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  • FIRST POST
    • Dobbibill
    • By Dobbibill 27th Dec 18, 2:57 PM
    • 3,806Posts
    • 5,210Thanks
    Dobbibill
    3 - 6 month Emergency Fund Challenge (part 2)
    • #1
    • 27th Dec 18, 2:57 PM
    3 - 6 month Emergency Fund Challenge (part 2) 27th Dec 18 at 2:57 PM
    Hi All,

    I hope you all had a lovely Christmas.

    As we go into 2019 we are moving forward with the 3 - 6 month Emergency Fund Challenge and as such a shiny new thread here for part 2.

    The old thread is here.

    Your goal can be as much or as little as you want. Some aim for 3 months spending, others 3 months income or even push it further for 6 months worth.
    There is no timescale and you can do it at your own speed. Plod along or race through to your goal. It's your goal, your choice.

    It's always good to review where you are with your goals every now and again so I completely understand if people want to prioritise other things ahead of this challenge. Just let me know and I'll release your number.

    If you change your mind later, feel free to pop back and rejoin. You are always welcome and can have a shiny new number.

    I will hold everyone's current numbers until the end of January. Once this comes, I will shuffle the numbers to fill the lower numbers first. If you want to keep your original number let me know, that will be fine too.

    For now, keep on keeping on with those goals.

    Dobbi
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
Page 2
    • swimminginaseaofdebt
    • By swimminginaseaofdebt 2nd Jan 19, 3:47 PM
    • 864 Posts
    • 5,239 Thanks
    swimminginaseaofdebt
    Afternoon,

    I was #65 on the previous thread and I’m happy to be shuffled up the way when you get round to sorting the numbers out at the end of the month.

    Can I please amend my target to £3000 as my original target of £9000 is far too ambitious!

    I’m currently sitting at £1,099.55. I did have more but spent some of it oooops.

    I think I need more spending pots for this year. I have a few for expenses such as home insurance, but generally when the little one or I need new clothes etc I end up dipping into the EF which is not what it should be for.
    Last edited by swimminginaseaofdebt; 02-01-2019 at 4:00 PM.
    SPC11 #564 - £186.83
    SPC12 #22 - In Progress

    VSPC 2019 #10 - £132.88/£100
    • GlendaSugarbean
    • By GlendaSugarbean 2nd Jan 19, 4:07 PM
    • 599 Posts
    • 4,447 Thanks
    GlendaSugarbean
    Can I join please?

    CC due to be cleared in a couple of months, then I can really concentrate on my EF, along with OP the mortgage.

    3 months of expenses would be £5400 - my EF currently stands at £230 so I have a way to go!
    • Dobbibill
    • By Dobbibill 2nd Jan 19, 5:31 PM
    • 3,806 Posts
    • 5,210 Thanks
    Dobbibill
    Afternoon,

    I was #65 on the previous thread and Iím happy to be shuffled up the way when you get round to sorting the numbers out at the end of the month.

    Can I please amend my target to £3000 as my original target of £9000 is far too ambitious!

    Iím currently sitting at £1,099.55. I did have more but spent some of it oooops.

    I think I need more spending pots for this year. I have a few for expenses such as home insurance, but generally when the little one or I need new clothes etc I end up dipping into the EF which is not what it should be for.
    Originally posted by swimminginaseaofdebt

    Hi swimminginaseaofdebt,

    I've amended your goal and also marked you down as 'happy to shuffle number'

    You are doing really well and already passed the 35% mark. Good luck with the new additional pots.



    Can I join please?

    CC due to be cleared in a couple of months, then I can really concentrate on my EF, along with OP the mortgage.

    3 months of expenses would be £5400 - my EF currently stands at £230 so I have a way to go!
    Originally posted by GlendaSugarbean

    Welcome aboard GlendaSugarbean, you are #12and already passed the 4% mark so off to a good start.

    We'll all be cheering you on from the sidelines so keep us updated with all the progress and any challenges too.



    Dobbi
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • datlex
    • By datlex 3rd Jan 19, 11:41 PM
    • 2,052 Posts
    • 2,547 Thanks
    datlex
    I am starting again. I used my money as a deposit to buy a property! Means no more renting. Long term thinking.

