The £1,000 emergency fund challenge.

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  • patman99
    patman99 Posts: 8,532 Forumite
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    edited 1 January 2016 at 6:22PM
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    Welcome to bilbodreams our 150th member.

    Oh dear SP. Can you not apply for a new ISA via online banking ?.

    I was thinking about boosting my income via social lending sites like ZOPA and Wellesley. I know that with Zopa you can do an emergency cash-out if you need too and the £100 I deposited in there back in 2010 is earning me 6% (before Tax), so I might increase what I have in there.
    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)

  • patman99
    patman99 Posts: 8,532 Forumite
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    Also, welcome to member #144 channy123 (who applied via a PM).

    Who will be #150 ?. We will have to wait and see.
    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)

  • stormpassing
    stormpassing Posts: 145 Forumite
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    patman99 wrote: »
    Welcome to bilbodreams our 143rd member.

    Oh dear SP. Can you not apply for a new ISA via online banking ?.

    I was thinking about boosting my income via social lending sites like ZOPA and Wellesley. I know that with Zopa you can do an emergency cash-out if you need too and the £100 I deposited in there back in 2010 is earning me 6% (before Tax), so I might increase what I have in there.

    Thanks Patman,

    I've made an application for an online ISA with my current bank as it's better for me to transfer between accounts. Should hear back within 5 days so fingers crossed it goes smoothly.

    Good luck with Zopa, I feel far too cautious to attempt anything like that at the minute. It's enough beginning my DMP journey and saving money (I've never had savings in my adult life :o).

    SP x
  • DreamerHelen
    DreamerHelen Posts: 2,629 Forumite
    First Post First Anniversary Combo Breaker I've been Money Tipped!
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    Morning Everyone.....I think I can put my first Fiver in this Emergency Fund later today as I got paid a little extra in the early hours of this morning (I get paid every Week on a Thursday)....I only got paid about an extra £6 or £7 but it's enough to put a Fiver in my Pot :D
  • crv1963
    crv1963 Posts: 1,372 Forumite
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    DreamerHelen wrote: »
    Morning Everyone.....I think I can put my first Fiver in this Emergency Fund later today as I got paid a little extra in the early hours of this morning (I get paid every Week on a Thursday)....I only got paid about an extra £6 or £7 but it's enough to put a Fiver in my Pot :D



    Well done DH, my payday tomorrow and am hoping to make a start on my EF!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • DreamerHelen
    DreamerHelen Posts: 2,629 Forumite
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    Thanks crv1963 hun... :) I'm sat here shivering at the moment....it's freezing!! But I've got the heater on now so hopefully it will heat up the Flat soon....


    Hope you are well hun xXx :)
  • crv1963
    crv1963 Posts: 1,372 Forumite
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    DreamerHelen wrote: »
    Thanks crv1963 hun... :) I'm sat here shivering at the moment....it's freezing!! But I've got the heater on now so hopefully it will heat up the Flat soon....


    Hope you are well hun xXx :)



    I'm good, how you settling in? Just been working out what we owe and deciding which order to pay as well as build the savings up!


    Is the diabetes recent diagnosis? You will still be able to treat yourself just got to make sure it's only a little of what you fancy and not a feast a day! :)
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • DreamerHelen
    DreamerHelen Posts: 2,629 Forumite
    First Post First Anniversary Combo Breaker I've been Money Tipped!
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    Hey crv1963....yes, a VERY recent diagnosis...last Week in fact....it was a heck of a shock and hit me like a ton of bricks...even though I sort of could see it coming I hadn't really thought it would ever happen....


    But I'm managing to stick to a good Diet....The Doctor said I could have a "Cheat Day" but I don't think she knows just how much I could Cheat in one day!! LoL....But a cheat meal once in a while would not be a bad thing....


    I'm settling into the Flat nicely.....just it's cold in here so need to sort out a Heater of some sort that isn't going to kill the Electricity Bill...


    I shall Report back later when I can put my first Fiver into the Pot :D
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    patman99 wrote: »
    I was thinking about boosting my income via social lending sites like ZOPA and Wellesley. I know that with Zopa you can do an emergency cash-out if you need too and the £100 I deposited in there back in 2010 is earning me 6% (before Tax), so I might increase what I have in there.

    I've read good reports of the social lending sites and was wondering about opening an account to deposit my meagre ' car fund' savings after the EF is built up a bit more.

    Do they run credit checks or anything? Not sure how it works with these companies:o. As someone on a DMP I was only able to get a basic 'no-frills' current account with my latest bank (when StepChange advised opening a new 'clean' account prior to starting the DMP) and then I went on and opened a savings account with them for my EF but the interest isn't great:( And can you apply to open an account online?

    Sorry about the questions, patman, and I could check out the small print on the website but it's always better to hear first-hand experiences:T
  • claire1a
    claire1a Posts: 106 Forumite
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    Hi I was wondering whether I could join please, subscribed awhile ago but I think actually joining will spur me on to start getting my EF ready! So far have £15 in an account!!
    No longer Debt free
    EF - £525.27/£1000 New York £0/£1500
    SCC- £3000 SL overpayment £2500 M+D - £4000
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