3-6 Month Emergency Fund Challenge!!

lexbubbles

DuranGirl wrote: »

Lexbubbles - can you please tell me how you do the "rounding down accounts"? I have one current account and one savings account. Is it about transferring odd numbers into the EF? If so, when/how often do you do it? Thanks

That's exactly what it is! I do it whenever I've

a) made a purchase online, say a book for £7.55, then the other 45p goes into savings or...

b) transferred money from paypal (from ebay sales and such) into my bank. Any odd pennies get thrown in the EF. Or any money you have that goes in and isn't an exact £ figure I guess.

Of course you don't have to do it every transaction, you can just do it daily or weekly.

I've seen some people on here round to the nearest fiver, but I do it to the nearest £1 (I'd probably go to the fiver if I did it weekly, though)

After only 10 or 11 days I've put something like £17 into the EF just from doing that. 23p here... 78p there...

I sort of consider it my 'virtual' spare change jar

EDIT:

ta-dah! This is a snapshot of Nov 17th-20th


Only little amounts each time money went in/out of my account but it added up to £6

DuranGirl

That's brilliant! Thank you Just got to decide whether I can cope with an uneven number in my EF now...:o

skye_blue

Please can i join, slowly but surely hopefully

£1,000 target

stewby

I had that same problem durangirl!!
:rotfl:

Whilst figuring out my numbers, I was trying to decide whether to have £50 left in my account each month for issues such as extra fuel, food or "treats" and £45 each month to my emergency fund... or £50 to my emergency fund and £45 to stay in my account.

I am currently doing the first one but might change my mind by the time January comes. It's just the idea of being £60 ahead of myself by the end of the year, it is very very very appealing.

DreamerHelen

Morning Everyone.... I hope you are all well and staying warm in this Weather...


Nothing to report money-wise from me....I probably won't have anything to put in until next Week now, but we'll see!!


stormpassing - Well Done, you're doing awesome, I've Updated the First Post. Continuing to plod along is a great thing, at least it means you won't have to take money out of your EF because you have put too much money in there too quickly


DuranGirl - You're absolutely right in what you say, going at our own Pace is really important....We can all Support each other no matter how much or how little we are putting into our EF's...


lexbubbles - I've Updated the First Page, you're doing AWESOME!! And I'm glad to hear that you've bought your heated throw, hopefully that will keep you nice and warm.


skye blue - Welcome, Welcome, Welcome, of course you can join!! I've put your Name and Number on the First Page and your Target. We would love to know how you are getting on so do come back and Update us!!


stewby - I hope you're well this morning. Go on, challenge yourself and go for the £50 each month But the important thing is that we keep on going and put in what we can manage....

stoplurking

Hi all

#9 here.
I've been reading but not posting as very little to report. You are all doing really well, and thanks to Helen for updating everyone.

I've decided I MUST put minimum of £50 a month every payday to my EF, then scrape any odd pennies in from elsewhere. Then, at the end of each month I will add my £50 plus whatever amount I need to get up to another 1% saved.

EG , payday today saw £57.55 in the EF. Add my £50 and that's £107.55. 1% is £40 so I rounded the EF up to £120, exactly 3%, yay. So now I can colour in 2 more of my little 1% squares, and I'm happy! It makes sense to me anyway.

So, Helen, I'm now at £120/4000

Hopefully after Christmas my minimum will increase but I will keep rounding up to the next % so I feel I'm making good progress. I think this is a great challenge, ideal for me as I can only do little bits at the moment but really want that EF. Thanks to Helen for starting it, good luck everyone for the weeks ahead, and see you next payday (18th Dec I think). X

DreamerHelen

Hey stoplurking ..... You're doing REALLY well!! Keep it going....It sounds like you have a plan in mind and you're following it through.... xXx

skye_blue

Hi everyone and thank you for the warm welcome

£30 banked today, told everyone now so no dipping in

DreamerHelen

Hey skye blue .... Congratulations for putting in your first bit...that's awesome....Keep it going and do keep letting us know how you're getting on xXx

LittleMissDetermined

Hi all

I'm back from holiday but have been throwing extra payments at debt instead of the 3-6 fund... Pay day tomorrow so hopefully some spare cash to throw at it next week!

Hope all is well

LMD x