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  • FIRST POST
    • patman99
    • By patman99 3rd Oct 14, 10:35 PM
    • 8,312Posts
    • 9,930Thanks
    patman99
    The £1,000 emergency fund challenge.
    • #1
    • 3rd Oct 14, 10:35 PM
    The £1,000 emergency fund challenge. 3rd Oct 14 at 10:35 PM
    For the idea for this after listerning to the 'Dave Ramsey Show'.

    The idea is to accumulate an emergency fund of £1,000 sitting in a Bank account just in case of emergencies.

    You must not leave yourself short in order to reach your goal.

    Members-
    #1 Patman99 .................................................. ..#2 Hummingbird
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    #77 Meezel ...............................................#78 rising from the ashes
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    #273 Debtfreeby2020 ...............................#274 Debtfreewannabme
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    #295 thistimearound .............................#296 Mondaynitelive
    #297 Dreambig19 .................................#298 thistimearound
    #299 lykkelig ........................................#300 Betharooni
    #301 MrsD18 .......................................#302 Welshywoo
    #303 2goals2get2 ..................................#304 MidsHollie
    #305 candiii ...........................................#306 ditty1234
    #307 MoneysavingmadGem .................#308 Naomin


    This list is correct as of 23/11/19.

    This Forum tip was included in MoneySavingExpert.com's weekly email!
    If you havenít already, join the forum to reply.
    Last edited by patman99; 07-12-2019 at 10:26 PM. Reason: List got 'lost'.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)

    3-6 month EF £0/£3600 (that's 0 days worth)

    Do you/your spouse earn less than £197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
Page 157
    • patman99
    • By patman99 16th Nov 19, 7:44 PM
    • 8,312 Posts
    • 9,930 Thanks
    patman99
    Congrats to our 300th member who is Betharooni.


    Also, a big welcome to member #301, MrsD18.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)

    3-6 month EF £0/£3600 (that's 0 days worth)

    Do you/your spouse earn less than £197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • Betharooni
    • By Betharooni 16th Nov 19, 9:39 PM
    • 40 Posts
    • 210 Thanks
    Betharooni
    Thanks Patman
    • Thistimearound
    • By Thistimearound 17th Nov 19, 2:54 PM
    • 28 Posts
    • 52 Thanks
    Thistimearound
    Rounded down my account and sent it across to EF making my total so far £252.43 / £1000
    • MrsD18
    • By MrsD18 18th Nov 19, 9:54 AM
    • 13 Posts
    • 77 Thanks
    MrsD18
    Thanks for adding me Patman!

    My Save the Change is going well, and have been sending all my survey earnings into the EF, now up to £549.01. The big Prolific surveys seem to have slowed down now but hopefully will be able to break the £550.00 barrier by this evening.
    • welshywoo
    • By welshywoo 18th Nov 19, 10:15 PM
    • 57 Posts
    • 264 Thanks
    welshywoo
    Hi I'm looking for a new challenge and accountability for saving for 2020 so could I join the challenge?
    #8 £2 Savers Club 2020: £88/£250
    #2 Saving for Xmas 2020 £1 a day: £17/£366
    #057 Sealed Pot Challenge: £33.59/£150
    *Mortgage free & Almost Debt Free*
    Learning to be a better custodian of Money
    • Thistimearound
    • By Thistimearound 22nd Nov 19, 1:11 PM
    • 28 Posts
    • 52 Thanks
    Thistimearound
    Hi, can I update EF to £295/ £1000
    • 2goals2get2
    • By 2goals2get2 22nd Nov 19, 10:53 PM
    • 21 Posts
    • 42 Thanks
    2goals2get2
    I have got to £90 now, so will hit 10% soon. Painfully slow.

    I am doing yougov surveys and have hit the halfway mark, I do wish they would pay out at 25!
    Sealed Pot Challenge #135
    £1000 Emergency Fund Challenge #303
    Debt total 10317/11768 Emergency fund £110
    • MidsHollie
    • By MidsHollie 23rd Nov 19, 7:32 AM
    • 20 Posts
    • 61 Thanks
    MidsHollie
    Hi there,
    Can I join this challenge? I have a fair amount of debt, most at 0% but £1600 at I think about 20% apr. And no emergency fund, although Iím lucky in having quite a bit of disposable income each month so have never stressed too much about not having an emergency fund - my credit cards have been my EF (lack of budgeting has got me in to this mess).
    Would people recommend building EF first, or paying off high interest CC first? I know what Dave Ramsey says, but Iím sure there are pros and cons to each!
    Thanks
    • patman99
    • By patman99 23rd Nov 19, 10:53 PM
    • 8,312 Posts
    • 9,930 Thanks
    patman99
    Welcome to our new members who are -
    #302 welshywoo
    #303 2goals2get
    #304 MidsHollie


    When I started this challenge off back in the day, I never dreamt I would get 100 fellow travellers on the same journey, let alone the 304 we now have.


    Back then, I was starting a stint on a rolling contract and was monthly paid. Now, 5 years and several jobs later, I'm very close to being mortgage free (once my flat has sold and my spouse has got her inheritence, we can buy out my brother's 50% of our deceased parents house).
    Last edited by patman99; 23-11-2019 at 10:58 PM.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)

    3-6 month EF £0/£3600 (that's 0 days worth)

    Do you/your spouse earn less than £197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • candiii
    • By candiii 24th Nov 19, 11:42 AM
    • 3 Posts
    • 4 Thanks
    candiii
    I'd like to join please
    Common sense is not common

    £2 Savers Club 2020 #7 - £0/£250
    £1000 Emergency Fund #305 - £0/£1000
    • MidsHollie
    • By MidsHollie 25th Nov 19, 9:33 PM
    • 20 Posts
    • 61 Thanks
    MidsHollie
    I've just added £49.99 to an old savings account that had a penny in it and renamed it to my Emergency Fund. I have kept a bit in my current account as I have a long car journey later in the week and a day where I'm out of the house and on my feet for the whole day, so will need some money for both of those things.

