3-6 Month Emergency Fund Challenge!!

georgiebrown0

Can I join please don't have an emergency fund would love to build up £6000
Love that there is no time scale

LittleMissDetermined

Hi

I know it's been a while but I'm trying to catch up, another glug to 3-6 month pot takes me to £105

LMD x

Dobbibill

Welcome georgiebrown0,

Helen will be along soon and will give you a number, welcome to the challenge. You are correct, there is no time limit, we all just plod along at our own pace. You will also find plenty of support and motivation here.

Well done LMD, keep up the good work

Dobbi

DreamerHelen

Hi Everyone.... I'm sorry that I haven't been in touch over the past day or so....Been one of those Days yesterday....But hopefully today will be better


Keeping Motivated - I've Updated the First Page....You are doing really well....keep it going....


Dobbibill hun ..... Thanks for helping me welcome everyone....I appreciate that....You're a diamond!!


georgiebrown0 - Welcome to the Gang....It's lovely to have you here....Do come back and let us know how you're getting on....


LittleMissDetermined ..... I've Updated the First Page....You're doing awesome....Keep it going hun....

Dobbibill

Morning Helen,

I hope everything is OK, some days just fly by, busy and chaotic etc. I hope today will be better for you.

Happy 'peak of the week' everyone

Dobbi

The_Only_Girl

DH and are trying to decide whether to move mine and DH's cash ISAs (only 1% interest) to a higher interest rate current account (TSBank) that offers 3.9% after tax. The value for both cash ISAs is £1463.16 which I haven't included in the 3-6 months EF before. If we included that in the EF, it would take us up to £3201.22. We opened 2 individual regular monthly savers account (£200/month x2 + 4% interest = £4992 + current EF and ISA's = £8193.22). It would take us 2 years to save the target £12,000 if we just relied only on the monthly savings but would be shorter if we saved a bit more than that every chance we get, ie by cutting back on expenses and doing some overtime/additional earnings.

What do you guys think about the plan to close the ISA?

Why does it feel like it takes far more effort and time to build up savings than It is paying off debt?

sophieo16

Part of my 3-6 EF sits in a Zopa account so it isn't easily accessible, with another part sitting in a bank account that i can get to if things go very wrong very quickly.

I transferred some money to my Zopa account on christmas eve and having recently switched and opened some new bank accounts forgot that i needed to put in my unique reference number on the transfer so it would go straight to my account (silly sophie).:rotfl:

I have rang and got it all sorted now with the money safely landing in my account and i actually have more in there, whether through updated interest or a miscalculation on my part.

New total stands at £554.04/£3000 :T

Hopefully ill have some more to add in the next few days when the interest comes in my different accounts.

Keep up the good work guys!

Rosylee

My new total is £50. Not a massive increase from £41.09. But at least it's going in the right direction

Edit..Just added another £10..so new total is £60.

x_raphael_xx

The_Only_Girl wrote: »

Why does it feel like it takes far more effort and time to build up savings than It is paying off debt?

I think because you HAVE to pay your debts (DDs/min payments etc)
At one time I was paying £250 a month to my debts, somehow now I can't save anywhere near that. Budgets and things tend to be relaxed as the money is now 'spare' and as long as you save something you can treat yourself more.
I intend to be just as strict in 2016 as I was with my debt repayments.
I already have a standing order of £5 a week into my ISA, which I want to increase when I can sit down after the chaos of Christmas and review my budget.

The_Only_Girl

x_raphael_xx wrote: »

I think because you HAVE to pay your debts (DDs/min payments etc)
At one time I was paying £250 a month to my debts, somehow now I can't save anywhere near that. Budgets and things tend to be relaxed as the money is now 'spare' and as long as you save something you can treat yourself more.
I intend to be just as strict in 2016 as I was with my debt repayments.
I already have a standing order of £5 a week into my ISA, which I want to increase when I can sit down after the chaos of Christmas and review my budget.

Thanks raphael for your reply. I agree. Just before we became debt free we managed to make a debt repayment of about £700-£800 and back then I was thinking the 3-6 months EF would be a doddle with £800/month but I have nowhere near that. But I can't really complain as it is still going in the right direction however long it takes and however much of an uphill struggle it feels like.

Yesterday we tried to do some shopping to avail of the "sales" being advertised everywhere. We didn't find much of a bargain as some of the items are more expensive now than before Christmas (like for like). So we came back home with only a handful of items. Back in the days when we relied on cards, we would have gone home with bags and bags of shopping. On the surface that felt more pleasurable until the credit card bills follow you home a month later and you're still paying for them years after. Not really a bargain is it? Hubby asked me why it feels less stressful to spend than to save. I answered, when you are spending on the card, it feels less stressful because you are spending somebody else's money. You only feel the stress when it comes to paying it all back.