where to find an emergency fund

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Hi all - I am trying to pay off debts and get my credit cards down but I am really struggling to have a separate emergency fund as well.
How do other people start to get their EF? I was wondering about using any sales I have for it rather than putting it on the visa but then I think that the interest I pay on visa outweighs putting the money aside lol!
Any tips would be great!!
EF - save $1000 in 2024 $70 saved

Annual Grocery shop $496/3000 - had to increase by $500 in March as groceries were so expensive, this is now $250 per month.
March February $300 January $196

My Grocery vouchers not included in the annual total - I have $100 costco (Used January)
Still have $35 Walmart and $25 Save on.

Started a diary to help me stay on track … @Time to slash the shopping budget and use up the store cupboard

Comments

  • Ilona
    Ilona Posts: 2,449 Forumite
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    My emergency fund builds up naturally in the bank because my outgoings are less than my incomings. I do not consciously put money aside for it. I just spend less than I earn.

    An emergency fund can be as little as £100, or more if you have some spare that you can squirrel away. Even saving £10 or £20 a week is better than nothing.

    Depends how you prioritize your spending. If your debt is substantial you may wish to live as frugally as you can and throw every penny at it. Or you may want to keep a little bit back for treats and pay down your debt over a longer period of time.

    If you have an old car you might want to put money aside to cover for breakdowns, tyres, and things going wrong with it. If your household appliances are getting on a bit you might want to put cash aside in case the washing machine packs up.

    Doing a Statement of Affairs might be the first step. Writing down all your incomings and outgoings, and keeping a spending diary, so you know where your money is going. Have a look at the Debt Free Wannabe board, lots of people on there to help.

    Ilona
    I love skip diving.
    :D
  • missile
    missile Posts: 11,691 Forumite
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    Ilona wrote: »
    ... I just spend less than I earn.
    That is the only way :beer:
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • beanielou
    beanielou Posts: 90,707 Ambassador
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    Could you save even £10 a month with a credit union?
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  • robin58
    robin58 Posts: 2,802 Forumite
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    Biggest tip is just start one.

    £1 a week won't kill your finances.

    Or buy 1 less Starbucks coffee a week and put that saved cash in the fund.

    BUT whatever you don't dip into it for frivolous things. It's the rainy day account.
    The more I live, the more I learn.
    The more I learn, the more I grow.
    The more I grow, the more I see.
    The more I see, the more I know.
    The more I know, the more I see,
    How little I know.!! ;)
  • Chrisblue1962
    Chrisblue1962 Posts: 1,203 Forumite
    First Anniversary Combo Breaker
    edited 11 November 2017 at 6:43PM
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    My tip... set up a savings account which also comes with ATM card with somebody you currently don't have an account with. Every month pay something in, even if it's only £1.00 per month and then don't look at account online or touch it AT ALL.....EVER....unless it is a cast-iron 100% emergency.

    As your finances improve, slowly increase the monthly amount as your priority at this stage is a credible budget and debt reduction. Once your debts are repaid, you can start saving proper.

    Friday night Pizza or beer is not "an emergency" :D
    DFW'er - Lightbulb moment : 31st July 2009 - £18,499
    28th October 2019 -
    £13,505 - 27% paid off.
    Demolishing my House of Debt.. one brick at a time!! :)
    Thinking of spending???..YNAB says "NO!!!!"


  • missile
    missile Posts: 11,691 Forumite
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    Friday night Pizza or beer is not "an emergency" :D
    ................ :rotfl:
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • threepenny_bit
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    Thanks for your tips and ideas everyone - I have set up a separate tax free savings account with my bank and have online access. If I have a couple $ left at the end of the month I just add it in. We are able to take cans and bottles back for deposit and I put that in too lol! I wont get a big amount anytime soon but it is certainly starting to build.
    EF - save $1000 in 2024 $70 saved

    Annual Grocery shop $496/3000 - had to increase by $500 in March as groceries were so expensive, this is now $250 per month.
    March February $300 January $196

    My Grocery vouchers not included in the annual total - I have $100 costco (Used January)
    Still have $35 Walmart and $25 Save on.

    Started a diary to help me stay on track … @Time to slash the shopping budget and use up the store cupboard
  • Litchielou
    Options
    I sell things on eBay and any money I make after fees goes into a savings account.
    All my items are on the cheap side and I get free listings. so not great profits are made but it's building up nicely.
    As hubby says if I take your photo your being sold.
  • Murphybear
    Murphybear Posts: 7,315 Forumite
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    My tip... set up a savings account which also comes with ATM card with somebody you currently don't have an account with. Every month pay something in, even if it's only £1.00 per month and then don't look at account online or touch it AT ALL.....EVER....unless it is a cast-iron 100% emergency.

    As your finances improve, slowly increase the monthly amount as your priority at this stage is a credible budget and debt reduction. Once your debts are repaid, you can start saving proper.

    Friday night Pizza or beer is not "an emergency" :D

    Here’s my money saving pizza loving tip. Sainsburys do really nice bases which taste like proper bases £1.60 for 2. 1 can of chopped tomatoes cooked down with a bit of sugar, tomato paste, oregano, garlic, whatever you like, lovely tomato sauce for 2 bases. Bung any old bits of cheese, whatever you have in the fridge and odd bits of veg, ham etc. Makes really delicious and very cheap pizza :T

    Don’t drink beer so my tip would be, whatever is left over from Christmas :rotfl:
  • makemesumdosh
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    f you use online shopping join cashback sites.
    Do shopping as normal but sign in via topcashback or quidco.

    if your not a member get someone to refer you.
    you get extra money or gift cards.
    ive made over £1500 doing this
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