3-6 Month Emergency Fund Challenge!!

crv1963

stoplurking wrote: »

Hi

Nice to see a few more people joining in, it's good to have company. I'm going to Tilly Tidy the odd pennies from my accounts during the month then on next pay day add as much as I can and update the progress figure at that point. When I was debt busting I had a spreadsheet with 100 squares and coloured it in every time I cleared 1%. I think I'll do that again, this time colouring in when I save 1% towards the EF. Well it helps me anyway!

I think that I'll try this, one debt at a time! One EF at a time as well. Thanks for the inspiration stoplurking! :j

stormpassing

Morning all,

Next £5 added to the pot taking my total to £10

This is very new territory for me seeing money growing in a savings account. I'm sure I'm far more excited than is normal :j

Here's to much more saving,
SP x

Southern-Girl

Good morning everyone!
May I join please? My initial target would be 3 months of my take home pay, which would normally equate to £4700 - but I would like to aim for £5000 please.
Thanks

[Deleted User]

Morning, all:hello:

Great to see so many people joining in and the lovely friendly atmosphere of the thread:T. Thanks, Helen, for starting it:A

I'm not going to have anything much (if anything at all) to start my fund off in what's left of this year:o but am planning how I'm going to go about it with a vengeance from January 1st:j.

I need to keep readily-accessible money in my 'ordinary' EF (from patman's challenge) but would like my savings from this thread to be less open to being dipped into. Any ideas please on a good savings method where I could get at the money only if absolutely essential? An online account would be best for me.

stoplurking, I'm another fan of colouring in squares:j. I like to do it for my DMP with a sheet of squared paper and a crayon (luddite, moi?) and it's so therapeutic doing it. When my DMP started I had 78 months to go and the squares were minute to fit on the paper. I'm going to make a new sheet starting in January as by then there'll only be 44 squares so I can make them bigger and get more satisfaction from colouring them in and seeing them fill the page. I sound really sad, don't I:o? Must get out more:rotfl:

stewby

Hello all.

Loving the sound of the squares... away to go and make a few of these.
One for my mortgage overpayments (although won't get to colour it in so often) and one for my emergency fund.
I will also make a second one for my potential future mortgage but obviously that won't be coloured in at all at the moment.


Don't worry about not finding anything or very much until the 1st January, I am the same.
If I hadn't forgotten about that £100-odd in my hidden account then I would be starting from zero in January too.
The important thing is that you have a plan of how you are going to achieve our goals... which you have.


Looking forward to this challenge... like you say, it's good to be watching numbers going up instead of down for a change.
:j

crv1963

I'm going to make two sets of squares tonight, one for our overpayment to cc1 and one for my £1,000 EF challenge then repeat for each overpayment challenge and this 3-6 month challenge once I have the £1k in place.


For savings accounts I've reactivated my Nationwide Instant Access Isa for the 3-6 month challenge and will put a minimum of £10 a month in until the £1k is in place. For the £1k challenge I'm using a dormant savings account of my Gorgeous Wife. I have another Nationwide e-savings account to deposit anything I make on the £300 a month earnings/ sales challenge.


I'm hopeful keeping it all separate will help me as I'm honestly hopeless if its' in one (current) account!

The_Only_Girl

Just had a nice discovery today: the current account that holds the EF gave us £1.45 interest. The EF now stands at £1207.13.

"Many drops make a bucket, many buckets make a pond, many ponds make a lake, many lakes make an ocean.". Percy Ross

Dobbibill

It's lovely to see this thread growing so quickly.

A big welcome to all our newest members. Everyone is so supportive, it's like an EFamily.

Although I only do an update once a month, I just wanted to pop in to give a shout out to everyone..........with a big big welcoming Hello :hello:

DB

The_Only_Girl

We also used the 100 squares when we were paying our debts. Now that we are saving for the Emergency Funds, we are using the thermometer goal chart printed off the internet, laminated and now take the prominent place in our bulletin board in the bedroom to motivate us. We have one for the £1000 EF which we have reached, and another one for the 3-6 months EF.

crazy_cat_lady

I did the squares thing when I was paying off the vet bill - I found it really encouraging.
I'm not making any huge commitments to savings etc until I get my last debt payment done, but any extra cash I get in my hand is going into my moneybox and will eventually be paid into the EF.