3-6 Month Emergency Fund Challenge!!

Dobbibill

DreamerHelen wrote: »

Morning All

Well Placement was good Yesterday but for some reason I always feel physically rubbish when I get home on a Monday....I'm not sure if it's too hot at my Placement or if it's the Travelling on the Northern Line (which always makes me feel sick anyway)....So I pretty much had some Cereal and then went straight to bed....

Thankfully feeling MUCH better today

I'm glad you are feeling better today. Monday's are the worst :eek:

So I don't know if any of you noticed but I had to start from Zero....just before Christmas things were difficult work-wise and so I had to raid my Emergency Fund as I couldn't manage any other way.....

So I was thinking that perhaps I need a Pot that I can't raid....and ONLY put in Money in there that I'm sure I won't need....And I got some Money for Christmas so I spent some on a "Break in an Emergency" Terramundi.....

So I'm hoping this will keep me remembering what I'm saving this money for and that I DO need it....

It might be a couple of Weeks before I can put anything in it but we'll see what I can manage....things are a bit tough financially here....But I WILL get there...We all will

You WILL get there Helen, you are always so supportive of everyone on the thread, popping in daily to encourage and acknowledge all the posts and update the first page, you also deserve support and encouragement.
Things are always tough in the New Year, getting back into the swing of normality with a routine and things.....I'm sure as the weeks go on, you will add to the EF, even if it's only a few pounds.

Keep us updated with your progress, we are all behind you :A

Dobbi

DreamerHelen

Thank You So much Dobbibill ..... You are always there to encourage people on this Thread too and I always really appreciate that...and I appreciate your words of encouragement to me too xXx


Feeling positive today so I hope that everything goes more smoothly today....

[Deleted User]

Nothing to pot really but am working on it;)

Big congratulations to everyone who has started off the year by actually saving:beer:. Note to self: must do better:o

Big hugs to anyone who's had to raid their savings or is feeling a bit blue or below par:kisses3:

We will get there!

crimson.addict

DreamerHelen wrote: »

So I don't know if any of you noticed but I had to start from Zero....just before Christmas things were difficult work-wise and so I had to raid my Emergency Fund as I couldn't manage any other way.....


So I was thinking that perhaps I need a Pot that I can't raid....and ONLY put in Money in there that I'm sure I won't need....And I got some Money for Christmas so I spent some on a "Break in an Emergency" Terramundi.....

Helen, I'm so sorry to hear about your health and money issues. I hope things work out for the better. Your weight loss really will help with a lot of things.

How are you splitting your money between SPC, VSPC, and here? Or are you combining them? I'm also in all 3 and I'm really struggling to decide where to put my money.

Ruth

DreamerHelen

Hey carbootcrazy hun.... Thank you for your lovely encouraging words.....you're such a sweet person and I really appreciate you here on this Thread...Keep going hun, we CAN ALL do this!! xXx


Hiya Ruth hun....Hope you are well.....Well I guess the SPC Pot I usually put Silvers/Coppers into and the odd note....that's change from Shopping.....The Emergency Fund I will aim to put in £5 per week and more if I can afford it, that's from extra Wages....and the Virtual Sealed Pot is if any money is leftover in the Bank and so it gets transferred to my other Bank Account....


Not sure if that was what you were asking or not....I keep them all in separate places and then keep a note on a Word Document of how much is in my Emergency Fund and my VSP - Not my Sealed Pot as I like to just chuck in the Silvers and see what is there at the end of the year...


Thank You also Ruth for your lovely words re my Health and Finances....things ARE getting better slowly....I have lost 1 stone and 9 pounds now....so I'm really pleased with that....I'm not aiming for anything silly like I used to, I used to say "Oh I'm going to lose 10 stone in a Year"....which I don't think is possible for me...So I've said I want to be under 20 stone by September....which means just over 5 stone lost in a Year...which I think and feel is achievable...and then we'll see where I am at and see what's next for my new Goal after that...


I've been to the Gym this morning and quite frankly am knackered!! LoL....I'm going to Work from home for an hour...then go for a Shower...then Lunch...then head off to Therapy, which is across the other side of London....and then home again....after that, Wednesdays and Thursdays are a bit quieter...


Sorry about the epic Post... Chat to you all later on xXx

DuranGirl

Hi Helen, sorry to hear that things have been a bit rough for you health-wise and financially. :grouphug:I bet you were so glad you had your EF to fall back on - it seems to be doing its job! I'm sure we'll all be raiding our own EFs at some time or another. We'll just get back on the horse again afterwards. Thanks again for all your support on the thread.


As well as my EF and paying back various debts, I'm trying to set up a bit of a decorating fund for when the house is finally mine (had a pre-Christmas trauma courtesy of the ex, but all OK now). I found some old video games in the loft, so I'm selling them on e-bay. Every little bit helps, and I'm rather surprised at the interest in 20 year old games! My chap is rather impressed with me getting so focussed this early on in the new year, so I think he'll be asking me to sell some bits for him too.


Keep up the good work everyone

Dobbibill

#2 here with an update.......just a small one mind......extra £15.16 added.

Total now @ £4658.36.....slowly but surely

To everyone who's having a little bit of a rough ride, don't worry, we all struggle from time to time. When you are down, dusting yourself off and getting back up again makes you the strong person you are. It's times like this that make stubbornness a good trait to have......just be too stubborn to quit

:grouphug: to anyone that needs it right now

Dobbi

stewby

Hi all...

Looking for a bit of advice to be honest. I have started off my emergency fund with £130.76 in it.
This is money that I had forgotten about (probably about three years ago) so it isn't actively saved.

I want to start paying off my mortgage but as I paid the last of my credit card with January's money, I do not have enough spare to do that. I used it all for the credit card.

The question is this: I will get paid on the 24th January. Do I withdraw £100 from my emergency fund to pay a lump sum off my mortgage??
I really want to do this as I am hoping to pay £200 a month (including January). Hopefully with February's money, I will be able to pay £400 off which would bring me back on track.

However, I am a bit conflicted as this is not an emergency. It is just my OCD playing up and wanting the table I have completed to look pretty.

It would still leave me with £30 in my emergency fund and I will still be paying in £50 a month (so effectively, it will be £80 in the account). Oh jeez, this is maybe a bit too confusing. Sorry.
Any advice or suggestions or opinions??
:undecided

Dobbibill

Hi Stewby,

I can see why you are in a dilemma.........

To weigh this up I would consider what you would do if you had a real emergency crop up.

If you could repair your roof, replace your boiler or buy a new washing machine without putting it on a CC which would cost you X% to pay off over time then go for the overpayment on the mortgage.

If you think you would struggle to do the above then maybe hang off the mortgage OP'S until you have an EF. Once you've paid it to your mortgage, you can't get it back out if things go wrong.

Eg: If your CC is 18.9% and your mortgage is 3.9% then the £300 you couldnt get at for your washing machine has equalled a mortgage of 15% on that portion of money. (Asuming the emergency was your washing machine breaking down)

It's just one angle to view things, others may suggest a different angle.

All the best

DreamerHelen

Morning Everyone....


I'm doing okay today....not much to Report....xXx


DuranGirl - Thank you for your lovely kind words....sounds like you're really focussed at the moment which is fantastic!!


Dobbibill - WOW, I've Updated the First Page....you are doing AMAZINGLY well!! Thank you for your inspiring words and for your advice to stewby...


stewby - I guess what I would ask is what would make you the happiest and most content but still leave you with a safety net if you need one? Let us know what you decide