3 - 6 month Emergency Fund Challenge (part 2)

flutterby29

Dobbibill said:

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

Thanks Dobbi for your encouragement!

Having this buffer in the form of an emergency fund really helps prepare for life's unexpected moments and I am going to power on to reach this goal 😊

Betharooni

Hi

Can I join please?

I have joined the £1000 emergency fund challenge a few months ago but my goal is to build my emergency fund up to at least £5000. This would be a little less than three months salary at the moment. I have a few months left of paying off car finance and then intending to save hard for a house deposit. Alongside that I want a decent sized emergency fund.

I have currently saved £250 and have a standing order for £50 pm at the moment. Once car finance is cleared, I want to get my emergency fund up to the £1000 ASAP and will then have a bigger monthly standing order (probably around £100) to keep it building up.

Will be very slow progress, especially to start with, but am looking forward to the challenge.

B x

Scrimps

#22 checking in.
We've added another £1800 this month to take us to £7100.  No childcare costs this month and very little going out and spending.
Childcare is starting up again for us now so it will be less next month, looking at the forecast we should be done by Sept I hope.  Putting the money in premium bonds on payday so its not as easily accesable  to 'borrow' from has been really helpful to us.  I know we would be OK to last a few days without having instant access and when I see the money in a linked savings account I tend to feel more flush and therefore less careful.  Not being able to see it, I feel more skint and so am more careful still - I do occasionally have to remind myself to relax, we're doing alright, there is no debt, we're not on the brink....old habbits!

Hope youre all keeping and feeling well.  Keep safe.

nyc_451

#9       £2,600/£4,000

Aiming to save £200 monthly as this is what my loan instalments used to be, hopefully will hit the target in seven months.  

Hope you all are doing well during this time, several people I know are struggling on furlough due to reduced income. I have been furloughed too but managing just fine, except for the boredom! 

Dobbibill

Betharooni said:

Hi

Can I join please?

I have joined the £1000 emergency fund challenge a few months ago but my goal is to build my emergency fund up to at least £5000. This would be a little less than three months salary at the moment. I have a few months left of paying off car finance and then intending to save hard for a house deposit. Alongside that I want a decent sized emergency fund.

I have currently saved £250 and have a standing order for £50 pm at the moment. Once car finance is cleared, I want to get my emergency fund up to the £1000 ASAP and will then have a bigger monthly standing order (probably around £100) to keep it building up.

Will be very slow progress, especially to start with, but am looking forward to the challenge.

B x

Welcome aboard Betharooni - of course you can join.

Anyone who is adding to their EF in these challenging times is doing well.

Keep us updated on your progress, there's no rush and we all work at our own pace.

I've added you to the spreadsheet and you are member #39.

Keep on keeping on.

Dobbi

candiii

I'd like to join too please. Can you put me down for £5000 please?

Dandytf

Dobbibill said:

Dandytf said:

@Dobbibill
Please re add Dandytf.
New rules caught up with 1st emergency fund attempt, though lots of progress is being made during dmp final year or two.
Managed to keep 325 soon to be 375 pounds going into help2save years 3+4.
So If I'm re added, I'll consider 375 as my starting point.
t.i.a.

Welcome to the challenge Dandytf - you are member #37

Keep at it with the DMP, you can do it

Dobbi

Thanks, as years1+2 H2S i.e. help2save is been and gone.
Let's begin to use years3+4 as E.M.F. £425+50 soon.

Dobbibill

candiii said:

I'd like to join too please. Can you put me down for £5000 please?

Welcome to the challenge candiii. You are member #40.

Keep us updated on your progress and any challenges. We'll all be cheering you on from the side-lines.

Dobbi

triple_choc_chip

Another payday, another saving.  #34 now up to £2200.
Enjoy the lovely weather this weekend, everyone 

flutterby29

Hi Dobbi,
#38 checking in - I've topped up my emergency fund to £4,100 this month :-)
Feel I am on the home straight for 5,000 for August. 

Thank you