The £1,000 emergency fund challenge.

[Deleted User] · 4 October 2015 at 6:44PM

I haven't added to my EF for a while:o and what I already have in there is probably about to take a hammering. It looks like my cat has a dental problem and I'll be taking him to the vet tomorrow. If he needs treatment it's bound to be pricey, even the simplest thing seems to be :eek:. I have pet insurance but a lot of conditions aren't even covered and then there's the excess to pay anyway even if they are. I'm so glad I've an EF in place for eventualities like this:j

The_Only_Girl · 5 October 2015 at 5:39AM

Hello, may I join this challenge please? Another fan of Dave Ramsey's here. I had my LBM in 2009 after many a sleepless night, not meeting the minimum payments of our loans, overdraft, several credit cards and store cards. I had DMP with Payplan and slowly worked our way til a friend recommended Dave Ramsey's Total Money Makeover towards the end of our debt repayment (sometime in May or June 2015). We've finally paid off everything and have become debt free on 27/08/2015. Because we bumped into DR and his Baby Steps quite late on, we are just now trying to save money for the emergency fund which currently stands at £870. We reckon we can make it to £1000 at the end of this month and then make a start on the fully funded Emergency Fund equivalent to 3 months living expenses. We also want to make a start on overpaying our mortgage,

[Deleted User] · 5 October 2015 at 5:56AM

Congratulations on becoming debt free, The Only Girl . It must be a wonderful relief:j.

Welcome to the challenge. Patman will be here soon to give you a challenger number. Good luck with everything:beer:.

nellis10 · 5 October 2015 at 9:01AM

Hi Guys!

May I join in too?

I'm a Dave Ramsey convert and just had to give my last EF to my mum to pay for dental treatment, so I am back to save up the £1000 and then tackle the car loan (and then mortgage) to be DFW!

Baby Steps!

The_Only_Girl · 5 October 2015 at 2:29PM

Hi it's me again, spurred on by joining this challenge, I decided to open my coin bank and put everything into the current account that holds the emergency fund. New total is reflected on my signature - £934.65!

patman99 · 5 October 2015 at 8:31PM

Welcome to our two newest members. TOG, you are member #136 and nellis10 you are member #137.

Not a huge amount to report since last posting. Still waiting on outcome of request to make job permanent rather than fixed-term.
Apart from that, everything is going well.

[Deleted User] · 6 October 2015 at 7:18AM

Took cat to vet yesterday and ended up paying £42 for consultation and some general ongoing treatment preparations (de-flea items and wormers etc). Have to take him later in week for a tooth extraction under anaesthetic so more to pay out there. Will adjust EF total when I know total 'damage'.

Am seriously considering cancelling my pet insurance as there's a standard excess of £75 and routine things as well as dental work aren't even covered anyway:(. Last time I had to make a claim the annual premium went up a lot:(. It's now over £14 a month and even a relatively small amount like that could be better used elsewhere;)

I could cancel and take out insurance with a different company (and get some nice Quidco/TopCashBack cashback) or just not have insurance at all. Problems, problems;)

Swash · 6 October 2015 at 7:58PM

Hi can I join please? Had the worry of possibly needed new brake pads and discs for my car this week and realised I NEED an EF just in case. I don't need the brakes just get but will do in a few months. Hoping to keep the EF going for good x

patman99 · 6 October 2015 at 8:40PM

Welcome Swash. Your # is 138.

The_Only_Girl · 7 October 2015 at 7:58AM

Good morning all! Another good news! The child benefit came through the bank account last night which I have forgotten to include in our budgeting. So I decided to divert it straight to the EF account making the new total £1072/£1000. Next phase is the fully funded EF equivalent to three months living expenses and mortgage overpayment. I am loving this challenge. It gives me back my gazelle intensity which I have lost a bit after becoming debt free.

The £1,000 emergency fund challenge.

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