3-6 Month Emergency Fund Challenge!!

edited 20 November 2018 at 11:11AM in Debt-free Wannabe Challenges
2.1K replies 240.8K views
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  • Thank you for my number dreamer! there probably won't be a lot more added to my fund running up to christmas but every little extra i get I'm throwing at it :)
    DEBT FREE 08/2015 :j EF #60: £1000/£1000 :j 3-6 EF #5 £3000/£3000

    Next Steps:
    1. Car Fund: £5835.75 / £5000 (116.72%)
    2. House Deposit Savings:£0/£35,000 (0%)
  • stewbystewby Forumite
    1.2K Posts
    Debt-free and Proud!
    Hiya.

    This is a great idea.

    I had a similar realisation when my brother was told he might be made redundant (thankfully they redeployed him to another job). I suddenly realised that if either myself or my partner lost our jobs then we would lose everything.
    We have no emergency fund at all. It was quite an eye-opener as it was something I had never considered before.

    Could you add me in at number 8, if possible (lucky number)?? I won't be starting straight away as am currently fighting my credit card debt with every penny I have but will start this in January if that is okay??
    Love the idea of another challenge after getting rid of the debt.

    Step one is just for £2000 (starting small). This is just to give us a baseline emergency fund as we don't have one at all.
    :eek:

    Once we have this then I will continue saving until we have as much as we can saved.
    I will class our 3 month goal as £6000 as we need £2000 jointly a month to keep us going. I would hope that both of us don't lose our jobs at the same time but this would at least keep our bills paid if the worst was to happen.

    But first off... aiming for £2000 from January 2016.
    :D

    Good luck to everyone else and thanks for a great challenge idea dreamer helen.
    :)
    Mortgage: £0/£80,329.91
    Savings: £0/£6400
    :love:
  • DreamerHelenDreamerHelen Forumite
    2.6K Posts
    Part of the Furniture Combo Breaker I've been Money Tipped!
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    Sophieo16 don't worry, my EF will be going up very slowly as well....It's not about how long it takes, just that we all get there in the end.... :)


    Stewby....no problem....Have added you in as Number 8 and put your Goal as £2000....I know you can do it!!


    I haven't got my Terramundi yet but I'll be putting £5 aside this morning (when I've been to the Bank) for this Emergency Fund.... :D
  • LittleMissDeterminedLittleMissDetermined Forumite
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    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
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    I'm just waiting for my savings account to be opened and then we will start this off. Hopefully should only take a week :D ( to open the account, not reach my goal haha)

    LMD x
    Life gets in the way...PADding is addictive... Saving's better than spending...
    My debt free diary - Third time's the charm
    3-6 EF challenge #53 | SPC #017
    CC#1 £0 | CC#2 £0 | CC#3 £0 | CC#4 £4833.21 (0%) | CC#5 £0 | CC#6 £0 | CC#7 £8700 (0%) ...TOTAL £41244 £13533.21
  • DreamerHelenDreamerHelen Forumite
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    Part of the Furniture Combo Breaker I've been Money Tipped!
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    LoL LittleMissDetermined ..... I wish it would take me a Week to complete my Goal!! :D Keep it going hun...you CAN do this!!


    I forgot to say that I'm moving this Weekend and my Internet/Phone/TV Services are being cut off today....very shortly in fact.....so I won't be able to reply to anyone until Saturday....Just to let you all know that I haven't abandoned the Thread....!! :)


    Speak to you all on Saturday xXx :)
  • DobbibillDobbibill Forumite, Board Guide
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    Seventh Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
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    Good luck with the move DH - I hope it all goes smoothly for you.

    Don't forget to pack the 'kettle' or 'refreshments' last so they are on the top for unpacking :D


    DB
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
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  • crv1963crv1963 Forumite
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    Seventh Anniversary 1,000 Posts Name Dropper
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    Hi Dreamer Helen, would you add me please? I think it'll take me ages too! In monetary terms 3months would be £7800, 6 months would be £15600 to cover mine and my wife outgoings!


    I've never focused on saving before so will concentrate efforts on Patman99 £1000 EF challenge as my priority then getting rid of CCs and loans! So other than a nominal deposit to open this saving fund account it will definitely be a slow process.


    To start me off I've decided to try the £10 a day challenge, plus putting £2 coins in a terramundi my gorgeous wife bought me two years ago!!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • LittleMissDeterminedLittleMissDetermined Forumite
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    Morning! And Happy Friiiiidaaaaaaay!! :j

    I've just realised my new saver is open for this challenge so I've put £30 in there to kick me off.

    Not much, but it's better than looking at a zero balance!

    LMD x
    Life gets in the way...PADding is addictive... Saving's better than spending...
    My debt free diary - Third time's the charm
    3-6 EF challenge #53 | SPC #017
    CC#1 £0 | CC#2 £0 | CC#3 £0 | CC#4 £4833.21 (0%) | CC#5 £0 | CC#6 £0 | CC#7 £8700 (0%) ...TOTAL £41244 £13533.21
  • DreamerHelenDreamerHelen Forumite
    2.6K Posts
    Part of the Furniture Combo Breaker I've been Money Tipped!
    ✭✭✭✭
    Morning Everyone :)


    Crv1963...Welcome to the Party ;) Don't worry if it takes a long time....It will definitely take me a long time too!!


    Hey LittleMissDetermined...you're doing a cracking Job already ;)


    Nothing to Report...thought I could start off my Emergency Fund this Week but it's going to be next Week instead....Need everything I can lay my hands on this Week for the Move....I'm now in my new Flat but no bed or Wardrobe or stuff like that...that's all being moved later this morning....xXx :)
  • mothernerdmothernerd Forumite
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    Seventh Anniversary 1,000 Posts Name Dropper Debt-free and Proud!
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    Could I join you please. I am currently re-assessing my priorities. I still have debt but the past two years have shown how much I need an emergency fund. I have one or two things to sort out first but hope I can put away between £50 and £100 per month (possibly from January). I think I should start with a target of £1000.
    My mission in life is not only to survive,but to thrive and to do so with some Passion, some Compassion, some Humour and some Style.
    NST SEP No 1 No Debt No mortgage
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