    My 3 month goal is £2500 (will cover mortgage plus bills) 6 months will be £5000. (I have £1500 in my emergency fund).
    • Dobbibill
    • By Dobbibill 4th Jan 19, 6:58 AM
    • 3,806 Posts
    • 5,210 Thanks
    Dobbibill
    I am starting again. I used my money as a deposit to buy a property! Means no more renting. Long term thinking.

    My 3 month goal is £2500 (will cover mortgage plus bills) 6 months will be £5000. (I have £1500 in my emergency fund).
    Originally posted by datlex

    Welcome back datlex
    You did brilliantly last time reaching your target and what an excellent reason to use it. Congrats on the house purchase.
    I've updated your goal and progress and kept your number #87 but may shuffle you up at the end of January (depending on how many numbers become free )
    Keep on keeping on.
    Dobbi
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • GlendaSugarbean
    • By GlendaSugarbean 4th Jan 19, 11:08 AM
    • 599 Posts
    • 4,447 Thanks
    GlendaSugarbean
    Thank you Dobbi!

    Thinking about it in terms of percentages is really helpful. £5400 sounds unattainable but another £54 is much more doable
    • x_raphael_xx
    • By x_raphael_xx 5th Jan 19, 7:06 PM
    • 3,732 Posts
    • 19,533 Thanks
    x_raphael_xx
    #36
    Greetings all!

    Have made the first payment into my EF fund today.
    £10.48 - Last years piggybank savings
    £5.00 - Scratchcard winnings (bf bought a card & won £4.00 then gave it to me, mm gifted me some scratchies for my b'day, won £1.00)
    £46.79 - Extra wages from overtime.

    £62.27/£5000
    Debt Free as of 17/01/2009 Turtle Power!!
    NSD's - 0/30 / EF Challenger #3 £514.56/£5000
    • GlendaSugarbean
    • By GlendaSugarbean 6th Jan 19, 3:40 PM
    • 599 Posts
    • 4,447 Thanks
    GlendaSugarbean
    Oven went bust . I've managed to cover it from house funds rather than the EF, but it highlights how important it is to build up our savings now we own our house. Those mortgage OPs will have to wait

    Still at £230/£5400 by the skin of my teeth!
    • Savvy sewing
    • By Savvy sewing 6th Jan 19, 3:42 PM
    • 10,864 Posts
    • 57,164 Thanks
    Savvy sewing
    I had a major change of plans.
    I have decided to clear all of my debts by June so I used my emergency funds to do that.
    So I am back down to £20 keeping the account open.
    It will be towards the end of the next quarter before I imagine that I will be able to start putting money away again.
    When I die I will know that I have lived, loved, mattered and made a difference, even if in a small way.
    • Dobbibill
    • By Dobbibill 6th Jan 19, 5:14 PM
    • 3,806 Posts
    • 5,210 Thanks
    Dobbibill
    I had a major change of plans.
    I have decided to clear all of my debts by June so I used my emergency funds to do that.
    So I am back down to £20 keeping the account open.
    It will be towards the end of the next quarter before I imagine that I will be able to start putting money away again.
    Originally posted by Mooloo

    It's great that you had some emergency funds to use for the debts.

    We'll look forward to you rejoining by/before June with a shiny new number.
    All the best with debt-busting Mooloo - you can do this
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • Debtnomoreplease
    • By Debtnomoreplease 7th Jan 19, 7:04 PM
    • 213 Posts
    • 482 Thanks
    Debtnomoreplease
    Currently £2600/10,000. #115

    Must regain strength to not spend as easily!!
    • Savvy sewing
    • By Savvy sewing 7th Jan 19, 8:37 PM
    • 10,864 Posts
    • 57,164 Thanks
    Savvy sewing
    It's great that you had some emergency funds to use for the debts.

