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  • FIRST POST
    • patman99
    • By patman99 3rd Oct 14, 9:35 PM
    • 8,270Posts
    • 9,802Thanks
    patman99
    The 1,000 emergency fund challenge.
    • #1
    • 3rd Oct 14, 9:35 PM
    The 1,000 emergency fund challenge. 3rd Oct 14 at 9:35 PM
    For the idea for this after listerning to the 'Dave Ramsey Show'.

    The idea is to accumulate an emergency fund of 1,000 sitting in a Bank account just in case of emergencies.

    You must not leave yourself short in order to reach your goal.

    Members-
    #1 Patman99 .................................................. ..#2 Hummingbird
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    #11 Eyebright .................................................. #12 Chrisfreelander54
    #13 DreamerHelen ........................................#14 mobo1980
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    This list is correct as of 19/1/17.

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    Last edited by patman99; 28-06-2019 at 8:19 PM. Reason: List got 'lost'.
    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.
Page 5
    • DreamerHelen
    • By DreamerHelen 22nd Oct 14, 7:11 AM
    • 2,560 Posts
    • 13,694 Thanks
    DreamerHelen
    Morning Eyebright...Hope you are well this morning!!


    I may not have a lot to put in this Week when I get paid as it's pretty much down to the wire in terms of what I can afford...but even if I can only put a pound or two in, that's still money in the Fund


    I just looked at your Total...you're doing BRILLIANTLY!!! You're over a tenth of the way there....Keep it going....Does it feel good now that you have some money there if there is a problem or something needs paying for?


    For me it's about safety....it's about not having to ask anyone for money if I get into a sticky situation....it's about knowing that I CAN afford something if there is a difficult situation that arises...


    My Grandma isn't massively well at the moment (she's nearly 90) and I've been told by my Dad to "expect the worst at some point probably in the next Year"....and she lives in Lancashire...and I live in London....And, being practical, I don't want to have to miss being at her Funeral just because I can't afford to go!! So, as maudlin as it sounds, that was my first and foremost reason for having an Emergency Fund....


    Ultimately I would really like to have 3 months wages in a Savings Account somewhere....but that is about 6000....and I thought if I looked at that number it would scare me so I'm starting with 1000 and once I get to that I will think about the next bit....


    Sorry, I'm rambling here...LoL...Just in that kind of mood
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 0/6000
    General 1000 Emergency Fund #13 0/1000
    Saving For Christmas 2018 1 per day #13 0/500
    MSE Sealed Pot Challenge #089 - 276.70 Banked For 2017/2018 - Stars from SueUU x25
    • October Starter
    • By October Starter 22nd Oct 14, 8:10 AM
    • 653 Posts
    • 3,102 Thanks
    October Starter
    You are alll doing brilliantly!

    I agree about the tin. I have one for my holiday fund as I put change in it and any lotto wins.

    I don't think I will be able to add to my emergency fund at the moment as things are super tight

    Going to try though, you never know where those extra pounds might come from

    October xx
    Loan: 6100.00 4542.08 ~~ Credit Card: 4231.82 #20 Emergency Fund: 249.96/1000 25%!
    LBM 1: (20.08.14) -5000.00 LBM 2: (25.07.17) -9750.00 October Goals NSDs: 0/10, Ibs Lost: 0/10, Xtr Income: 0/50
    • DreamerHelen
    • By DreamerHelen 22nd Oct 14, 8:12 AM
    • 2,560 Posts
    • 13,694 Thanks
    DreamerHelen
    Hey October Starter....don't worry, even if you can only put a pound or two in, it's still extra money.....And we are not in a race here, on the very first Thread it says that we can do this at our own pace....so please don't worry....And just keep on going....xXx
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 0/6000
    General 1000 Emergency Fund #13 0/1000
    Saving For Christmas 2018 1 per day #13 0/500
    MSE Sealed Pot Challenge #089 - 276.70 Banked For 2017/2018 - Stars from SueUU x25
    • October Starter
    • By October Starter 22nd Oct 14, 8:28 AM
    • 653 Posts
    • 3,102 Thanks
    October Starter
    That's one of the reasons I liked this challenge. I am hoping that there will be a new NSD challenge for November as I want to take part in that too.

