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3 - 6 month Emergency Fund Challenge (part 2)

edited 30 November -1 at 1:00AM in Debt-free Wannabe Challenges
416 replies 31.8K views
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  • GlendaSugarbeanGlendaSugarbean Forumite
    689 posts
    500 Posts First Anniversary Photogenic
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    Can I join please?

    CC due to be cleared in a couple of months, then I can really concentrate on my EF, along with OP the mortgage.

    3 months of expenses would be £5400 - my EF currently stands at £230 so I have a way to go!
  • DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
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    Afternoon,

    I was #65 on the previous thread and I’m happy to be shuffled up the way when you get round to sorting the numbers out at the end of the month.

    Can I please amend my target to £3000 as my original target of £9000 is far too ambitious!

    I’m currently sitting at £1,099.55. I did have more but spent some of it oooops.

    I think I need more spending pots for this year. I have a few for expenses such as home insurance, but generally when the little one or I need new clothes etc I end up dipping into the EF which is not what it should be for.


    Hi swimminginaseaofdebt,

    I've amended your goal and also marked you down as 'happy to shuffle number' :D

    You are doing really well and already passed the 35% mark. Good luck with the new additional pots.


    Can I join please?

    CC due to be cleared in a couple of months, then I can really concentrate on my EF, along with OP the mortgage.

    3 months of expenses would be £5400 - my EF currently stands at £230 so I have a way to go!


    Welcome aboard GlendaSugarbean, you are #12and already passed the 4% mark so off to a good start.

    We'll all be cheering you on from the sidelines so keep us updated with all the progress and any challenges too.



    Dobbi :D
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • datlexdatlex Forumite
    2.1K posts
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
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    I am starting again. I used my money as a deposit to buy a property! Means no more renting. Long term thinking.

    My 3 month goal is £2500 (will cover mortgage plus bills) 6 months will be £5000. (I have £1500 in my emergency fund).
    Sealed Pot Challenge no 37, Attempting Frugal Living. Became debt free at the end ot 2016. Used savings from becoming debt free to put a deposit on a bungalow last year now working on becoming Mortgage free by overpaying. (without overpayment MFW date is 2036)
  • DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
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    datlex wrote: »
    I am starting again. I used my money as a deposit to buy a property! Means no more renting. Long term thinking.

    My 3 month goal is £2500 (will cover mortgage plus bills) 6 months will be £5000. (I have £1500 in my emergency fund).


    Welcome back datlex :hello:
    You did brilliantly last time reaching your target and what an excellent reason to use it. Congrats on the house purchase. :j
    I've updated your goal and progress and kept your number #87 but may shuffle you up at the end of January (depending on how many numbers become free ;) )
    Keep on keeping on.
    Dobbi
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • GlendaSugarbeanGlendaSugarbean Forumite
    689 posts
    500 Posts First Anniversary Photogenic
    ✭✭
    Thank you Dobbi!

    Thinking about it in terms of percentages is really helpful. £5400 sounds unattainable but another £54 is much more doable :)
  • x_raphael_xxx_raphael_xx Forumite
    3.9K posts
    Part of the Furniture 1,000 Posts Photogenic Debt-free and Proud!
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    Greetings all!

    Have made the first payment into my EF fund today.
    £10.48 - Last years piggybank savings
    £5.00 - Scratchcard winnings (bf bought a card & won £4.00 then gave it to me, mm gifted me some scratchies for my b'day, won £1.00)
    £46.79 - Extra wages from overtime.

    £62.27/£5000
    Debt Free as of 17/01/2009 Turtle Power!!
    Julys NSD's - 16/31 / EF Challenger #3 £4475 / £5000
  • GlendaSugarbeanGlendaSugarbean Forumite
    689 posts
    500 Posts First Anniversary Photogenic
    ✭✭
    Oven went bust :mad:. I've managed to cover it from house funds rather than the EF, but it highlights how important it is to build up our savings now we own our house. Those mortgage OPs will have to wait :(

    Still at £230/£5400 by the skin of my teeth!
  • Savvy_sewingSavvy_sewing Forumite
    11.5K posts
    Part of the Furniture 10,000 Posts Rampant Recycler
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    I had a major change of plans.
    I have decided to clear all of my debts by June so I used my emergency funds to do that.
    So I am back down to £20 keeping the account open.
    It will be towards the end of the next quarter before I imagine that I will be able to start putting money away again.
    When I die I will know that I have lived, loved, mattered and made a difference, even if in a small way.
  • DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
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    Mooloo wrote: »
    I had a major change of plans.
    I have decided to clear all of my debts by June so I used my emergency funds to do that.
    So I am back down to £20 keeping the account open.
    It will be towards the end of the next quarter before I imagine that I will be able to start putting money away again.


    It's great that you had some emergency funds to use for the debts.

    We'll look forward to you rejoining by/before June with a shiny new number.
    All the best with debt-busting Mooloo - you can do this ;)
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • Currently £2600/10,000. #115

    Must regain strength to not spend as easily!!
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