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  • FIRST POST
    • patman99
    • By patman99 3rd Oct 14, 10:35 PM
    • 8,206Posts
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    patman99
    The 1,000 emergency fund challenge.
    • #1
    • 3rd Oct 14, 10:35 PM
    The 1,000 emergency fund challenge. 3rd Oct 14 at 10:35 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-
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    This list is correct as of 19/1/17.
    Last edited by patman99; 18-06-2018 at 9:03 PM. Reason: List got 'lost'.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
Page 132
    • foxyloxy11
    • By foxyloxy11 12th Sep 17, 8:12 PM
    • 298 Posts
    • 1,588 Thanks
    foxyloxy11
    just had to use 450 of my emergency savings to pop a new clutch in our car before it got too poorly....so time to make a new plan to get the savings back up again.
    it feels good to have an emergency fund
    1000 Emergency fund challenge #225 - 1000.00.00/1000 Baby Step 1-COMPLETE
    Debt free day October 2019 - End of Baby Step 2 (A work in progress)
    • foxyloxy11
    • By foxyloxy11 13th Sep 17, 8:44 PM
    • 298 Posts
    • 1,588 Thanks
    foxyloxy11
    oh and another 222 bites the dust...car cost a bit extra...Doh!!
    1000 Emergency fund challenge #225 - 1000.00.00/1000 Baby Step 1-COMPLETE
    Debt free day October 2019 - End of Baby Step 2 (A work in progress)
    • thoragunnr
    • By thoragunnr 14th Sep 17, 10:38 PM
    • 52 Posts
    • 51 Thanks
    thoragunnr
    Up to 14.00 now.
    Each week now, I'll have 7.00 added to my emergency funds
    its not a lot but for now, it's affordable for me since I'm currently saving for xmas and a help-to-buy ISA.
    #238 1000 ef; 14.00/1,000 H2B; 120.00 BLS:10.88/15,000
    Retirement: 4.86 New Home FundJar: 5.83p VOSS Jar 0.00
    • datlex
    • By datlex 15th Sep 17, 7:02 PM
    • 1,661 Posts
    • 1,553 Thanks
    datlex
    Well, it is whatever works best. I have a credit card with a 2,500 limit that I have 250 to pay-off, so in theory I have 2.250 emergency fund but as my aim is to clear and close all my cards and loans, I will only use this card to rebuild my credit score.
    Originally posted by patman99
    I'm sorry but a credit card available limit is not an emergency fund.
    • datlex
    • By datlex 15th Sep 17, 7:03 PM
    • 1,661 Posts
    • 1,553 Thanks
    datlex
    just had to use 450 of my emergency savings to pop a new clutch in our car before it got too poorly....so time to make a new plan to get the savings back up again.
    it feels good to have an emergency fund
    Originally posted by foxyloxy11
    oh and another 222 bites the dust...car cost a bit extra...Doh!!
    Originally posted by foxyloxy11
    That's the whole point of the emergency fund to pay for things like that so you don't have to borrow to pay for them.
    • foxyloxy11
    • By foxyloxy11 15th Sep 17, 7:10 PM
    • 298 Posts
    • 1,588 Thanks
    foxyloxy11
    I know Datlex it's good to have it so no stress involved already tidied my emergency fund up to a nice round number by transferring 6...onwards and upwards as they say
    1000 Emergency fund challenge #225 - 1000.00.00/1000 Baby Step 1-COMPLETE
    Debt free day October 2019 - End of Baby Step 2 (A work in progress)
    • patman99
    • By patman99 19th Sep 17, 10:33 PM
    • 8,206 Posts
    • 9,673 Thanks
    patman99
    Managed to add 40 to my EF last week. Should be able to add more this week, so things are looking up.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • Mummy_bear
    • By Mummy_bear 20th Sep 17, 5:20 PM
    • 307 Posts
    • 1,113 Thanks
    Mummy_bear
    Quick update to say my EF is now up to 515/1000

    Had some success with a claim. Really happy with the progress and hope to be close to 1000 by the end of the year
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) 37139.86
    6531.23/37139.86 17.58% paid
    • Lynz90
    • By Lynz90 20th Sep 17, 8:10 PM
    • 3 Posts
    • 7 Thanks
    Lynz90
    Just added 3 to my emergency fund this morning so my total stands at 6/1000.
    • Calling14
    • By Calling14 22nd Sep 17, 11:37 AM
    • 2,719 Posts
    • 19,808 Thanks
    Calling14
    Need to start rebuilding my EF. Had to use it for car repairs and insurance last month. I know car insurance not an emergency but rather than pay monthly thought I would save money and pay annually.