    I guess I feel more of an urgency for an emergency fund as I am likely to lose my job mid January. It is making me feel very uneasy. I am going to keep working on it though

    October xx
    Loan: 6100.00 4542.08 ~~ Credit Card: 4231.82 #20 Emergency Fund: 249.96/1000 25%!
    LBM 1: (20.08.14) -5000.00 LBM 2: (25.07.17) -9750.00 October Goals NSDs: 0/10, Ibs Lost: 0/10, Xtr Income: 0/50
    • DreamerHelen
    • By DreamerHelen 22nd Oct 14, 8:31 AM
    • 2,560 Posts
    • 13,694 Thanks
    DreamerHelen
    Hi October Starter....That sounds difficult....I can understand how scary it must be at the prospect of losing your Job....I wish you all the best...Keep at it hun....you will get there....
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 0/6000
    General 1000 Emergency Fund #13 0/1000
    Saving For Christmas 2018 1 per day #13 0/500
    MSE Sealed Pot Challenge #089 - 276.70 Banked For 2017/2018 - Stars from SueUU x25
    • October Starter
    • By October Starter 22nd Oct 14, 8:34 AM
    • 653 Posts
    • 3,102 Thanks
    October Starter
    Thanks Dreamer!

    I am keeping positive that something will turn up before then but it doesnt hurt to work towards some kind of back up and then if something does turn up, all that lovely money is there for emergencies

    Gotta keep upbeat or you'd just sit in a dark corner and not do anything which wont help anything!

    October xx
    Loan: 6100.00 4542.08 ~~ Credit Card: 4231.82 #20 Emergency Fund: 249.96/1000 25%!
    LBM 1: (20.08.14) -5000.00 LBM 2: (25.07.17) -9750.00 October Goals NSDs: 0/10, Ibs Lost: 0/10, Xtr Income: 0/50
    • DreamerHelen
    • By DreamerHelen 22nd Oct 14, 8:39 AM
    • 2,560 Posts
    • 13,694 Thanks
    DreamerHelen
    Stay strong October....you will do it....and I'm sure you will find something very soon....


    I agree with what you've said....people say it lightly but I believe in it - "I've got to laugh or I'll cry"....
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 0/6000
    General 1000 Emergency Fund #13 0/1000
    Saving For Christmas 2018 1 per day #13 0/500
    MSE Sealed Pot Challenge #089 - 276.70 Banked For 2017/2018 - Stars from SueUU x25
    • October Starter
    • By October Starter 22nd Oct 14, 9:02 AM
    • 653 Posts
    • 3,102 Thanks
    October Starter
    I am a very strong believer in that and that something always turns up. It may mean I have to juggle things for awhile or get two jobs or whatever but something will turn up.

    October xx
    Loan: 6100.00 4542.08 ~~ Credit Card: 4231.82 #20 Emergency Fund: 249.96/1000 25%!
    LBM 1: (20.08.14) -5000.00 LBM 2: (25.07.17) -9750.00 October Goals NSDs: 0/10, Ibs Lost: 0/10, Xtr Income: 0/50
    • Aloofdragon
    • By Aloofdragon 22nd Oct 14, 9:21 AM
    • 336 Posts
    • 1,357 Thanks
    Aloofdragon
    Morning all fab news on your funds building I am prob going to pop a few quid in ever Friday til Christmas and then round down daily into the emergency fund esavings online, my round downs are going into EuroDisney pot til end of November then Santa pot til December so slowly building here at the mo x
    Weightloss -36.5lb/64lb.
    Christmas savings 200/800.
    Hol savings 300 /500.
    Birthday savings 50 /100.
    100 days #20 Credit union 40/1150
    • monz
    • By monz 22nd Oct 14, 11:49 AM
    • 3,623 Posts
    • 12,467 Thanks
    monz
    I love the idea of having savings of 3 months wages. Maybe a new thread called safety net? Mine would be 4989 arghhh xx
    Debt (1/9/14) 6,702.11 Debt free (30/11/2016) mum and dad 4,000/4,000
    car PCP - 2,549.85/11,848.25 mortgage - 80,150 o/s currently - paid 5,583.81 (169.26 overpayment)
    Emergency Fund - 500
    • DreamerHelen
    • By DreamerHelen 22nd Oct 14, 11:59 AM
    • 2,560 Posts
    • 13,694 Thanks
    DreamerHelen
    That's not too bad Monz....mine is 6000!! Maybe we could just start with 1000 and then see where we're at then and maybe either extend the premise of this Thread or we could start a new one at that point....


