3-6 Month Emergency Fund Challenge!!

Determined_diva

Hi all

Just checking in! Things have been slow my end but I shall not give in!!!

Keep going everyone - you are doing great!!

DDx

Dobbibill

NewMeNewLife wrote: »

Hi,

Please could I join this challenge? I'm a mature student nurse with little funding, so desperately need to get an emergency fund together 'just incase'.

I'm also paying off debt (all on a 0% card), but I've managed to save £100 so far.

So, my total is £100/£1,000 (10%)

Thank you! :beer:

Hi NewMeNewLife,

Of course you can join. :hello:

Pop in and keep us updated regularly, we will cheer you on as you reach new milestones no matter how big or small.

Dobbi

Hillwalker17

Well done on all your savings everyone. Some fantastic totals :j

Number 75 checking in with an updated total.

I'm now at £1000 / £6000.

Delighted with progress and I couldn't have done it without this challenge.

Good Luck all!

[Deleted User]

Hillwalker17 wrote: »

Well done on all your savings everyone. Some fantastic totals :j

Number 75 checking in with an updated total.

I'm now at £1000 / £6000.

Delighted with progress and I couldn't have done it without this challenge.

Good Luck all!

Well done, that's great progress and you are right to feel proud of it:beer:


I did well on the Make £10 A Day Challenge during March, largely because of cashback from switching my internet service, refund of upfront payments from the old one and the eventual cashout of £50 from a survey site:j. I was going to add all this to my EF but, as is usually the way:(, an emergency has cropped up and needs funds. My ancient vacuum cleaner has totally packed up (burnt out motor:(). I know I could use some of the £1000 that I've finally managed to accrue in Patman's challenge to buy a new one with but, even though it's meant to be used for ongoing emergencies, I can't bring myself to break into it now I've slogged to build it up:o


Instead of using any of that I'm just adding £200 to my total on this current challenge of Helen's instead of the £400+ that I'd hoped. Savings in this 'pot' are sacrosanct and not to be used unless all else fails;). I'd rather add less and know it will stay there than add a lot and have to withdraw some almost straight away.


So, when you next update the totals, Helen, please make mine (challenger #12) £1200. I will get there in the end:)

Savvy_sewing

I am back up to £349.29 now!
I think that it's going to be a slow growth from now on though. Dgd and I go on holiday on Monday, so I will not be earning any wages for the week, being self employed.
I am leaving the shop open and have to pay staff but I am not sure how it will be, as there is nobody there to see!
Oh well

Bumblebear

Hi all
Can I join you please? I joined the "clear all your debt by Christmas" thread this year to clear my balances once and for all, and I cleared all my debt by Easter instead :EasterBun
So my next step is building up some savings, which almost feels like a debt in itself, a debt to myself as I should have been doing this many moons ago. I'd like to set a target of 3 months salary to start with, which for me at the moment is £5,670. In theory, I hope to have half of this by the end of the year. I'm aiming to do this mostly by transferring a set amount each month, apart from July (dog insurance is getting more expensive as the poor old thing gets, well, older) and December (car insurance due), though hopefully I can still put *some* in.
Joining the challenges here are so helpful, it seems to be making the difference between success and failure for me, so thank you one and all :T

Dobbibill

Bumblebear wrote: »

Hi all
Can I join you please? I

Hi Bumblebear - of course you can join :hello:

joined the "clear all your debt by Christmas" thread this year to clear my balances once and for all, and I cleared all my debt by Easter instead :EasterBun

Well done - that's a great start

I'd like to set a target of 3 months salary to start with, which for me at the moment is £5,670. In theory, I hope to have half of this by the end of the year.

Helen will add your target and progress to the first page when she pops in - she'll also give you a number

I'm aiming to do this mostly by transferring a set amount each month, apart from July (dog insurance is getting more expensive as the poor old thing gets, well, older) and December (car insurance due), though hopefully I can still put *some* in.

Can you divide your expected pet insurance cost by 4 and put a little away each month for it by July - with the excess going into the EF?
The same with the car insurance. When the Pet Insurance is due, you will only have to put away the cost divided by 12 so your EF contribution can go up knowing you won't be playing catch up when it's next due next year.

Do you use TCB or Quidco when looking at any renewals? Worth a look - I've saved loads using them.

Joining the challenges here are so helpful, it seems to be making the difference between success and failure for me, so thank you one and all :T

You're right, they really do help - keep us updated, we'll all be cheering you on. Plenty of friendly, helpful forumites here. Welcome to our 3 - 6 EF family

Dobbi

Bumblebear

Thanks Dobbi

I had set aside two savings accounts for the car insurance and the pets - however, my main saving account gives me 5% interest, the other two only give 0.00000001% or something daft (OK, I think it's 0.4%). I know it's only pennies, but my money would work harder in the main account. I'm aiming to put away £500 a month, car insurance this year was under £200, the dog is a bit of an unknown as it's increasingly steadily now she's in double figures, I'm guessing £300+. Therefore I can just not put in so much on those months, and keep my 5% interest rate on everything I do save.

I do use TCB, however I found this year, and to an extent last year, that any cashback is wiped by getting higher quotes in the first place by going through them. Martin's list of comparison sites has won for me for the last two years. A shame because I'd got good deals in the past, perhaps they're all getting wise to us!

DreamerHelen

Morning Everyone....

Things have been somewhat difficult over the past couple of weeks....resulting in me being very run down and having a bad cold last week, something that I'm still not completely over...

I don't have time to Update this morning as I have to be getting ready for Work....however I will do my utmost to do it this Afternoon....I hope that's okay with you Guys...

Thank you for bearing with me during this difficult time for me...I'm hoping that things will turn a corner but it seems to be one step forwards and two back..But I'll get there...

Welcome to the New Members...I'll Welcome you properly later on..

Keep going everyone...We WILL get there xXx

Bumblebear

Hello Helen


I'm new here but I'm sorry to hear but you've been unwell and things have been difficult recently. Judging by the hour you posted, I hope that's just part of your normal routine! (And I thought my 6am start was bad!)


I've had my first knockback already, I thought I'd have £50-£75 to start my savings with this month, but just had to spend all of it topping up our bills account, as I'd mis-calculated. We bought our house at the end of 2015 and our bills are still not straight; it took a year to get a Council Tax bill (:@) so we've been on an up and down payment plan to cover the gap where we paid no tax (we did have an estimated amount put aside for this), plus current tax, and now we have a new bill; and went from annual to monthly TV licence, which again has meant inflated payments for x months, followed by lower monthly payments from thereon in. I quite frankly lost track and didn't put enough in, and I told DH he didn't need to either*. So, back to £0 savings, and my new target is to get to payday without using my overdraft as paying off my card a month early has left me bloomin' short! No personal purchases allowed now, just fuel (with light, right foot driving) and planning an all-in, thrifty food shop to last 2 weeks with Mr Bumblebear. Also got my Dad's birthday the day before payday which is annoying!


*DH is a super saver, so not much of an impact for him.


Next month we should finally be at the point where we have regular monthly payments on all our bills, 18 months after moving, and I've got no credit card payments. As hard as I've tried to keep track with spreadsheets etc, I am very much looking forward to knowing our monthly payments are going to be the same each month for the foreseeable.