The £1,000 emergency fund challenge.

lcc86 · 13 March 2018 at 12:12PM

My EF is about to take a hit, my rabbit needs dental surgery. Unfortunately it's not covered under the insurance as it's a common problem so it's under 'general exclusions' - typical - but at least I have the extra in there to account for it. Still no word on the cost of the roof repairs, the management company seem to fob us off each time we ask. Not sure whether to get annoyed or just be grateful that it gives me more time to save...

lcc86 · 20 March 2018 at 1:02PM

EF is down to £1107 following the surgery, decided to use some savings from a different pot which was not essential at all. It's been an expensive month as I got the car serviced at just under £300 and now have a service charge invoice to pay as well so despite really bumping up the savings the last couple of months I'm haemorrhaging money! I also really screwed up this month's budget somehow and have ended up with no money left for petrol or food and 10 days until payday

deffo need to get back on the mse wagon in April.

[Deleted User] · 20 March 2018 at 1:35PM

lcc86 wrote: »

EF is down to £1107 following the surgery, decided to use some savings from a different pot which was not essential at all. It's been an expensive month as I got the car serviced at just under £300 and now have a service charge invoice to pay as well so despite really bumping up the savings the last couple of months I'm haemorrhaging money! I also really screwed up this month's budget somehow and have ended up with no money left for petrol or food and 10 days until payday deffo need to get back on the mse wagon in April.

Sorry to hear about all your recent expenses. Some months are like that aren't they?:(

I hope your rabbit is OK now. My cat used to cost me a small fortune in Vet bills:eek:. I had pet insurance for him for several years but most of the things he needed treatment for either weren't covered or weren't worth claiming for due to the policy excess:(

Debtfreewannabme · 20 March 2018 at 9:19PM

Hello, after building EF up quite a bit I decided to use it to help clear debt off quicker - fast forward 3 weeks and we now debt free. I did have £500 in EF but moved it over to piggybank accounts to bring us up to date with saving for car insurance, mot etc. So now I am back to boosting EF to £1,000.
£50/ £1000

[Deleted User] · 20 March 2018 at 9:30PM

Debtfreewannabme wrote: »

Hello, after building EF up quite a bit I decided to use it to help clear debt off quicker - fast forward 3 weeks and we now debt free. I did have £500 in EF but moved it over to piggybank accounts to bring us up to date with saving for car insurance, mot etc. So now I am back to boosting EF to £1,000.
£50/ £1000

Congratulations on becoming debt-free:T:j:beer:. That's my ambition;)

Debtfreewannabme · 21 March 2018 at 5:40PM

#274 paid in £60 to EF -
£110/£1000

patman99 · 21 March 2018 at 9:43PM

Reducing debts is actually a good idea as you then save on the interest the debts were incruing.

foxyloxy11 · 21 March 2018 at 9:45PM

I too had a wobbly time...Alternator needed replacing today but as I've started saving for other pots such as car repairs etc now em. fund is at £1000 i managed to avoid using it...PHEW! still intact but will really have to tighten my belt for the last week and a bit.

Barbie61 · 22 March 2018 at 2:58PM

I'd like an emergency fund but it's nigh on impossible to make ends meet on my DMP as it is. Vet bills and meds are taking most of my food money as I have more than one dog. We've just had a rat infestation and I now have to pay for new electric wiring, new insulation and not looking forward one bit to clearing the attic of all the contaminated stuff. There's one fallen through into a wall cavity and smelling the bathroom out as it decomposes so I now need to pay someone to take the bath out so we can reach it. I'm vegan so can live very cheaply, foodwise but just wondering when life will give me a break. I should have tried to accumulate some prior to the DMP - I know that now. Will put this on my wish list though - great idea for making friends and sharing stories.

[Deleted User] · 23 March 2018 at 10:03AM

Barbie61 wrote: »

I'd like an emergency fund but it's nigh on impossible to make ends meet on my DMP as it is. Vet bills and meds are taking most of my food money as I have more than one dog. We've just had a rat infestation and I now have to pay for new electric wiring, new insulation and not looking forward one bit to clearing the attic of all the contaminated stuff. There's one fallen through into a wall cavity and smelling the bathroom out as it decomposes so I now need to pay someone to take the bath out so we can reach it. I'm vegan so can live very cheaply, foodwise but just wondering when life will give me a break. I should have tried to accumulate some prior to the DMP - I know that now. Will put this on my wish list though - great idea for making friends and sharing stories.

Oh, Barbie, I really feel for you in your current situation:kisses3:. Been there, done that, although not with the rats:eek:.

I started my DMP with no fallback funds and was throwing every available penny at my debts to the extent that the slightest emergency sent me into total panic:eek:. I eventually contacted SC who were managing my DMP and asked for 3 months of token payments to my creditors as I had some major emergency expenses (car, vet etc) and that got me through. I then agreed a more realistic budget with them which gave me a bit more leeway to save for emergencies. Yes, my debt-free day will be a bit further away but, after all, it's a marathon not a sprint;)

I really advise you to phone your DMP manager to rejig your budget. Make sure you claim more for things like pets and medical expenses as they are obviously costing a lot more than you've budgeted for.

Good Luck:beer:

The £1,000 emergency fund challenge.

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