    Added a small amount this morning....just rounding down my Bank Account....I'm nearly at 3%
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 0/6000
    General 1000 Emergency Fund #13 0/1000
    Saving For Christmas 2018 1 per day #13 0/500
    MSE Sealed Pot Challenge #089 - 276.70 Banked For 2017/2018 - Stars from SueUU x25
    • georgiebrown0
    • By georgiebrown0 22nd Oct 14, 12:11 PM
    • 127 Posts
    • 627 Thanks
    georgiebrown0
    Can I join please would love to build a emergency fund up
    Sell 1000 in 2016 #19 500/1000 Jan gc 77.26/400
    Make /100/2016 in 2016 crazy clothes challenge 28.89/200
    VSP challenge #15 15.62 1 a day Xmas 30/365
    3-6 month Emergency fund Challenge#38 0/6000



    • Jubilee76
    • By Jubilee76 22nd Oct 14, 12:43 PM
    • 197 Posts
    • 795 Thanks
    Jubilee76
    What a great challenge with humour
    Hi all

    Could I join please. I've read through the thread and you all seem so friendly. I've always wanted to have an emergency fund and have also read Dave Ramsey principles.

    My progress will be slow and steady for the foreseeable future but hopefully pick up some. I love that this challenge is at your own pace and for each individual's needs.

    Payday is still 9 days away(eek) so hopefully be able to start then. yet again Xmas seems to have taken me by surprise - I really must plan for this better next year! Is everyone else good at saving for Xmas?

    Jubilee x
    LBM no. 2 20k
    1st debt to tackle - store card 216.70
    • monz
    • By monz 22nd Oct 14, 1:19 PM
    • 3,623 Posts
    • 12,467 Thanks
    monz
    Yeah Dreamer Helen I am in x
    Debt (1/9/14) 6,702.11 Debt free (30/11/2016) mum and dad 4,000/4,000
    car PCP - 2,549.85/11,848.25 mortgage - 80,150 o/s currently - paid 5,583.81 (169.26 overpayment)
    Emergency Fund - 500
    • peony40
    • By peony40 22nd Oct 14, 3:13 PM
    • 490 Posts
    • 6,393 Thanks
    peony40
    Hello All,

    At long last I have been able to squirrel some money away, drum roll please!

    It is the princely sum of 5.00

    As I don't work and have absolutely no income my savings come from my housekeeping budget so I will never have huge amounts. But it is nice to have got the ball rolling.

    Good Luck all.
    2019 Sealed Pot Challenge 107
    • Eyebright
    • By Eyebright 22nd Oct 14, 5:49 PM
    • 860 Posts
    • 4,682 Thanks
    Eyebright
    Can I join please would love to build a emergency fund up
    Originally posted by georgiebrown0
    Hi georgiebrown, welcome to the group! Patman will allocate you a number and add you to the first post An emergency fund is so important in debt free journeys as it will ultimately keep us all out of future debt

    Hi all

    Could I join please. I've read through the thread and you all seem so friendly. I've always wanted to have an emergency fund and have also read Dave Ramsey principles.

    My progress will be slow and steady for the foreseeable future but hopefully pick up some. I love that this challenge is at your own pace and for each individual's needs.

    Payday is still 9 days away(eek) so hopefully be able to start then. yet again Xmas seems to have taken me by surprise - I really must plan for this better next year! Is everyone else good at saving for Xmas?

    Jubilee x
    Originally posted by Jubilee76
    Welcome aboard Jubilee, a lot of us are going the slow and steady route here. We aren't racing, and still making sure we can afford to live and tackle our debts. Rounding down bank accounts, money saved by being frugal, using deals and offers, ebay sales and cashback sites seem a popular way to find small amounts, which all add up!
    Last year I was rubbish and so unprepared for Christmas, a lot of my debt has come from Christmas, and last December was when I had my LBM This year I have saved 30 a month towards Christmas, started ebaying to raise more money for presents, and squirrelled change away in a sealed pot. So hopefully this year I wont add to my debt and be miserable and worried over Christmas. Last year was my rock bottom

    Hello All,

    At long last I have been able to squirrel some money away, drum roll please!

    It is the princely sum of 5.00

    As I don't work and have absolutely no income my savings come from my housekeeping budget so I will never have huge amounts. But it is nice to have got the ball rolling.

