3 - 6 month Emergency Fund Challenge (part 2)

Options
1…1819212324…111

Comments

  • nyc_451
    nyc_451 Posts: 502 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    #9 here. :)

    Managed a larger payment this month, EF now £2,000/£3,000.

    I realised I'd rather focus on one goal at a time and put all my spare money into it. It's annoying to see such a slow progress when I'm only adding £60 per month!
  • Dobbibill
    Dobbibill Posts: 4,135 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Options
    Post #2 updated

    blue_mango you are now on a healthy 66.67% :j :j well done
    I'm also keeping myself accountable and have updated my own goal. 97.5% now makes it almost in touching distance - do I hold out and top up monthly or do I move funds from somewhere else for it :think:
    I'm sure I will decide over the next few days ;)

    Keep on keeping on everyone - it's brilliant to see lots of people adding to it :T

    Dobbi
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
  • GlendaSugarbean
    GlendaSugarbean Posts: 689 Forumite
    First Anniversary Photogenic First Post
    Options
    Another £50 added for me to bring it to £1850. Slow progress as summer is expensive! I also have a vet visit planned, which could have an impact :(.
  • Scrimps
    Scrimps Posts: 362 Forumite
    First Anniversary Name Dropper First Post
    Options
    Ive added £545 today which I think leaves £805 to go. The larger payment is because DH got taxed very little this month - we think that is the last remnants of the payroll error we had a few months ago. Next month I go down to SMP so it wont be so big.

    Payday today and ive allocated all of the money, withdrawn cash for housekeeping, myself and the kids and ticked everything off to make sure we have enough to cover bills in the account and left a £250 buffer for unexpected vet/car bills.

    This is my first month of doing it this way, we were using YNAB but I was obsessively looking at it, I seemed to open the app out of habit when I picked up my phone so Ive got rid of it and hope i can stop myself thinking about money so much.....its just worrying with numbers as Dave Ramsey once said. After years of thinking about it to get out of debt its a hard habit to break! Ive also cancelled the premium nationwide account which gave us breakdown cover, travel and phone insurance etc. Ive been wanting to do it for months, DH has finally agreed that we're not in a position to need worldwide travel insurance and our phones arnt fancy enough to justfy the £13 a month cost. Total of cancelling those two is about £18 a month saving:T

    Happy saving everyone:beer:
  • Dobbibill
    Dobbibill Posts: 4,135 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Options
    Scrimps wrote: »
    Ive added £545 today which I think leaves £805 to go.


    Well done Scrimps - post #2 is updated.

    You are now sitting on 86.23% - my calculations make it £826.36 to go (if I've missed any updates, please let me know and I will amend it :D )

    This is my first month of doing it this way, we were using YNAB but I was obsessively looking at it, I seemed to open the app out of habit when I picked up my phone so Ive got rid of it and hope i can stop myself thinking about money so much.....its just worrying with numbers as Dave Ramsey once said. After years of thinking about it to get out of debt its a hard habit to break!
    Happy saving everyone:beer:
    Even when you're DF, the urge to check daily and watch those savings go up can be addictive.

    You are doing brilliantly - keep on keeping on ;)


    Dobbi
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
  • Scrimps
    Scrimps Posts: 362 Forumite
    First Anniversary Name Dropper First Post
    Options
    Dobbibill wrote: »
    Well done Scrimps - post #2 is updated.

    You are now sitting on 86.23% - my calculations make it £826.36 to go (if I've missed any updates, please let me know and I will amend it :D )

    Dobbi

    Ive got £5,194.56 so i think ive forgotten to update at some point. We did also move the savings account, so perhaps the interest was added. Thank you for keeping a tally of it all for us
  • nyc_451
    nyc_451 Posts: 502 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    #9

    May I please update my totals to £2300/£3000 ;)

    I'm ever so happy I was able to add some extra to my savings, I want to reach the target so badly! Once I reach it, I'll be able to focus on my debt.
  • Dobbibill
    Dobbibill Posts: 4,135 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Options
    Scrimps wrote: »
    Ive got £5,194.56 so i think ive forgotten to update at some point. We did also move the savings account, so perhaps the interest was added. Thank you for keeping a tally of it all for us


    All updated correctly for you Scrimps :D

    blue_mango wrote: »
    #9

    May I please update my totals to £2300/£3000 ;)

    I'm ever so happy I was able to add some extra to my savings, I want to reach the target so badly! Once I reach it, I'll be able to focus on my debt.


    All up to date on post #2 for you blue_mango - you are over three quarters of the way to your goal which is brilliant. Keep on keeping on. :D
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
  • Santiago99
    Santiago99 Posts: 33 Forumite
    First Anniversary Name Dropper First Post
    Options
    Hello! I’d love to join, but instead of saving 3-6 months income, I’m wondering if I could save a year’s bills on this thread?

    I’m moving house next month so will be using some backdated pay to pay the contents insurance upfront and putting aside 1/12 of the payment each month for next year’s insurance. But other monthly bills are still being paid on a monthly basis because I don’t have the funds to pay annually yet, so I’d like to try and save this money instead of 3-6 months’ income. The plan is to eventually end up a year in front on payments so if I ever ended up with nil income, the bills (excluding rent and food) would be covered for a year, so it kind of works the same way as a 3-6 month fund would?

    If that’s OK, I’ll be back once I’ve moved with a total of what my estimated annual expenses would be. :)
    My Debt Free Diary: ADHD and Frogs: How to Balance the Budget?
    Challenges: Virtual VSP (#23) 1,000 EF (#pending)
  • Dobbibill
    Dobbibill Posts: 4,135 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Options
    Santiago99 wrote: »
    Hello! I’d love to join, but instead of saving 3-6 months income, I’m wondering if I could save a year’s bills on this thread?

    If that’s OK, I’ll be back once I’ve moved with a total of what my estimated annual expenses would be. :)


    Hi Santiago99 - you are most welcome to join.

    The idea is to build a buffer/emergency fund so your plans fit perfectly. There is no time limit so you can race through or plod along bit at a time. It's just so the funds are there when needed, so welcome aboard :hello:

    You are #29 and I will add your goal and progress to post #2 when you've moved. Keep us updated with everything - we are a friendly bunch and will cheer you on from the sidelines.

    All the best with the move.

    Dobbi :D
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards