3-6 Month Emergency Fund Challenge!!

Anoneemoose

Not really much to report here, but it's payday on Weds for hubby so I will be allocating money to our different budgets then. We are planning on decorating our daughter's bedroom this next pay period though. I have already saved some (most of the) money towards this, but I imagine all of our surplus once everything is ticked off will be needed to make up the difference.

datlex

Any one else separate these savings from both their emergency fund and general saving up for things they want. (e.g. saving for a new TV)?

DreamerHelen

Evening All

I'm sorry (again) that I haven't been around....I think I said last Weekend that I was coming down with a Cold....Well it turned into a nasty Chest Infection....I basically spent 3 Days pretty much not moving apart from briefly going out to do basic shopping/banking and visiting the Doctor again....

Unfortunately it meant I had to cancel some Work and I'm really gutted about that....but I really DID have to take care of myself...

Thankfully I'm feeling much better as of this Afternoon....I still have a residual Cough but I can handle that....

Anyway...I'm ABSOLUTELY THRILLED that AT LAST I can declare that I have put £25 in my £6000 Emergency Fund!! :T :T :T So I'm really pleased with that...it's a start!!

So I'm on my way...and you Guys are all doing AMAZING as well!! Keep it going folks... xXx

Here's to the Updates....xXx

Dobbibill - I've Updated both of your Pots....You're doing INCREDIBLE!! Keep on keeping on, as I know you will do...You're an inspiration....Thank you for keeping the Thread going in my Absence, it really IS much appreciated xXx

Anoneemoose - WELCOME WELCOME WELCOME!! It's lovely to have you here....I'm sorry about being a little slow to Welcome you....but you ARE very Welcome nonetheless!! I've added you to the Members Page and included your Mini Target....please do let us know how you're getting up with Updates when you get the chance... xXx

SamSam17 - WELCOME WELCOME WELCOME to you too!! It really is lovely to have you here....again apologies for my tardiness...I've added your Target so please do let us know how you're getting on...and there really is NOT a time limit....after all, look at me for an example...I've started and had to break into it a couple of times....but I've started again each time and I WILL get there...and so will you!! xXx

datlex - Yes I separate my Pots...I have quite a lot of them and a few different Savings Accounts in Banks although I find it easier to use actual physical Pots as I'm always really reluctant to break into them....I have several for several different things and then I have one for my £1000 Emergency Fund (different challenge), one for my £6000 Emergency Fund (this challenge) and then an Online Savings Account (which is empty right now) for when I might need money really quickly and don't have time to break open a Pot....So go for it, have as many Pots as you like - I would say though, I keep a Word Document which lists what I have in each Pot so I know....although I don't count my Coppers or Silver for the Sealed Pot Challenge until I either empty the Pot or we count up in November....hope this all makes sense... xXx

Dobbibill

datlex wrote: »

Any one else separate these savings from both their emergency fund and general saving up for things they want. (e.g. saving for a new TV)?

I'm a huge fan of different pots....and I have lots of them.

Every month I give every single penny a job and calculate my income right down to zero.

My pots are:-
* Holidays & Treats pot (this covers any trips I want to do eg I did Rome last year for the 6 Nations rugby, new clothes, new phone etc - we don't really do holidays as such)
* Hobbies (regular training sessions, new training outfits, trips away etc)
* £1000 Emergency Fund (another challenge)
* 3 - 6 EF (now on Pot 2 this challenge)
* Car savings (pot 3 of this challenge)
* House savings (anything house related like carpets, paint, windows etc)
* Christmas
* Birthdays

I find it works for me as I like everything allocated to a purpose. I've only recently added the pot 3 as I was frantically saving for a new car and throwing as much as possible into this challenge (which was my Pot 1). I knew my car would give up on me very soon....and it did. Pot 1 meant I was able to buy a new car and then start again.

I have an excel spreadsheet to track everything and only have to put the amount of saving/spending and it calculates the total for me, along with the percentage to target.

Find the solution that works for you - this much details may not be right for someone else. You may have priorities change like me and then tweak it to suit. Exploring how others do it definitely gives you food for thought though Let us know what you opt for datlex - it gives us food for thought too

DreamerHelen wrote: »

Anyway...I'm ABSOLUTELY THRILLED that AT LAST I can declare that I have put £25 in my £6000 Emergency Fund!! :T :T :T So I'm really pleased with that...it's a start!!

So I'm on my way...and you Guys are all doing AMAZING as well!! Keep it going folks... xXx

Well done Helen - I knew it wouldn't be long before you got the fund going - well done :T :T :T

Do take care and hopefully that pesky cough will be gone in a few days.

