The £1,000 emergency fund challenge.

MessyBetty · 23 August 2015 at 10:47AM

Hi everyone

I haven't posted on here for a long time I just wanted to pop by to update and to say that although not always around my emergency fund is always on my mind and without this challenge I would have nothing so thank you all especially Patman you have helped me more than you will ever know :A

So #40 signing in to state £244.60 I hope to improve on that before the end of the month.

Thank you again you are an inspiration :T

MB xx

[Deleted User] · 23 August 2015 at 8:17PM

Well done to everyone who has added any amount, big or small, to their EF recently:beer:. Patman, you're on a roll now, much deserved too:T

Surprisingly I've not had any emergencies to raid my EF for lately:rotfl: .I'm probably tempting fate by feeling so unusually complacent about it:o, something expensive is bound to happen now!

Did a car boot sale this morning. Didn't do as well as I'd hoped considering it was a lovely sunny morning but the boot sale was massive and there were so many sellers competing for people's hard-earned cash. Made £57.20 after fees so shouldn't grumble. Have rounded it up to £60 and added that to my EF/'new' car fund which brings it up to a nice round £700:j. Haven't added much for a while so am pleased I didn't have any more urgent calls for this money at the moment.

Keep up the good work, everyone:beer:

MrsSave · 24 August 2015 at 9:31AM

I've had to take. £19 out of the emergency fund for an online course I'm doing to add to my cv (major career change in the pipeline!!), but also sold an item on eBay so can add £1.04 back in. Brings my new total to £1130.26.

Dh's bonus should be in by the end of the week, fingers crossed, so looking forward to increasing it.

MrsSave · 26 August 2015 at 11:24PM

Dh's bonus is in, which brings the emergency fund to £1520.28. I've been lucky and have added to it quite a bit recently, unfortunately it won't be like that for a while now! Back to adding odd bits here and there!

cybertortoise · 26 August 2015 at 11:37PM

Can I join please? My budget is currently stretched beyond belief so no real money to save but I desperately need some sort of emergency fund. I have started today by skimming what was in my bank accounts into a savings account, my brand new emergency fund stands at £2.75 so a way to go yet. Hopefully joining this challenge will keep me on track and motivate me before some massive emergency comes along! Thanks

[Deleted User] · 27 August 2015 at 11:18AM

Welcome, cybertortoise:hello:

It's a long haul for most of us, adding quite a lot sometimes but mostly its just bits and bobs. Don't worry about starting with so little( we all had to start somewhere) and it's more than you'd saved before you started the challenge:T.

I love your username, by the way:T

Good Luck:beer:

patman99 · 27 August 2015 at 5:26PM

Welcome to our 128th member. Cybertortoise, as CBC says, it is more like a long trek than a quick walk to the shops and back.

It is by no means a race to the finish either. It is a challenge where you put what you can afford too into an EF.

I originally set the target at £1,000 as it equates to Dave Ramsay's '$1,000' emergency fund idea.

If you end-up hitting this target, there's nothing to stop you increasing your own target (or even opening an account with one of the p2p lenders such as 'ZOPA', 'Wellesley' or 'Ratesetter' and adding money to it to lend out in order to generate extra income).

Anyhow, am now on holiday until Tuesday. Get paid tomorrow and hopefully the HMRC cheque will have also cleared by then, so will be topping my EF up.

cybertortoise · 27 August 2015 at 9:32PM

Thanks for adding me. I siphoned off another £5 odd earlier so I am up to £8.31. More than I have saved in a long time sadly. I hope to build it up to £1000 then gradually increase to £3000 as I believe until I own a house that will cover all possible emergencies I could have. After I save up my emergency fund and am debt free I will be saving as much as I can towards buying a house so having that £3k sat there will be a real comfort.

Fingers crossed I can start earning some money here and there to build my pot up faster.

amber03 · 28 August 2015 at 9:52AM

Little bit of overtime paid this month, so transferred it to my EF, new total is now £491.40. Would love it to be a £1000, by xmas, doable with a little push.xx

*snow*white* · 28 August 2015 at 10:44AM

Husbands pay day today so added £30 to the fund making a total of £180 :j

The £1,000 emergency fund challenge.

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