Past gambling issues debts and one big loan

Willing2Learn

Shadowhound202 wrote: »

... in regards to the emergency fund, is this something I should add too each month or just keep at the same amount each month

If it were me, I would be looking to the let the Emergency Fund gradually grow, so that it can become a six-month buffer. The exact amount you can contribute toward the EF on a monthly basis, would be up to you...

Shadowhound202

Willing2Learn wrote: »

If it were me, I would be looking to the let the Emergency Fund gradually grow, so that it can become a six-month buffer. The exact amount you can contribute toward the EF on a monthly basis, would be up to you...

Excellent idea thank you W2L ☺️

xebruary

Personally I would not grow the emergency fund to six months' outgoings before clearing the loan. I would keep around £1,000 and pay down the loan with any spare money - the extra £4,000 (compared to the £5,000 emergency fund that SusieT proposed) would save £456 in interest every year by being paid off the loan. This is, of course, assuming that the loan allows overpayments (and that your savings are earning 1.5% interest).

[Deleted User]

xebruary wrote: »

Personally I would not grow the emergency fund to six months' outgoings before clearing the loan. I would keep around £1,000 and pay down the loan with any spare money - the extra £4,000 (compared to the £5,000 emergency fund that SusieT proposed) would save £456 in interest every year by being paid off the loan. This is, of course, assuming that the loan allows overpayments (and that your savings are earning 1.5% interest).

Given the OP lives at home I would agree. It's unlikely the OP will have to pay out for a boiler repair/new washing machine etc in the near future.