You know what I'm going to say now don't you...

Keep on keeping on

Dobbi

datlex

I keep mine quite simple. 1) Emergency Fund, 2) 3 - 6 months savings, 3) general savings, 4) Christmas and birthday presents. My presents account is funded via rewards from bank accounts and interest which earn me over £255 a year.

Anoneemoose

Thank you for the lovely welcome DreamerHelen, and sorry to hear you have been poorly. Hope you are well on the mend now.

Well, tomorrow is payday for us - well, hubby - I don't work due to illness. As we use YNAB, I have allocated our budgets for this month. I usually do this the day before but don't actually spend any of the allocated amount until tomorrow.

As we use YNAB we have different pots too. In relation to bills and emergency funds, YNAB allows you to budget in future months, so that's what we've done for certain bills already (mainly the smaller ones)..

Our other main pots are gifts (both Christmas and birthdays) and holiday (usually 10/14 nights in the Peak District). We don't have car costs apart from fuel as hubby has a company car and mine is a motability one.

I probably should have put this at the beginning but I am REALLY proud of the fact hubby and I have managed to stick to our budgets for everything this month. This is the first time in a very long time!!!:T It's amazing not to owe anything to any of our pots or anything extra to any of the credit cards.

This takes me to this coming month. As I mentioned, we are doing DD's bedroom. Sadly, after totting up what we will need, I have come up with a shortfall of approx £240. This is because we have decided to replace her carpet too and have it all done once and for all.

So, I need to see about finding that £240 from somewhere and that is another challenge I am setting myself. I am
determined not to add anymore to a credit card. I used to make a lot of cakes as a hobby and did actually register properly to create a business, however, I had to give that up too. I do however still do the odd ones for family and friends who pay for the ingredients and always insist on
treating me by giving me some extra money or buying something useful. Or like in the case of next week's cake, they cut and coloured my hair for 'free'. I need lots of help from DH for the cakes but i am still able to do the pretty and creative bits as long as I have plenty of time. So, the money I 'saved' from yesterday's hair cut and colour (that it would have cost at a salon) will be allocated towards that £240 fund. As will another I have in a few weeks.

I do have some things to sell, but I am on a few selling sites and nothing seems to go very quickly or very well any more. And if you eBay, there's the fees. Will have to have a think about that.


At the moment, I have £170 out of my first target of £931 saved.

Hope everyone is well.

Anoneemoose

Quick update regarding DD's carpet target...managed to 'find' £105 with shuffling things around. On a mission for the rest now!

SamSam17

Thanks for the warm welcome guys!

Finally its pay day and I've set aside £20 in case of emergency. Won't do much but it's start.

DreamerHelen

Evening Folks...

I'm pleased to say that I finally feel better....I still have a little cough but I'm definitely properly on the mend now....

Added another Tenner to my 3-6 Month Fund....So I'm now at £35...slowly but surely!!

I just wanted to say that it doesn't matter how slowly we have to Save up or how many times we have to break into our Fund...it's about keeping going and moving forwards always....

Here's to the Updates... xXx

Dobbibill - Thank you for your encouragement always, I'm really pleased as well....And thank you for your help for datlex...I appreciate that....I hope you are doing well xXx

datlex - It sounds like you have your Pots sorted and it is whatever works for each individual person, there are no rules and regulations as far as I'm concerned with regards to that... xXx

Anoneemoose - I've Updated the First Page...You're doing AWESOME!! I bet you are really proud of yourself for sticking to your budget and so you should be...it's not always easy but you're doing GREAT!! Keep on going hun xXx

SamSam17 - I've Updated the First Page...You're doing AMAZING!! Do keep on going hun....Please don't worry about how much you can put in or when you can put it in, just keep on moving forwards when you can...After all I started this Challenge and I've done really rubbish with my own Fund but I am starting again and I WILL get there...I'm just taking the scenic route! xXx

Anoneemoose

Evening all! Just a quick update. I have decided to upcycle DD's current wardrobe and drawers by painting them white. They're currently an oak colour but she wants white so we were going to replace them as we have to buy a new bed and desk for her.

She currently has the Ikea wardrobe and drawers that a lot of people have and I need to buy a bed and desk, so was going to get the same range. This was will save us about £120 altogether so I am pretty much covered for everything without needing to find anymore than I already have.

Had lots of low/no spend days recently but we are at my sister's wedding over the weekend in a posh hotel, so I imagine we might have to spend a bit.

Hope everyone else is well!