The £1,000 emergency fund challenge.
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Hi everyone, I became debt free last week and so now I'm trying to build up an emergency fund. I've been doing this without realising there was a thread for it!! So please can I join you.
I have been saving 1% of my income and putting it away in my EF but now I've got a little bit of extra cash I've started adding a bit more. If I have any spare at the end of the month I'll throw that in to the fund too.
Hi mossy- a big congratulations :j just starting on that road but mooching around the site has given me the inspiration going to try the £10 a day challenge to try to speed it along!CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!0 -
going to try the £10 a day challenge to try to speed it along!
I've read through this thread as it's very appealing to make an additional £300 a month to throw at my debt but I'm not convinced I could do it. Even my eBaying didn't bring in that amount.
Hmm you'll have to let me know how you get on!
LMDLife gets in the way...PADding is addictive...Saving's better than spending...My savings diary - Now for a healthier, wealthier me2024 1p challenge #11 | Cash envelope challenge #01 | SPC #017Sealed pot 2024 £2551.68 | EF £1000/£1000 | Sabbatical £970/£3000 | Holiday spends £540 | General Saver £2422.480 -
Welcome on board mossy. You are member #141.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)0 -
Hi mossy- a big congratulations :j just starting on that road but mooching around the site has given me the inspiration going to try the £10 a day challenge to try to speed it along!
Hi crv1963:hello:. Please come and join us on the £10 a Day Challenge. I joined towards the end of last year and was amazed at all the little ways there are to make a bit extra:j.LittleMissDetermined wrote: »I've read through this thread as it's very appealing to make an additional £300 a month to throw at my debt but I'm not convinced I could do it. Even my eBaying didn't bring in that amount.
Hmm you'll have to let me know how you get on!
LMD
Hi to you too, LittleMissDetermined:wave:. Come and join us too. I never thought I'd have the remotest hope of doing it and I started with £5 a Day the first month and thought even that was pushing it! But I beat it easily and went on to the full £10. Honestly, it is doable, even for people who seem to have more limited opportunities than most( such as me:o).
Remember it doesn't have to be £10 every single day, just average it out over the month. Sometimes people go a whole week and make nothing and then various amounts trickle in all at once:T. Some months are better than others too, a lot of us struggled over the summer holdays for instance:(. I'm not going to reach my target this month either but it won't bother me too much because I've beaten it on some other months so it all evens out in the end.
The first few long posts by Aesop at the very start of each month are essential reading and will give you loads of ideas you probably hadn't thought of/heard of before, and people chip in all through the month with other things they've come across. It's a lovely friendly group so please give it a try. After all, whatever you make is more than you had before and every little helps as they say;)
See you both over there, and everyone else who would like to join us:beer:0 -
Payday yesterday, so managed to add a little to the ef. It now stands at £487.57. My aim for November is not to touch it!! :cool:Starting a new debt free journeyStarting Debt: £5,250Current Debt: £4,995.50Amount Paid: £254.50 Percentage Paid: 4.84%Emergency Fund: £3500
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carbootcrazy wrote: »See you both over there, and everyone else who would like to join us:beer:
I will sign up for November but we are away on holiday so this will reduce my chance of succeeding!
LMD xLife gets in the way...PADding is addictive...Saving's better than spending...My savings diary - Now for a healthier, wealthier me2024 1p challenge #11 | Cash envelope challenge #01 | SPC #017Sealed pot 2024 £2551.68 | EF £1000/£1000 | Sabbatical £970/£3000 | Holiday spends £540 | General Saver £2422.480 -
Hi crv1963:hello:. Please come and join us on the £10 a Day Challenge. I joined towards the end of last year and was amazed at all the little ways there are to make a bit extra:j.
Yes Car Boot Crazy, I'll join November, if I read it right any extra cash gained counts so overtime, travel expenses money from sale of goods at carboot or auction site. Regular salary is excluded.
LMD my gorgeous wife moans about me hoarding "things" so I'm going to try to declutter, sell stuff, work a bit of overtime if I can and claim my travel expenses as I often forget them and miss the deadline! My wife thinks I'll not be this disciplined!!CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!0 -
Payday yesterday, so managed to add a little to the ef. It now stands at £487.57. My aim for November is not to touch it!! :cool:
That will be my problem too! I always seem to find something that needs spending on whilst DW can go days without spending!CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!0 -
# 104 reporting back for duty Patman99 :j
Just a quick update.. i lost focus fighting the debt over the last few months and i actually feel like I'm in a worse position than when I started.
I "found" Dave R*msey on You T*be and was quite inspired by his steps so i'm going to give it a go.
Step 1 is to save an emergency fund of £1000.
Thanks for setting up this challenge Patman.. need support please and would love to come back?0 -
We did wonder where you had gone to. Welcome back to the challenge.
I will admit that a huge dose of uncommon sense overcame me on Friday and I ended-up buying tickets for next year's Download festival c/w 5 day camping pass and car park permit.
Now I need to get a tent big enough for my camp bed as I suffer from a bad back, so sleeping on the ground is out of the question.
Luckily, the rest of the stuff I need like a kettle suitable for a fuel-burning stove, pots, pans and washing bowl might not cost me anything as I am an ACSL, so may well be able to book out some of the Scout Group's kit.
I have never been to a festival before, so it will be a first for me. Luckily, my son is also going (but sleeping in his own tent) so will have an experienced festival goer with me.
Now I just need to work-off the £265 it has cost me so far (tent will be 2nd-hand off the net, so budgetting £25 for this).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)0
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