    I was debating whether I should wait to build an EF until after I've paid off all my debt, but I've decided that I need some level of emergency fund,even if I use it more for big things that I haven't yet budgeted for, just until I get in the swing of budgeting.
    • Thistimearound
    • By Thistimearound 26th Nov 19, 7:37 AM
    • 28 Posts
    • 52 Thanks
    Thistimearound
    Transferred £5 across to EF making my total £300/1000. It's creeping up gradually
    • MrsD18
    • By MrsD18 26th Nov 19, 10:31 AM
    • 13 Posts
    • 77 Thanks
    MrsD18
    Thank you for starting this all those years ago Patman, you are an inspiration and it is really good to see how things can turn around!

    I have been struck down with a virus and have had very little motivation this week, only added a few pounds so I am up to £556.49. It is amazing how quickly a few pence here and there really starts to add up!
    • ditty1234
    • By ditty1234 26th Nov 19, 5:22 PM
    • 390 Posts
    • 2,891 Thanks
    ditty1234
    Can I join please due to over stretching my EF is gone, and it is really stressing me out. I am down to my last £10 again, and it can't keep happening.
    So I am starting w a big sad £0/1000
    LBM Jan 2019 - £25.928/-£24.260 6% paid off - EF £1.08 Dec 2019
    • patman99
    • By patman99 26th Nov 19, 8:49 PM
    • 8,312 Posts
    • 9,930 Thanks
    patman99
    Welcome to our two new members.
    #305 candiii
    #306 ditty1234
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)

    3-6 month EF £0/£3600 (that's 0 days worth)

    Do you/your spouse earn less than £197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • ditty1234
    • By ditty1234 27th Nov 19, 4:31 PM
    • 390 Posts
    • 2,891 Thanks
    ditty1234
    Hi Its me back already:
    While what I will mainly be reporting here is my EF but before I start I will tell the whole story:
    I now have 3 savings account in one bank and one in an other bank. The 'other bank is where sale from FB etc goes and is my pretend holiday account. But I just had to empty it as I have to get gas to go to work tomorrow.

    I left 0.60 on the account, but Ideally I would like to add £5 for each day I work in my supply job as I need money for a family trip next summer and next Christmas.

    My new account today is a Isa help to buy account - and I will try to put £10 in it a month - I won't get a mortgage anytime soon or ever, but it doesn't hurt to try.

    Additionally I've got an everyday saver - this needs to be my budget account to save up for bigger bills and upcoming stuff. It worked over the summer, but then my car ... and other things.

    Last and best is my EF where I put £50 in on a transfer every month, the trick is to not touch that money - otherwise I might just as well leave all in Current account. I will try the trick with moving over pennies when I remember - I am just suspecting it might be better if my savings was with an other bank - so I don't see the money all the time. The idea is to have more of a buffer so I don't live hand in mouth.

    Any ways good intentions. I just ut £1 in each account for good luck and still have £10 for gas.

    SO EF is now £1.08.
    LBM Jan 2019 - £25.928/-£24.260 6% paid off - EF £1.08 Dec 2019
    • amber03
    • By amber03 27th Nov 19, 9:08 PM
    • 853 Posts
    • 5,248 Thanks
    amber03
    No 112, EF currently standing at £272.00. Not sure how it will go the next couple of weeks. Will be glad for the new year for everything to calm down financially, then really hit the saving button.
    Debtfree and and staying that way.
    £1000 Emergency fund No.112 £272.00
    • ditty1234
    • By ditty1234 28th Nov 19, 3:12 PM
    • 390 Posts
    • 2,891 Thanks
    ditty1234
    Rounding up to £1.62!
    LBM Jan 2019 - £25.928/-£24.260 6% paid off - EF £1.08 Dec 2019
    • aimeemum
    • By aimeemum 29th Nov 19, 9:03 AM
    • 529 Posts
    • 2,521 Thanks
    aimeemum
    No 112, EF currently standing at £272.00. Not sure how it will go the next couple of weeks. Will be glad for the new year for everything to calm down financially, then really hit the saving button.
    Originally posted by amber03
    This is how I feel right now. I always write December off a bit anyway as it's an expensive month of visiting family, buying gifts, extra food and drink for entertaining etc. As long as I don't make things worse I'll consider it a win and then I can hit the ground running come January!!
    DFBX19 #148 - 28/11/2019 - £3,256/£4,782 68% gone Total Debts cleared Oct 2018- Oct 2019 - £6,247
    November NST #20 - SPC-13 #136
    • MidsHollie
    • By MidsHollie 1st Dec 19, 2:14 PM
    • 20 Posts
    • 61 Thanks
    MidsHollie
    I added the £55 that was left in my account prior to my November pay arriving to my EF, making a total of £105.
    I wont be able to add any thing this month - every single penny is budgeted after having to pay for a couple of big things. Hopefully come January I'll be a ninja and be able to add a fair chunk to my EF. I'm sooooo looking forward to having £1000 sat in an EF, and then budgeting every pound towards annual payments, debt etc,and not even have to think about using credit. I reckon it will take me at least 6 months to get to that happy medium where I have all my annual expenses planned and saved for, and I'm paying down as much as I can on my debt without the need to even think about using new credit.
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