3-6 Month Emergency Fund Challenge!!

datlex

DreamerHelen wrote: »

Evening Everyone

Another Night Shift....I'm very very tired tonight....not sure why as I slept well last night....but I'm very much looking forward to my bed at around 3.45am....

Nothing to Report moneywise...

Here's to the Updates... xXx

Dobbibill - I'm really glad that you like the First Page and yes, it would be appreciated if you could distinguish which goes where in your Updates....I'm doing okay and thank you so much for being so lovely to me....I really want to start putting money away into this Fund and I will....I'm hoping to start in the next 2 Weeks fingers crossed....I just have to wait to be paid first...I already collect £2 Coins but it's something to think about for sure as to how I would like to Save xXx

x_raphael_xx - I've Updated the First Page...You're doing AMAZING!! Keep on going.....It sounds like you have a good plan in place for the future....that's always good to see xXx

datlex - I think it's up to you how you set your Money and your Target...I did what x_raphael_xx did and just multiplied my monthly bills.....I couldn't find you on the Members List on the First Page...Would you like to join us? xXx

skye blue - You are doing just fine hun...just keep on going....and don't forget that every single penny counts... xXx

Sure that would be good. if I separate out the £1000 emergency fund I have £3250 towards mine. 3 months (13 weeks) = £5000 (assuming 13 weeks at normal pay from which I put aside savings normally to be precise it is £4927 but I have rounded it up) obviously 6 months would be £10000 but I will work on the 3 months first. As it stands I add at least £250 a month to savings.

DreamerHelen

Evening All

Yep, you guessed it again....Another Night Shift!! The first of two this Weekend....And I've come down with a stinking cold....I feel like screaming at the sky and shouting "Really? What next?" LoL....but I'll try to keep it in perspective, it IS just a cold after all...Just wish my nose would stop streaming!!

I finally got Paid from all this Night Shift Work that I've been doing and so I' ordered myself a new Pot for my 3-6 Month Emergency Fund....I'm hoping New Pot = New Motivation!!

So, I've put some Money aside and when my new Pot comes I shall be putting in at least £25....It's a start!! And I feel positive about it....So I'm pleased....

Here's to the Updates.... xXx

Mooloo - I've Updated the First Page....You're doing AWESOME!! I'm so sorry that things are tough for you...but you WILL get there....Just stay as strong as you can.... xXx

x_raphael_xx - I've Updated the First Page...You're doing AMAZING!! I know it's hard to be in Debt to your Mum (I'm the same) but at least you are paying off what you can.... xXx

datlex - WELCOME WELCOME WELCOME!! It's lovely to have you as an Official Member!! I've added you to the First Page....Please do let us know how you're getting on....I love Updating the First Page with everybody's progress....Lovely to have you on board xXx

Dobbibill

#2 update

A little earlier than expected but have managed to add to my car fund before pay day

Pot 2 - no change...yet! - total £3498.15 aka 38.87%
Pot 3 - £111.22 added - total £111.22 aka 11.12%

I should be back on Friday with another update.

Keep on keeping on everyone.

Dobbi

Anoneemoose

Hi everyone..is it too late for me to join you all?

Hubby and I have just had our LBM regarding debt/saving etc. We still have some credit card debt that we need to pay off but I want to do that alongside the EF.

I would LOVE to get to the point of 6 months, but I think I will take it month by month.

Our bills (including things like mobile phone/internet/Netflix) are £931 per month.

Groceries and car fuel is £610

Spends and sinking funds are approximately £850 - this includes holiday and gifts savings which would be reduced significantly if needed, as would most of our categories. My aim though is to buffer based on how we live now.

So total each month of £2391 (or £1971 without gifts and holiday).

Now, I totally appreciate that our budget amounts are a lot and if we ever did need the emergency fund, we would cut back significantly, as mentioned above.

I would also like an extra £500 ish for replacing white goods (hopefully no more than one at a time will need replacing).

It will be a slow journey for me, but having somewhere to focus on it will certainly help. Not sure of strategy yet, might just have to make it up as I go along!

Thank you.

Dobbibill

Hi Anoneemoose,

Of course you can join, welcome to the challenge.

When Helen pops in she will add your name, target and progress to the first page.

The great thing about this challenge is that you can go as fast or slow as you want to suit your debts, priorities and life in general. You can set huge targets or smaller bit size targets, it's all about you. We just all cheer each other on along the way.

Dobbi

Anoneemoose

Thanks for the reply, Dobbibill, and thank you 'for having me' here.

I feel like this challenge is more fitting for me because when I have tried doing these things in the past, I always end up restricting too much and then splurging!

So, slow but steady steps from me. First things first, is actually sticking to our budgeted amounts for things, instead of just going crazy. Hubby and I have been using YNAB for a while, but haven't really been paying attention to it much and as such, often spent more than we allocated.

We also had a big look at our finances and really started making more of an effort last payday (25th Sept). Up to now, we've done really well. We get paid again 25th Oct and at present are well within our budgets. Some will probably stay under.

One small victory for me today is that I saw a mac in Asda that will be ideal for the school run (when it usually chucks it down), anyway, previously I would have picked it up without a second thought, but our clothes allowance has been used already this month due to DD needing trainers and needing to buy an outfit for DS for my sister's wedding. So, I left it. I will probably buy it next week though when we get paid again and the money is actually available.

SamSam17

This challenge is perfect for me and I would like to join. As I'm currently focusing on paying off my debt (hopefully by xmas) but I will start setting side £20 (and any left over by pay day) for this.

Ideally I would like to reach £5k but after my debt I will also need to start saving for Masters so it will take a while.

Good luck everyone!

Dobbibill

Anoneemoose - I'm a big fan of piggybanking and have more categories than I care to list but it works. My thought process is if there's not a category for it, then it cannot happen in my life.

Welcome SamSam17 - Helen will also give you a number on the first page. Keep us updated with your progress. Good luck getting rid of those pesky debts by Xmas - there's no rush here to reach your target, we don't class this as a sprint but more of a marathon...pacing ourselves along the way, heck - sometimes it even turns into a scenic stroll so do as much or as little as you want along with your other priorities.

Keep on keeping on everyone.

Dobbi

Anoneemoose

Meant to say, I want to do mini targets, so will start with £931, which is one months's direct debits. Will move onto groceries and car fuel after that.

I am already a little bit of the way there as I have budgeted for next month in some of the smaller amount categories already.

Dobbibill

Well it's Friday and as I said a few days ago, I'm back with another update

#2 Update

Pot #2 - £145.21 added - total £3643.36 aka 40.48%
Pot #3 - £50 added - total £161.22 aka 16.12%

Can't see me getting Pot #2 to 45% until January but I should be able to get Pot #3 over the 25% mark by the end of the year.

Slowly, slowly, catchy monkey as they say.

Keep on keeping on everyone.

Dobbi