    We'll look forward to you rejoining by/before June with a shiny new number.
    All the best with debt-busting Mooloo - you can do this
    Originally posted by Dobbibill
    Savings, pension fund that was cashed in, isa and everything I had was thrown at the debts.
    Debt was £13,040.72
    Debt today 3,827.17

    One more savings pot left to transfer out £2265.72
    Leaving me £1,561.45 debt.
    I am hoping that I will pay it by end June. So I will get back to savings, etc all over again.
    The debts were not really mine, but my children needed help and I bailed them out. But they are unable to pay me back so I decided that the interest was stopped faster.
    Scary but I hope that I will get there.
    When I die I will know that I have lived, loved, mattered and made a difference, even if in a small way.
    • Littlebigmoose
    • By Littlebigmoose 7th Jan 19, 9:20 PM
    • 84 Posts
    • 245 Thanks
    Littlebigmoose
    Happy to be shuffled. Have used up all my EF. My target is £3000.
    GOAL DFD 01/12/2020
    1% Challenge 2019- #27...
    3-6 Month Emergency Fund- #7
    1 Debt vs 100 Days
    Payment a Day

    £1000 Emergency Fund challenge #270
    • Dobbibill
    • By Dobbibill 7th Jan 19, 9:39 PM
    • 3,806 Posts
    • 5,210 Thanks
    Dobbibill
    Happy to be shuffled. Have used up all my EF. My target is £3000.
    Originally posted by Littlebigmoose

    Target updated Littlebigmoose - thanks for being ready for the big shuffle
    I look forward to the updates.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • muppets
    • By muppets 9th Jan 19, 11:44 AM
    • 1,007 Posts
    • 6,388 Thanks
    muppets
    Can I be added please, will update my figures soon I was part of part 1, I donít mind what number I have.
    PAYDBX 2019 - #01 Pd £12,915.19 / £17,000 - 75.97%
    SPC12 #59
    MFiT-T5 #36
    3-6 mth EF #5
    Ä2,445 / 11,100
    Mortgage - PD 100,861.55/ 271,495.07 37.15% MF Aug 2038 Sept 2035
    My long slow journey to mortgage freedom
    My diary - Making a move on debt
    • Dobbibill
    • By Dobbibill 9th Jan 19, 6:00 PM
    • 3,806 Posts
    • 5,210 Thanks
    Dobbibill
    Can I be added please, will update my figures soon I was part of part 1, I donít mind what number I have.
    Originally posted by muppets

    Of course muppets - welcome to part 2
    Number shuffle will be the end of the month, thank you for your flexibility. I'll look forward to the updated figures
    Dobbi
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • MummyRivett
    • By MummyRivett 16th Jan 19, 11:20 AM
    • 359 Posts
    • 3,705 Thanks
    MummyRivett
    I've been looking for a thread on this subject, I'm now in a place to start saving six months salary into the emergency fund. I would love to join.

    I'm currently on a no spend quarter, so hope to have quite a bit stashed away in the first three months.

    I've got £350 saved so far.

    Thank you
    Know Yourself, Love Yourself, Be Yourself
    (#8) Emergency Fund Thread £1,500 / £12,000
    • Dobbibill
    • By Dobbibill 16th Jan 19, 8:53 PM
    • 3,806 Posts
    • 5,210 Thanks
    Dobbibill
    I've been looking for a thread on this subject, I'm now in a place to start saving six months salary into the emergency fund. I would love to join.

    I'm currently on a no spend quarter, so hope to have quite a bit stashed away in the first three months.

    I've got £350 saved so far.

    Thank you
    Originally posted by MummyRivett

    Welcome to the challenge MummyRivett.

    As this thread was started 3 yrs ago, we are having a shuffle of the numbers at the end of the month to give everyone chance to retain their original (part1) number if they want to.


    Take #52 and if you are happy to, I will see about shuffling down to a lower number in a few weeks if any become available.
    Well done on getting £350 already, you are definitely off to a great start.

    ETA - Let me know if you have a goal in mind, we can update that too.


    Dobbi
    Last edited by Dobbibill; 16-01-2019 at 9:19 PM.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • ponypal
    • By ponypal 17th Jan 19, 11:24 AM
    • 226 Posts
    • 1,770 Thanks
    ponypal
    Deposited some money and now on £400/£1000 Hoping to put some more in when I finally get paid
    Debt Free since December 2017
    • MrsMouse
    • By MrsMouse 17th Jan 19, 12:58 PM
    • 41 Posts
    • 217 Thanks
    MrsMouse
    Hi, new to the forums, and would like to join in please
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