3-6 Month Emergency Fund Challenge!!

Dobbibill

The_Only_Girl wrote: »

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.

With the TSB current accounts, you and DH can have one each and one joint. With each account having room for £2k, you would be making 2.9% more on the savings which seems like a no brainer.

You would normally earn approx £6.50 pcm per account.

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?

Seems like a no brainer to me.

It just seems longer and because saving is a choice but debt is a commitment.

skye_blue

Hi Helen & everyone

Just a quick £10 to add (£80 now).

Enjoy ur new year plans, a quiet one for me, just how i like it

Bring on 2016 with our savings growing hopefully

The_Only_Girl

Dobbibill wrote: »

With the TSB current accounts, you and DH can have one each and one joint. With each account having room for £2k, you would be making 2.9% more on the savings which seems like a no brainer.

You would normally earn approx £6.50 pcm per account.



Seems like a no brainer to me.

It just seems longer and because saving is a choice but debt is a commitment.

Thanks, that's what we thought. Hubby has gone and closed his ISA account. I am yet to take the plunge. We have opened a joint current account to start with which will hold the money emptied from the cash ISAs until we reach £2000. And then we'll open a single account to built another 2K. Who knows how long it will take but it's an exciting prospect.

crazy_cat_lady

Hi all
Belated Merry Christmas to everyone... I got completely sidetracked by real life and just have lost the plot a little bit. Back on it from today though - I've had a few days r&r and feeling ready to get back on it. Just busy catching up for now but I will be on here more often than I have been.

georgiebrown0

Thank you everybody for such a warm welcoming. I have been busy sorting my various bank accounts renaming them to accommodate the challenges I have signed up too. Totally committed to saving no debts but never seem to have spare cash.

DreamerHelen

Morning Everyone.....


It's been a bit hectic over the past couple of days....But things should get back to a routine next Week....Which in a way is good but in another way it means going back to Work LoL...but then again I love my Work so I can't complain...


I'm planning to make the most of my Money this Year....I am determined to make the most of what I have


HAPPY NEW YEAR - May all your Hopes and Dreams come true in 2016.....Dare to Dream this Year.... xXx


Dobbibill - I'm okay hun....I hope you are well too hun....


The Only Girl - Sounds like you've made a good decision re the ISA.....keep it going....


sophieo16 - I've Updated the First Page...You're doing AWESOME!! Keep it going...


Rosylee - I've Updated the First Page for you too....You're doing BRILLIANTLY!!


x_raphael_xx - Sounds great that you've got a Standing Order set up.....it's good to get into a routine...I ought to do something like that....


skye blue - I've Updated the First Page for you....It's a quiet New Year for me too....Hope you have a GREAT one....


crazy_cat_lady - Don't worry, real life sometimes gets in the way....We shall look forward to seeing more of you in the New year....


georgiebrown0 - Glad to hear that you're committed to your Challenges.....That's great news.....I shall look forward to hearing about your progress....

Dobbibill

Morning everyone,

I think we all start to crave routine and normality about now Helen. Christmas and New Year is nice to have family time but too long off work becomes a bit overkill. I'm sure you can do well with your challenges and savings pot for 2016 too. Chase those hopes, dreams and rainbows, they are just around the corner

Happy New Year Everyone :beer: Here's to a supportive journey towards our individual goals.....together

Dobbi

[Deleted User]

Dobbibill wrote: »

Happy New Year Everyone :beer: Here's to a supportive journey towards our individual goals.....together

Dobbi

What a lovely message, Dobbi. Thank you:T

Southern-Girl

Happy New Year everyone!
I've had three different savings accounts for different 'emergencies' .
Yesterday I transferred them all into a cash ISA and now have a total of £1407 to start my 3-6 month emergency pot. I hope to put a small amount into it each month (hopefully from any left over grocery budget). I'm determined not to touch it for anything other than an emergency.
I have a wedding to go to in Scotland in spring and a holiday to Greece booked for June. Flights and hotels are booked and paid for, for both but I need to save the spending money. So until June this is where most of any savings will go!

So please could you add £1407 to my total (I'm #17 on the list )

Happy New Year to you all xxx

positivelypunked

£100 put into my emergency Fund yesterday.