3-6 Month Emergency Fund Challenge!!

[Deleted User]

Well done to everyone who has added to their savings:T:j and commiserations to anyone who has had to dip into their funds for essential payments. There's always something isn't there?:(


I'm having a bit of a rethink about how I save/use my EF as I am formulating a new plan for clearing my debts quicker. Still not decided on the best way forward:o. I know the general advice is not to save whilst paying off debts but as all my creditors have frozen interest anyway it hasn't mattered too much how long the repayment takes. It's been very reassuring to see my savings pot increasing (however slowly:o) at the same time as my debts are being repaid:j. I'm getting impatient now though and am thinking of stopping saving and paying off more on my debts. Nice problem to have, seeing as things were so dire only 3 years ago when I didn't have the option of scraping any savings together.

Hope to talk to you all again soon:beer:

lilyflower7

Well the last few weeks have been very stressful, I've had to dip into my savings to cover a CC bill so my balance is now £519.23

Normally I wouldn't bother declaring this and replaced the outstanding amount from my normal income but this is how I ended up in such a muddle in the first place - borrow from savings, repaying savings, no cash available, spend on CC for essentials instead, CC bill arrives, borrow from savings again - so I'm going to top this up slowly instead. I have another pot that I also dipped into so I'll focus on that one first since this one is a long term goal and the other is a bit more urgent (new phone fund). I hope that makes sense

Hope everyone is doing well with their EFs

Savvy_sewing

carbootcrazy wrote: »

Well done to everyone who has added to their savings:T:j and commiserations to anyone who has had to dip into their funds for essential payments. There's always something isn't there?:(


I'm having a bit of a rethink about how I save/use my EF as I am formulating a new plan for clearing my debts quicker. Still not decided on the best way forward:o. I know the general advice is not to save whilst paying off debts but as all my creditors have frozen interest anyway it hasn't mattered too much how long the repayment takes. It's been very reassuring to see my savings pot increasing (however slowly:o) at the same time as my debts are being repaid:j. I'm getting impatient now though and am thinking of stopping saving and paying off more on my debts. Nice problem to have, seeing as things were so dire only 3 years ago when I didn't have the option of scraping any savings together.

Hope to talk to you all again soon:beer:

I think that doing the Snowball method is quite satisfying to do.
Although the general advice is to target the debt with the highest interest rates, I found that paying off the smallest debt with as much as you can, and then the minimum payment for the rest of the debts.
When the smallest debt is paid, then you pay the amount you paid to the next one plus the minimum payment you were making. Every time a debt is cleared, celebrate with a little luxury item, for me it's chocolate and bubble baths!, then keep on going, each time you have cleared a debt you are then adding to the payment amoun by the minimum payment plus what ever you were paying, it is amazing how fast you can clear debt that way. X

I put what I can into savings, before I pay any bills, usually 10% of each income stream.

HoneyBee83

Good morning all,
I have transferred £45.00 into my EF fund so I am now at £180/£1000.
Hopefully I can put more in after the bills have gone out.
Thanks x

patman99

Hi everyone. DH, can you update my total to £165 please.
The way tings are going, my 3-6 month fund will soon overtake my EF as I have not txed much over to that, but have added a few £2 coins and loose change to my salary fund.

skye_blue

Hi guys

How you doing helen

Please add £20 to my total (£1,100) now, im really pleased its going up slowly but im managing to keep it there so far!

Paid car insurance in full today instead of adding anything to my mortgage overpayment, but i can't do everything

enjoy your week everyone

DreamerHelen

Morning Everyone...

Again, apologies that I've not been around....things always seem to get on top of me....I've been suffering with Toothache....And the Dentists are not really helping...I have to be referred to the Hospital for treatment and they lost my referral but hopefully it will get sorted soon....But I seem to be on painkillers every 4-6 hours...

Never mind...I had a really WONDERFUL course on Saturday....Which seems to have renewed my energy...long may it last...

I've put another £5 into my £6000 Emergency Fund....Had to start he £1000 back at zero unfortunately...But I'm pleased with my £6000 Emergency Fund and how that is going...

Here's to the Updates...there are quite a few xXx

Keeping Motivated - I've Updated the First Page....You're doing AWESOME!! Yes I'm feeling much better than I was thank you hun xXx

stoplurking - I've Updated the First Page...You're doing AMAZING!! Keep on going....I'm feeling much better thank you for asking hun xXx

x_raphael_xx - I've Updated the First Page...You're doing INCREDIBLE!! It's good that you're keeping a balance in life...that's great... xXx

skye blue - I've Updated the First Page....You're doing BRILLIANTLY!! Yes, long may things get a lot better xXx

Dogbooks - I've Updated the First Page...You're doing GREAT!! Keep on going and moving forwards xXx

Determined diva - I've Updated the First Page...You're doing AWESOME!! Don't worry about disappearing....We all have lives hun...I hope you're doing well xXx

carbootcrazy - I used to love carbooting when I had a car....I used to love getting up early and the thrill of selling things that I just didn't want anymore and getting money for them....Keep going. It's good to save and pay off Debts at the same time....Both can be motivating....so keep on going xXx

wegle - I've Updated the First Page...You're doing INCREDIBLE!! Keep on moving forwards.....Well done for paying off your debt...that's great news xXx

HoneyBee83 - I've Updated the First Page...You're doing GREAT!! Keep going.....You will get there hun xXx

Mooloo - I've Updated the First Page....You're doing BRILLIANTLY!! Keep going hun xXx

Dobbibill - I've Updated the First Page....You're doing INCREDIBLE as always hun....keep going xXx

lilyflower7 - I've Updated the First Page....You're doing AMAZING!! I'm sorry that you're stressed hun....But keep on going and moving forwards xXx

patman99 - I've Updated the First Page...You're doing AWESOME!! Keep on going... xXx

Dogbooks

It's so good reading everyone's posts, it's keeping me motivated! Well done everyone so far! :T

OH and I are being desperately frugal at the moment as house completion should take place 1st June :eek: we're going to rent our current house until the end of June so trying to budget two lots of bills in advance

Countdown til next pay day- 22 days!! I'll update my EF post at the end of the month, but currently have £890 in my account after all bills/ savings. I've no major expenses except a wedding to attend and Yorkshire at the end of the month so hoping to make a big saving *fingers crossed*

DreamerHelen

Morning Everyone...

Well this morning I am feeling positive...which is good....I can only see good things ahead of me at the moment...which feels different...but good..

Nothing to report money-wise from me until hopefully tomorrow...

Here's to the Updates xXx

Dogbooks - I'm so glad that we are keeping you motivated....that's a good thing to hear, it's what I had hoped for when I started the Thread all that time ago....I hope the house completion goes well...I'm looking forward to hearing your Update at the end of the month....keep on looking towards the future hun....but don't forget to enjoy the present as well, a little bit of both does us the world of good.. xXx

Savvy_sewing

Was so close to the £500 mark so I have juggled my money and made it up to £500 now.
I also added a few pence to the holiday funds to make it £250
Considering I have not been able to pay my self a wage for three weeks and rely on my Tax Credit