    Good Luck all.
    Originally posted by peony40
    Yay! Off the starting blocks Peony, well done! 0.5% right there. All we can do is put aside what we can. Alot of us have tight budgets, especially in the run up to Christmas. Do you visit the OS boards much? I find them inspirational for trimming the grocery and household budgets. Could help you find a few more pennies maybe?

    Cor blimey, you lot have been very chatty today, so much to catch up on!!!!
    DreamerHelen, I'm fine thank you. Pleased with my 12%, and hoping to add a couple more %'s on Friday when I get paid.

    October, I hope your job remains secure, but at least you are preparing as best you can. My long term goal is to have 3 months wages saved too Helen, but mine would be nearly 6000 too, and that's an overwhelming amount atm!
    DFD Feb 2018 Total debt now 12672.13 6919.63
    EFC #11 150/1000 = 15% achieved
    • patman99
    • By patman99 22nd Oct 14, 7:17 PM
    • 8,270 Posts
    • 9,802 Thanks
    patman99
    New members now have their numbers.
    Wasn't on the PC yesterday as I go out on a Tuesday evening.
    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.
    • Nintud
    • By Nintud 22nd Oct 14, 7:51 PM
    • 182 Posts
    • 548 Thanks
    Nintud
    #7 checking in with a 1.13 deposit to round my fund up to 10

    As well as the ongoing soggy ceiling (no time to get a plumber in yet), we've now lost 2 fence panels and a centre post to yesterday's high winds

    Not an immediate emergency as the kidlets don't go out there now that the evenings are darker, but a pain in the proverbial nevertheless as the fallen panels now reveal the ransom strip behind us and the garden waste our neighbour has so kindly dumped in there. Will definitely need sorting soonish.

    Ebaying for all I'm worth to catch us before we fall any further.
    Also wondering whether 1000 emergency fund would actually be enough for this money pit of a house
    MBNA 0/2320. Sant 0/5115 Windows: 186/2050 GC 0/170
    0/21lb for . Per day 31/365. Emergency Fund #7: 650/1000
    - - - -
    What matters is how we live and love and how we spend our dash. (L Ellis)
    • DreamerHelen
    • By DreamerHelen 22nd Oct 14, 8:28 PM
    • 2,560 Posts
    • 13,694 Thanks
    DreamerHelen
    Welcome to ALL of the new Members.....Just remember that this at YOUR own pace....it is NOT a race and you can put in as much or as little as you can afford....As Eyebright said, the point is to have something for an EMERGENCY but still be able to pay our Debts and survive and buy food and things....


    I've also been saving in a Sealed Pot Eyebright....I did the same last Year as I was fed up having to borrow money to pay for Christmas Presents....this year is a bit of a lean year but I will still have enough to pay for Christmas outright without borrowing ANY money at all


    6000 IS a staggering amount Eyebright....but don't think of it as "I have to have that right now"....just keep plugging away and before you know it you'll be up to 500 and then 1000 and then 2000 and before you know it you'll be halfway there....It might take 10 years to get there (in my case this could be a distinct possibility!!) but who cares....It will just be good to have some money there in case anything happens....


    You're all doing BRILLIANTLY...keep it going!!
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 0/6000
    General 1000 Emergency Fund #13 0/1000
    Saving For Christmas 2018 1 per day #13 0/500
    MSE Sealed Pot Challenge #089 - 276.70 Banked For 2017/2018 - Stars from SueUU x25
    • chrisfreelander54
    • By chrisfreelander54 22nd Oct 14, 10:27 PM
    • 446 Posts
    • 936 Thanks
    chrisfreelander54
    Another 32 added today from monies recieved from Topcashback, so a running total of 675.57 so far.

    Unfortunantly DW was involved in a car accident yesterday, so 200 will be taken from the EF to cover the insurance excess once the car has been repaired.

    On the flip side of the coin, at least we have this is sitting in an account for just such an emergency, otherwise we would have been borrowing from family members or putting it on the plastic.

    Well I have couple of days off work now so apart from the kids swimming lessons tomorrow and kickboxing to take them to on Friday I will be chilling around the house, or catching up on the DIY Ive been putting off for a while now.

    Good to see a few more members joining in the challenge, welcome aboard everyone.
    YNAB is my new best friend.
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