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  • FIRST POST
    • threepenny bit
    • By threepenny bit 8th Oct 17, 8:17 PM
    • 214Posts
    • 1,778Thanks
    threepenny bit
    where to find an emergency fund
    • #1
    • 8th Oct 17, 8:17 PM
    where to find an emergency fund 8th Oct 17 at 8:17 PM
    Hi all - I am trying to pay off debts and get my credit cards down but I am really struggling to have a separate emergency fund as well.
    How do other people start to get their EF? I was wondering about using any sales I have for it rather than putting it on the visa but then I think that the interest I pay on visa outweighs putting the money aside lol!
    Any tips would be great!!
    1st challenge to pay CC (JV1) 0/$2100 updated
    Christmas 2018 challenge 50/600
    Work on selling items and decluttering
Page 1
    • Ilona
    • By Ilona 11th Oct 17, 1:38 PM
    • 2,102 Posts
    • 7,191 Thanks
    Ilona
    • #2
    • 11th Oct 17, 1:38 PM
    • #2
    • 11th Oct 17, 1:38 PM
    My emergency fund builds up naturally in the bank because my outgoings are less than my incomings. I do not consciously put money aside for it. I just spend less than I earn.

    An emergency fund can be as little as £100, or more if you have some spare that you can squirrel away. Even saving £10 or £20 a week is better than nothing.

    Depends how you prioritize your spending. If your debt is substantial you may wish to live as frugally as you can and throw every penny at it. Or you may want to keep a little bit back for treats and pay down your debt over a longer period of time.

    If you have an old car you might want to put money aside to cover for breakdowns, tyres, and things going wrong with it. If your household appliances are getting on a bit you might want to put cash aside in case the washing machine packs up.

    Doing a Statement of Affairs might be the first step. Writing down all your incomings and outgoings, and keeping a spending diary, so you know where your money is going. Have a look at the Debt Free Wannabe board, lots of people on there to help.

    Ilona
    I love skip diving I've had some brilliant finds in skips, people throw out all sorts of useful stuff. I'm not afraid to knock on someone's door and ask if I can take something out of their skip. They always say that's ok, help yourself.
    • missile
    • By missile 11th Oct 17, 2:53 PM
    • 9,535 Posts
    • 4,753 Thanks
    missile
    • #3
    • 11th Oct 17, 2:53 PM
    • #3
    • 11th Oct 17, 2:53 PM
    ... I just spend less than I earn.
    Originally posted by Ilona
    That is the only way
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • beanielou
    • By beanielou 14th Oct 17, 10:09 AM
    • 55,513 Posts
    • 222,863 Thanks
    beanielou
    • #4
    • 14th Oct 17, 10:09 AM
    • #4
    • 14th Oct 17, 10:09 AM
    Could you save even £10 a month with a credit union?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • robin58
    • By robin58 24th Oct 17, 1:50 AM
    • 2,494 Posts
    • 2,891 Thanks
    robin58
    • #5
    • 24th Oct 17, 1:50 AM
    • #5
    • 24th Oct 17, 1:50 AM
    Biggest tip is just start one.

    £1 a week won't kill your finances.

    Or buy 1 less Starbucks coffee a week and put that saved cash in the fund.

    BUT whatever you don't dip into it for frivolous things. It's the rainy day account.
    The more I live, the more I learn.
    The more I learn, the more I grow.
    The more I grow, the more I see.
    The more I see, the more I know.
    The more I know, the more I see,
    How little I know.!!
    • Chrisblue1962
    • By Chrisblue1962 11th Nov 17, 4:01 PM
    • 1,147 Posts
    • 1,831 Thanks
    Chrisblue1962
    • #6
    • 11th Nov 17, 4:01 PM
    • #6
    • 11th Nov 17, 4:01 PM
    My tip... set up a savings account which also comes with ATM card with somebody you currently don't have an account with. Every month pay something in, even if it's only £1.00 per month and then don't look at account online or touch it AT ALL.....EVER....unless it is a cast-iron 100% emergency.

    As your finances improve, slowly increase the monthly amount as your priority at this stage is a credible budget and debt reduction. Once your debts are repaid, you can start saving proper.

    Friday night Pizza or beer is not "an emergency"
    Last edited by Chrisblue1962; 11-11-2017 at 5:43 PM. Reason: typos
    DFW'er - Lightbulb moment : 31st July 2009 - £18,499
    26th December 2017 -
    £14,554.00 - 21.3% paid off.
    Demolishing my House of Debt.. one brick at a time!!
    Thinking of spending???..YNAB says "NO!!!!"


    • missile
    • By missile 11th Nov 17, 10:51 PM
    • 9,535 Posts
    • 4,753 Thanks
    missile
    • #7
    • 11th Nov 17, 10:51 PM
    • #7
    • 11th Nov 17, 10:51 PM

    Friday night Pizza or beer is not "an emergency"
    Originally posted by Chrisblue1962
    ................
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • threepenny bit
    • By threepenny bit 6th Dec 17, 1:04 AM
    • 214 Posts
    • 1,778 Thanks
    threepenny bit
    • #8
    • 6th Dec 17, 1:04 AM
    • #8
    • 6th Dec 17, 1:04 AM
    Thanks for your tips and ideas everyone - I have set up a separate tax free savings account with my bank and have online access. If I have a couple $ left at the end of the month I just add it in. We are able to take cans and bottles back for deposit and I put that in too lol! I wont get a big amount anytime soon but it is certainly starting to build.
    1st challenge to pay CC (JV1) 0/$2100 updated
    Christmas 2018 challenge 50/600
    Work on selling items and decluttering
    • Litchielou
    • By Litchielou 22nd Dec 17, 7:57 PM
    • 133 Posts
    • 626 Thanks
    Litchielou
    • #9
    • 22nd Dec 17, 7:57 PM
    • #9
    • 22nd Dec 17, 7:57 PM
    I sell things on eBay and any money I make after fees goes into a savings account.
    All my items are on the cheap side and I get free listings. so not great profits are made but it's building up nicely.
    As hubby says if I take your photo your being sold.
    • Murphybear
    • By Murphybear 8th Jan 18, 6:15 PM
    • 3,613 Posts
    • 7,396 Thanks
    Murphybear
    My tip... set up a savings account which also comes with ATM card with somebody you currently don't have an account with. Every month pay something in, even if it's only £1.00 per month and then don't look at account online or touch it AT ALL.....EVER....unless it is a cast-iron 100% emergency.

    As your finances improve, slowly increase the monthly amount as your priority at this stage is a credible budget and debt reduction. Once your debts are repaid, you can start saving proper.

    Friday night Pizza or beer is not "an emergency"
    Originally posted by Chrisblue1962
    Hereís my money saving pizza loving tip. Sainsburys do really nice bases which taste like proper bases £1.60 for 2. 1 can of chopped tomatoes cooked down with a bit of sugar, tomato paste, oregano, garlic, whatever you like, lovely tomato sauce for 2 bases. Bung any old bits of cheese, whatever you have in the fridge and odd bits of veg, ham etc. Makes really delicious and very cheap pizza

    Donít drink beer so my tip would be, whatever is left over from Christmas
    • makemesumdosh
    • By makemesumdosh 14th Jan 18, 7:09 PM
    • 315 Posts
    • 90 Thanks
    makemesumdosh
    f you use online shopping join cashback sites.
    Do shopping as normal but sign in via topcashback or quidco.

    if your not a member get someone to refer you.
    you get extra money or gift cards.
    ive made over £1500 doing this
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