Emergency fund and budgeting

PM22

Hi, 
I had my light bulb moment when I lost my job in April. Thanks to a small windfall and some overtime I am on track to have £1,000 for my emergency fund by 29th August. 

The last time I had £1,000 was when I was 18, I am now 46. 

I have been staying in religiously budgeting and re adjusting my budget as necessary, all bills are paid. 

I have sent first token payments to PayPlan and 2 of my debts have been sold. I’m waiting to hear if creditors have accepted token payments until January. 

All of this was initially tedious, boring and uncomfortable but I really have made a great start and this forum has been a lifeline. 

I’m going to add to my savings a tiny amount each month. I actually feel happy today and can see the light at the end of the tunnel. 

Splash21

It's never too late! Congratulations on the £1,000! Hide it somewhere you can access it but not tempt you to spend it, you're in control now.

Looking forward to your positive progress and updates! 

EssexHebridean

Well done! Time to start a debt-free diary if you've not already done it, perhaps? 

foxgloves

It's never too late to reform our poor financial habits, @PM22. I was also 46 when we paid off the last chunk of our 35k debt. As I've mentioned in my MSE diary thread, that included an overdraft which I'd had permanently since the age of 19 !! Mr F a bit younger than me, but had more debt, as he hadn't had as many parental bail-outs as me. Neither of us would ever willingly return to borrowing & debt as we feel much more in control with a regular budget, tweaked over the years to meet our needs. I used to tell myself I didn't earn enough to save (which was utter rubbish!) but now appreciate the value of money. Even £20 put aside each month starting in Jan would have been a welcome £240 by the following year, but the truth of it is that we only change when we are ready to do so. Yes, I wish I'd had my LBM in my 20s,instead of my early 40s, but I can't do anything about that now. 46 was my debt-free year & I'm just glad I did finally come to my senses. Am very keen budgeter now.
Good luck!
F

enthusiasticsaver

It is good you feel more in control now.