3 - 6 month Emergency Fund Challenge (part 2)

Makingabobor2

#68 checking in.  Been having a bad time and had to use some of the EF...well that is what its for I suppose, but better if it wasn't used. Had to get a new (refurbished) phone. Anyway, we are now down to £160, so just feel like its starting all over again now. But at least both DH & me have a pay rise this month ( me with pensions and him with wages), so hopefully we might save a bit quicker now. 

lcc86

#79 checking in, new totals after payday £2,046.55. Need to knuckle down as have let things slip a bit and could've been higher.

lcc86

#79 adding £10 - £2,056.55.

Bossofmoney

Just checking in, first time in over a year.

I found a post of mine from December 2022 on here.

I have since completed the 0-12k challenge inside a year....but spent it all on our new house rennovations. 

We are completely debt free (except a disputed £260 utility bill from a previous property)

Business outgoings have shot up. But then again so has our income as a result. This is helping push us to another level.

My emergency fund currently sits at £1,000 - untouched. By the end of July I have budgeted to increase this to £3,000.
Along side this I have budget our (joint) bills account to be another month ahead of where its at. This means increasing the balance by £1,500. I have a few ideas on raising this £1,500 outside of my normal business. This would be by the end of July also.

Next step - by end of 2024 - 
The emergency fund to hit £5,000 where it will remain, untouched, in its own account. This really is for emergencies. An engine blowing up on a vehicle, emergency house repairs etc. 

Bills account (currently 1 month ahead, budget to be 2 months ahead by end of July) to then be 3 months (£4,500) ahead by end of the year. So we get to 31st December 2024 and we have January, Feb, March all covered for a reasonable stress free start to 2025. 

I love threads like these for support, motivation and to reflect back on to see how far we have come. All my goals are realistic but do depend on me being disciplined.

If we do fall short we're still closer and better off than we are right now. Lets go.

Dobbibill

Hi @Bossofmoney

Thank you for updating us.

As you didn't put a goal figure in back in 2022, it doesn't look like I ever gave you a number to report your progress against. 

Well done on getting to where you are, you have done amazing

I have now recycled a #number that was allocated but never used by another member so you are member #26 and I have updated your goal to £1000/£3000. 

Keep up the great work!

Always keep on keeping on. 

Dobbi

x_raphael_xx

#3 checking in

Some STC and top up pennies

£151.36 / £5000

x_raphael_xx

#3 Checking in
Little bit of schrapnel here & there. Mainly from STC. Also finally managed to put away a nice chunk from my monthly wages (there may be dark clouds on the horizon work-wise, so I need to get this EF built up asap, just in case)

£991.83 / £5000

jennystarpepper

44 - £50 please.

Slow progress as trying to clear mortgage.

Mant thanks Dobbi.

jennystarpepper

44 - £55.00

Slowly plodding on, making plans to increase target!

Thanks again Dobbi

Makingabobor2

#68 checking in. Not checked in for a long while, things were a bit up & down. EF is now up to £415/£1000.
We are able to throw slightly more at it each month now, so hoping to see it rise a bit quicker, and should be at £1K, well before the end of the year.   Once we get to £1K, I will be increasing the target.  Want to get it to at least £5K over time.  Hopefully we will have cleared mortgage by end of next year, currently making OPs. So once that's cleared we can concentrate on the EF and the other debts, which are now interest free and we are only making minimal payments on them at the moment, but always getting offered good F&F deals by creditors.
So its onwards & upwards