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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.
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
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 I’m 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 I’m sure there are pros and cons to each!
Thanks
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.
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.
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!
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
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
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
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.
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
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.
£4+ Christmas theatre
Via a top secret route
£156 of No7 make-up & skincare for £39
Incl face cream, mascara, lip gloss
Don't wait till last min to buy car insurance
The PERFECT time is 20 to 26 days ahead
20,000 free winter water pipe and tap protectors
Could save £1,000s in repairs
Last chance cheap Big 6 energy this decade?
Switch and save £300/yr
Learning to be a better custodian of Money 
Emergency fund £110 
Debtfree and and staying that way.