3 - 6 month Emergency Fund Challenge (part 2)

lindez

Can i join please 

Dobbibill

lindez said:

Can i join please 

Hi lindez, 

Welcome aboard - you are very welcome to join. 

What goal are you aiming for?

Dobbi

ditty1234

Right I just have to fez up and explain:
As this is turning out to be a very expensive beginning to the month I had to take money out of my housing isa, which made me really sad.
It is now £1760.
I decided to leave a bit in my emergency fund, as I need money in there rather than have to raid my housing savings. so emergency fund is £. But that should be enough of a lift to get me through the month.

claremylove

My November DD of £25 has gone out so that took my total in premium bonds to £1,377. 

Then I emptied my pots from 2 other challenges that I'd completed which came to just over £1000 and resisted the temptation to buy something that I'd earmarked that money for all year, and banked that money as well - well it was a want and not a need!

So that means #48 is now up to £2,377  . 

Dobbibill, can I increase my target to £3,000 please? 

Dobbibill

claremylove said:

My November DD of £25 has gone out so that took my total in premium bonds to £1,377. 

Then I emptied my pots from 2 other challenges that I'd completed which came to just over £1000 and resisted the temptation to buy something that I'd earmarked that money for all year, and banked that money as well - well it was a want and not a need!

So that means #48 is now up to £2,377  . 

Dobbibill, can I increase my target to £3,000 please? 

Target was smashed with 118% Well done

Target now amended so sitting on a comfy 79.23%. 

Keep on keeping on

Dobbi

claremylove

Thanks Dobbibill

Feels good to have some funds behind me in case of need.

Slow and sure progress!

Its_time

Hello, please can I join in?

Dobbibill

Its_time said:

Hello, please can I join in?

Hi Its_time - welcome to the challenge. Of course you can join. 

Let me know your goal and I will add it to the spreadsheet. You are member #59.

Welcome aboard and always keep on keeping on. 

Dobbi   

Its_time

Thank you so much!  Since coming back to the boards and being advised by some lovely people, I have been trying to establish an emergency fund, I had no idea what sort of amount I would need.  After reading this thread I am going to start with a 3 month goal which would be £6000, I am not sure today if that's an accurate figure but would be an enormous step in the right direction, I suspect this will take me quite some time.

WinterWarrior

Its_time said:

Thank you so much!  Since coming back to the boards and being advised by some lovely people, I have been trying to establish an emergency fund, I had no idea what sort of amount I would need.  After reading this thread I am going to start with a 3 month goal which would be £6000, I am not sure today if that's an accurate figure but would be an enormous step in the right direction, I suspect this will take me quite some time.

Dave Ramsey suggests a £1000 emergency fund (translating from USD, but a nice round amount) until debts are cleared and only then move on to the 3-6 months expenses fund. The smaller fund is for unexpected emergencies, repairs, etc. If you break into it, then build it back up and then move back to hammering the debts. The logic is that you aren’t saving over paying interest (thereby going backwards) and the buzz you get from snowballing debts and clearing them down keeps you focused. Does that help?
just to add..mr Ramsey isn’t for everyone, but I think he talks some sense.