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3 - 6 month Emergency Fund Challenge (part 2)

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  • GlendaSugarbean
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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!
  • Dobbibill
    Dobbibill Posts: 4,138 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
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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 Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
  • datlex
    datlex Posts: 2,240 Forumite
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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).
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • Dobbibill
    Dobbibill Posts: 4,138 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
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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 Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
  • GlendaSugarbean
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    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_xx
    x_raphael_xx Posts: 4,341 Forumite
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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!!

    EF Challenger #3 £1009.83 / £5000
    MFW 2024 #100 £800.00 / £10,000

    MFiT #40 Jan 2025 Target - £99,999.00
    Mortgage at 30/09/22 £113,694.11 | Mortgage at 24/01/23 £110,707.87
    Mortgage at 21/04/23 £107,701.01 | Mortgage at 20/07/23 £106,979.65
    Mortgage at 04/10/23 £106,253.77 | Mortgage at 10/01/24 £105,324.57
    Mortgage at 01/04/24 £104,424.73 | Mortgage at 01/07/24 £
  • GlendaSugarbean
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    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_sewing
    Savvy_sewing Posts: 11,574 Forumite
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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.
  • Dobbibill
    Dobbibill Posts: 4,138 Ambassador
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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 Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
  • Debtnomoreplease
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    Currently £2600/10,000. #115

    Must regain strength to not spend as easily!!
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