3-6 Month Emergency Fund Challenge!!

Dobbibill

Hi Helen,

Good news on the business - well done

Sorry for the confusion with my total
EF target #1 down to £2883.51 aka 32.04%
EF target #2 wiped out £0.00

I'm going to take my own advice and keep on keeping on. I will get it back up.

Dobbi

x_raphael_xx

DreamerHelen wrote: »

x_raphael_xx - I've Updated the First Page...You're doing GREAT...Keep on going....I know things can be tough but you're doing a WONDERFUL job of keeping on....and adding to your Fund when you can xXx

Swings and roundabouts. Managed another £200 onto the EF, however bf has loaned £1000 to help pay off his credit card asap.
I'm going to take this opportunity to amend my target. My target is now £5050.00, I have £600 in the pot to start it off.

£600/£5050

dfbefore30

It's payday again! Woohoo!
I've managed to put away £500 this month so my total is £3537.
There have been some redundancies at work recently and I found out that I was a whisker away from being included. Thankfully the danger has passed but it's increased the importance of building this fund as much as possible. Scary stuff!!:eek:

stoplurking

Hi all

Sorry I haven't caught up with all the goings on but I hope you are all well.

My EF is now at 2080

I might have to be drawing on it as several not entirely unexpected expenses have descended at once. They are definitely not emergencies but I had hoped they would spread over a few years. Nope. All happening in the next 14 months and it will be squeaky tight. I will do my best to manage without touching it but will have to see.

Helen I wish you luck in your new venture, thanks for keeping us updated.

skye_blue

hi everyone

u ok helen, things still going well i hope
.
pls add £70 to my total, im in that mood when i think i need to up my emergency fund for a while

ive been paying extra payments on my mortgage this year whilst keeping up with my £10 wk emergency fund but every now and again i think i best top up my EF a bit more as i cant get the mortgage over payments back easily, im still making a mortgage overpayment but not as much

is it me or does everyone have times when they worry about different goals and change their mind?

anyhow enjoy you weekend folks and keep dry

x_raphael_xx

skye_blue wrote: »

is it me or does everyone have times when they worry about different goals and change their mind?

Yep! I'm torn between keeping the money in my EF, or helping bf pay off his credit card. He'll pay me back eventually, but it means my money isn't immediately accessable should I need it.

I also owe my mum £4000. She's happy with me paying her back £100 a month, but I have £600 asside now so could pay a bit chunk off.

moneymanager

Hi I have been lurking on here for a bit and have a question to ask those of you that are also doing the EF challenge. Is the a separate pot to this one? I would love to have a £1k EF but also 3-6 months worth of both DH and I's salary which would be £12,000 for 6 months (this is a long long long.....very long term goal). So does that mean keeping the two pots separate making it for example £13k. If it is separate how to you decide how much to put into each fund.

Sorry if that doesn't make any sense.

x_raphael_xx

moneymanager wrote: »

Hi I have been lurking on here for a bit and have a question to ask those of you that are also doing the EF challenge. Is the a separate pot to this one? I would love to have a £1k EF but also 3-6 months worth of both DH and I's salary which would be £12,000 for 6 months (this is a long long long.....very long term goal). So does that mean keeping the two pots separate making it for example £13k. If it is separate how to you decide how much to put into each fund.

Sorry if that doesn't make any sense.

I suppose it's up to you

If it was me, I'd start with the £1000, then when that was full start on the stretch goal.
Or, you could run both concurrently if you had two difference ways of collecting the money, found shrapnel for the £1000 and extra earnings (overtime/ebay sales etc) for the bigger pot.

Up to you really! I'm sure Helen can add both goals to your entry

Dobbibill

moneymanager wrote: »

Hi I have been lurking on here for a bit and have a question to ask those of you that are also doing the EF challenge.

Hi moneymanager,
Welcome to the thread, nice to see lurkers pop in for a chat

Is the a separate pot to this one? I would love to have a £1k EF but also 3-6 months worth of both DH and I's salary which would be £12,000 for 6 months (this is a long long long.....very long term goal). So does that mean keeping the two pots separate making it for example £13k. If it is separate how to you decide how much to put into each fund.

Sorry if that doesn't make any sense.

It makes total sense.

It's all about personal choice and also depends how you view family income.

Me & my OH keep our own money separate, once we put a set amount each for bills, groceries and savings, we then use our own money how we like.

For me, it's a regular amount for the EF (£50 pcm)
For the 3 - 6 month pot, I calculate a budget down to the last penny - so once I have put money aside for bills, groceries, hobbies, treats, spending and fuel on CC's, everything else is transferred. This means that it varies slightly month on month but works for me.

If it makes it easier start with baby steps - it makes the goal more achievable and less daunting.

How ever you chose to approach it, make sure it works for you/your circumstances - there's no right or wrong answer.

Dobbi

Moneybutterfly

Hi I'm new ish and just spotted this thread. I'd love to be able to save £1000 EF in 3 months could I join in please? I'm at £270 and still got some old clutter to sell.