    Next Steps:
    1. Car Fund: £5835.75 / £5000 (116.72%)
    2. House Deposit Savings:£0/£35,000 (0%)
  • DreamerHelenDreamerHelen Forumite
    2.6K posts
    Part of the Furniture Combo Breaker I've been Money Tipped!
    ✭✭✭✭
    Hey Dobbibill please don't feel like you are cheating!! You are more than halfway there already which is AWESOME!! I've Updated your Total in the first Post... :)


    Hi Sophieo16 of course you can Join....I've added you in the first Post with a Number and your Total....and Congratulations on being off the starting post....that's fantastic!! :)


    Nothing to Report here.....It will be a slow start that's for sure!! But I WILL get there.... :D
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 £0/£6000
    General £1000 Emergency Fund #13 £0/£1000
    Saving For Christmas 2018 £1 per day #13 £0/£500
    MSE Sealed Pot Challenge #089 - £276.70 Banked For 2017/2018 - Stars from SueUU x25 :staradmin
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