3 - 6 month Emergency Fund Challenge (part 2)

nyc_451

MummyRivett wrote: »

I've been reading All Your Worth this week, it's the 50 / 30 / 20 method for personal finance. It has inspired me to add the rest of the 20% of my salary into the Emergency Fund this month, taking me over the £1,000 bracket to £1,100.

Here is a picture of the book if anyone is interested:

Looked into it...sadly, my needs take up more than 1/2 of my salary! And I don't even have a car...

Anyway, it's my favourite day of the month $$$

No council tax this month so put more into EF. Current total £717/£3,000

I have re-evaluated my budget and decided to make small overpayment on my mortgage and none on the loan whilst I'm building up my emergency fund. I hate having debts but if I ever lose my income, I'll need cash to keep the roof over my head.

Happy saving everyone!

MummyRivett

The idea is that you take your salary and 50% should go on your living expenses ie food bills and travel. 20% goes on your financial goals either debts or EF, savings, investments etc. 30% on yourself.

Dobbibill

BigDreams

HI Nothing extra to add to my emergency fund at the moment. Just wanted to say Dobbi you are an amazing cheerleader for us all. You are always so positive, it's brilliant.

Thank you for your kind words BigDreams. I remember when I was aiming for my goal and the members cheering me on helped to keep me motivated and focused. It can really help. I hope in turn I can do the same for others and so the cycle continues

MummyRivett wrote: »

I've been reading All Your Worth this week, it's the 50 / 30 / 20 method for personal finance. It has inspired me to add the rest of the 20% of my salary into the Emergency Fund this month, taking me over the £1,000 bracket to £1,100.

Brilliant - that's 9.17%, a huge jump :j
Looks like an interesting method - I think that is where I'm at but going to go and check in a minute now to see how I compare.....you got me thinking, that's for sure

x_raphael_xx wrote: »

£47.78 D-roo wages added.
Sadly I have no shifts this week (unless people cancel) so will have nothing to add next week.

£389.93/£5000

It's going up lovely x_raphael_xx, you are doing fab..... 7.8% already.

Keep at it

blue_mango wrote: »

Anyway, it's my favourite day of the month $$$

No council tax this month so put more into EF. Current total £717/£3,000

I have re-evaluated my budget and decided to make small overpayment on my mortgage and none on the loan whilst I'm building up my emergency fund. I hate having debts but if I ever lose my income, I'll need cash to keep the roof over my head.

Happy saving everyone!

Wow! A massive jump up to 23.9%, almost a quarter of the way to your goal :j

It's a good plan to spread it about, the long term savings will be worth it.



Keep on keeping on everyone


Dobbi

GlendaSugarbean

Payday today and another 1% added to the EF

Now at 378/5400 or 7%.

Littlebigmoose

MummyRivett wrote: »

The idea is that you take your salary and 50% should go on your living expenses ie food bills and travel. 20% goes on your financial goals either debts or EF, savings, investments etc. 30% on yourself.

Thank you, really gives me good insight on better ways to manage my finances. I'm going to do that from now on.

MummyRivett

Here is MammaFurFur with a great synopsis of the book and this budgeting strategy. She does several of them on her channel including her own which is 80 / 20. She is a great UK personal finance YouTuber

https://youtu.be/D_YW73M7vsw

GlendaSugarbean

#12 - have tidied up the budget and transferred another few quid to the EF. Now standing at 390/5400

Dobbibill

GlendaSugarbean wrote: »

#12 - have tidied up the budget and transferred another few quid to the EF. Now standing at 390/5400

Well done - up to 7.22% now. You are really making regular progress.

Keep on keeping on.

skye_blue

Hi Skye Blue (new no 2) here

Please could you add £25 to my total (£1900)

I'm soooo happy that I have managed to keep this total growing a little each month along with my other commitments

Keep going everyone

Thanks Dobbi for keeping us in check and cheering everyone on

Dobbibill

skye_blue wrote: »

Hi Skye Blue (new no 2) here

Please could you add £25 to my total (£1900)

I'm soooo happy that I have managed to keep this total growing a little each month along with my other commitments

Keep going everyone

Thanks Dobbi for keeping us in check and cheering everyone on

Up to 63.33% - you are doing brill. A little here and a top up there, it's all adding up and plodding along quite nicely.