The end of procrastination and disorganisation.......

doingitanyway

Sorry you woke worrying about money.

Some thoughts to share that may or may not help...

This debt malarkey is a psychological challenge as much as a practical one.

According to Dave Ramsey the emergency fund is practical as it prevents further debt because in an emergency you are less likely to need to borrow.

I think its psychological value is almost more important. There is only me. I have to turn to me when things don’t work out, so an emergency fund is very, very, important psychologically.

In the future I want to be someone who:

Does not rely on credit
Has an emergency fund
Can help myself in an emergency and maybe help other people who are in emergency situations too sometimes

In an emergency I want to be the person with a solution, not the person flapping their arms or holding their head

You are a smart cookie parsniphead so you will do what is right for you

Have a good day

parsniphead

Too right DIA, and I'm really trying to follow the baby steps but its hard at times. I wasn't trying to say it's easier for you being debt free, I meant I'm just trailing behind a bit.

Flapping your arms. That made me laugh. You are doing so well and killing it. I really look forward to your debt free post. This time next year you're going to be in such an amazing position due to your hard work.

I need to understand that emergency funds are for emergency though and not squirrelling (sorry DIA) away and using cards.

in_need_of_direction

Apart from the leaking toilet someone else on here had to deal with, there are few greater emergencies than a leaking roof. It can cause all sorts of damage so use the emergency fund for the emergency. Replenishing it can be by targeting the underspends in that direction.
Also, if you introduce some smaller targets, you may get to see the progress that you ARE making.

Savertobe

It would seem to me that an emergency fund is for that situation which you did not imagine happening or something that you find difficult to find the money for and is now getting serious. Perhaps what you need is to start a long term savings fund as well as the emergency fund. EF should be seen as self borrowing and you should agree to pay back with the interest over a reasonable period - whatever you can manage. If this leaves your EF completely depleted then it does weaken your overall position theoretically but perhaps not necessarily in practical ways.

lcc86

Just to add my two pennies worth...


When I became debt free earlier this year I didn't bother with an emergency fund. I just wanted to enjoy being debt free for a few months, so I booked a holiday and spent in total the best part of £1,000 on that.


A couple of emergencies later and I ended up back in debt to the tune of £850ish... If I'd been a bit more sensible and spent this year saving instead of spending I wouldn't be back in debt now, even if it is only a relatively small amount. I've got a small emergency fund which would clear my debt but I'm keeping it there as I know we need some work done on our roof (just waiting for the quotes).


Personally I would use your emergency fund to cover the repairs (if you have enough) and then build it back up, even if it means debt repayment takes a temporary back seat - you're still on the right track and have the right mindset, but as INOD said, it could lead to other problems. The debt free path is never a nice straight line, it always has its amazing ups and annoying downs!

parsniphead

Oh yes, the roof definitely needs doing asap. I was being stupid thinking of using cards rather than the emergency fund. I will use the fund for the intended purpose. I'm just being protective of it.

lcc86

parsniphead wrote: »

Oh yes, the roof definitely needs doing asap. I was being stupid thinking of using cards rather than the emergency fund. I will use the fund for the intended purpose. I'm just being protective of it.

Completely understand! I don't want to have to use mine either when the time comes! :rotfl:

parsniphead

Hurray, a couple of days off. I do love my days off.

I have a few small plans for the weekends, it will just plod for most of it. I would like to get next months budget done and dusted ready for next Friday, payday:T, woo hoo. It can't come too quickly enough. I will also continue with the big clear out. I can't make too much headway with the money challenge at the moment but the clutter challenge is just me and hard work. No excuses. If it's not completed its just down to laziness.

I also have a curtain pole to repair which has decided to detach itself from the wall. I need to chase up the tree surgeon as he still hasn't got back to me with a price yet. The house needs a tidy and DS's bedroom, :eek:, well we will continue with that and achieve what we can. Oh and the car could do with a sort out and clean. I would also like to spend some time in the garden, weather permitting.

My biggest issue is christmas. DS wants a skate board, which he told his nan and she is getting it for him, but when asked he doesn't want anything else. I just don't know what to get him as his main present and I want the Christmas shopping done. I will get him a couple of board games, he loves them, and some pencils, paper and colouring books as usual, but what else I don't know. DH and I put £50 each for his presents but usually spent a couple of pounds more. I know that's really low compared to most people but he gets loads from others and I don't believe in going wild. Obviously if he wanted a bike or something I would pay more, but.......

And when he gets older no doubt it will be :eek:

Any ideas gratefully received.

Actually I've just reminded myself I need to measure mum up as she would like some trousers for Christmas, possibly a tweed fabric so that's her sorted. DH is always DVDs, brother....who knows, probably a t shirt again and a bottle of something and that's it. I don't do cousins etc as we are not so close to be honest? DH sorts out his half
of the family. I would happily make them something but they don't appreciate stuff not purchased in shops.

Anyway that's enough waffle for me. A cup of tea and. Bit of a read the time to get on.

Have a good day.

in_need_of_direction

Lego works for all in this house! It is dear though. Helmet, knee and elbow pads for the skateboard?

parsniphead

Thanks INOD. He already has both though. Im thinking piles of pens and pencils. He is so difficult. Every other kid would be trawling the Argos catalogue.:rotfl:

I had a lazy night last night and read a book. I have always had this dream of a little croft in the hebredies. It will never happen but one can dream. Anyway the book was called An Island on the Edge by Anne Cholawo. It was a fascinating insight into a young woman's relocation to Soay and the difficulties of living on a small Scottish island. Although I may live in a town in the Midlands it has given me many ideas on how to live more sustainably and cut costs. It did highlight what we actually need to survive and what is really an added luxury. It's going to shake up my life a little.

It's so given me a little more confidence to try some more of my own repairs too.:rotfl:

A day of catching up on washing and getting rid off stuff. I want a different me by the end of the year.

Have a great day all.:)