    EF now stands at 30. Sorry Patman I will try a lot harder x
    LBM 13039 1.1.13 Start 2018 5552 NOW 2700
    EEK house repairs pushed it back up end of last yr

    PAYDBX 2018 #16 2852/5552 DFD 12/18
    E
    Fund #9 120/1,000
    1 x 100 days challenge
    1327/2550

    • patman99
    • By patman99 23rd Sep 17, 3:25 PM
    • 8,206 Posts
    • 9,673 Thanks
    patman99
    Calling14, just think how much you will save by paying your insurance in one hit.


    Anyway, added another 80 to my EF and 1.18 to my 3-6 month fund.

    I was going to fit a new basin in my bathroom today, but the new one comes without a fitting kit. So had to find somewhere that sold the appropriate one, so have no longer got enough time left to fit the thing.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • Calling14
    • By Calling14 28th Sep 17, 10:41 AM
    • 2,719 Posts
    • 19,808 Thanks
    Calling14
    Thanks patman your right saved a few pennies by using EF.

    EF now up to 50 thanks to surveys. Getting there slowly.
    LBM 13039 1.1.13 Start 2018 5552 NOW 2700
    EEK house repairs pushed it back up end of last yr

    PAYDBX 2018 #16 2852/5552 DFD 12/18
    E
    Fund #9 120/1,000
    1 x 100 days challenge
    1327/2550

    • patman99
    • By patman99 4th Oct 17, 8:36 PM
    • 8,206 Posts
    • 9,673 Thanks
    patman99
    Welcome cozicup, you are member #249.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • foxyloxy11
    • By foxyloxy11 5th Oct 17, 6:20 PM
    • 298 Posts
    • 1,588 Thanks
    foxyloxy11
    Managed to get fund back up to 370 after our poorly car. Going in the right direction again
    1000 Emergency fund challenge #225 - 1000.00.00/1000 Baby Step 1-COMPLETE
    Debt free day October 2019 - End of Baby Step 2 (A work in progress)
    • patman99
    • By patman99 11th Oct 17, 6:41 PM
    • 8,206 Posts
    • 9,673 Thanks
    patman99
    Added 5 to my 3-6 month fund in old 1 coins.

    Been a busy week. Finally got around to fitting the new bathroom basin to go with the new toilet.

    I reckon to have saved 200 on getting a plumber to do the install.

    Finished the basin and the immersion heater decided to pack up. A quick bit of diagnostics with my trusty multimeter revealed that bother the thermostats had failed. 20 and 20 minutes was all it took to restore my hot water.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • Mummy_bear
    • By Mummy_bear 14th Oct 17, 3:33 PM
    • 307 Posts
    • 1,113 Thanks
    Mummy_bear
    #241 checking in.

    Currently up to 665/1000

    On course to hitting my 1000 target by Christmas
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) 37139.86
    6531.23/37139.86 17.58% paid
    • Dobbibill
    • By Dobbibill 14th Oct 17, 4:54 PM
    • 3,152 Posts
    • 4,061 Thanks
    Dobbibill
    Just realised I didn't pop in with my October update at the beginning of the month so here it is...

    #45 usual SO went over on the 1st taking my total to 850 aka 85%.

    Will be lovely to get it back up to the full amount, although that's not going to happen until 1st Jan but I'm happy to keep going with the regular amounts I'm currently doing.

    Finger's crossed I won't need to use it between now and then

    Dobbi
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • patman99
    • By patman99 16th Oct 17, 10:08 PM
    • 8,206 Posts
    • 9,673 Thanks
    patman99
    Updated my signature with my new figures.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • Mummy_bear
    • By Mummy_bear 21st Oct 17, 7:19 AM
    • 307 Posts
    • 1,113 Thanks
    Mummy_bear
    #241

    Reached my October target of 700 in the EF

    Even avoided having to use the EF for a car issue.

    I've developed an aversion to using the EF now

    MB
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) 37139.86
    6531.23/37139.86 17.58% paid
    • crv1963
    • By crv1963 21st Oct 17, 8:42 AM
    • 304 Posts
    • 712 Thanks
    crv1963
    #147 crv I've not posted on this thread for ages sorry for that. I have now reached my 1000 EF target, it did get dipped into a few times for the car but hopefully it will survive Christmas!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
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