3 - 6 month Emergency Fund Challenge (part 2)

MummyRivett

Good Morning All,

After mentioning in my last post that this month’s pay would be considerably lower due to being furloughed, I had budgeted less into the EF pot for May.  However, a blip during the payroll process meant that I was paid my usual amount today.  I have flagged it and the amount  should come out in June.
This is means I have added more to the EF this morning, so I am happy to report a transfer of £813.03 into the Pig 🐷 💰.  This is £700 plus £113.03 left over in my current account from last month.

@Dobbibill please update the sheet  (#8) £1646.03 / £12,000

Thank you

triple_choc_chip

As I’m not spending on anything other than food, I’ve re-arranged my savings pots and added to my dire emergency pot to round it up to £2000.  I’m #34.  Now I’m off to re-arrange pots in the garden to make the most of this weather 

ponypal

Put in £100 on payday then had to take out £100 from the fund for a vet bill. At least I could use it for the emergency intended! still on a balance of £100.

nyc_451

Can I please update my goal? 

#9   £2,400/£4000

Since the interest rates have fallen a lot recently, it's not worth holding the money in a savings account and have debt at the same time. So I've paid off my almost 5k debt this morning and will now aim to save up 4k which would be my emergency fund for 4 months. 

 

Dobbibill

blue_mango said:

Can I please update my goal? 

#9   £2,400/£4000

Since the interest rates have fallen a lot recently, it's not worth holding the money in a savings account and have debt at the same time. So I've paid off my almost 5k debt this morning and will now aim to save up 4k which would be my emergency fund for 4 months. 

 

All updated on the spreadsheet for you blue_mango.

Well done paying off a huge chunk of debt. I'm sure saving your goal won't take you long - you did fantastically to reach it previously so we know how dedicated you are.

Keep on keeping on.

Dobbi

MummyRivett

blue_mango said:

Since the interest rates have fallen a lot recently, it's not worth holding the money in a savings account and have debt at the same time. So I've paid off my almost 5k debt this morning and will now aim to save up 4k which would be my emergency fund for 4 months. 

 

Well done @blue_mango it is a great feeling when you are debt free and you are well on your way to your emergency fund goal.  Well done, keep up the great work.
Leanne

MummyRivett

ponypal said:

Put in £100 on payday then had to take out £100 from the fund for a vet bill. At least I could use it for the emergency intended! still on a balance of £100.

That's what it's there for.  Don't worry, ours had a knock too at the beginning of Lockdown, we have started again saving up the Emergency Fund.  It's great to have a place to come and talk about it knowing we are focused on the same goal. 
Leanne x

MummyRivett

triple_choc_chip said:

As I’m not spending on anything other than food, I’ve re-arranged my savings pots and added to my dire emergency pot to round it up to £2000.  I’m #34.  Now I’m off to re-arrange pots in the garden to make the most of this weather 

I think that this is best thing to come out of Lockdown, we are in the same boat and have only spent money on food.  Although I did dip into our White Goods Sinking Fund to purchase a chest freezer at £149 so we can have more storage for freezing and save some money.

flutterby29

Hi Dobbibill,
can I join this challenge too please?
my goal is 5-6 months of expenses, £5,000.

Im starting with £3,445 already saved but need the motivation to keep going!
I can put away between 250-500 each month to this at the moment, should reach my goal in 3-6 months. I'm aiming for August 2020.
thank you xx

Dobbibill

flutterby29 said:

Hi Dobbibill,
can I join this challenge too please?
my goal is 5-6 months of expenses, £5,000.

Im starting with £3,445 already saved but need the motivation to keep going!
I can put away between 250-500 each month to this at the moment, should reach my goal in 3-6 months. I'm aiming for August 2020.
thank you xx

Welcome aboard flutterby29 - of course you can join.

I've added you to the spreadsheet - you are #38 and sitting on a comfortable 68.90% so far - well done

Keep us updated with your progress.

Keep on keeping on.

Dobbi