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Results: Do you have sufficient Emergency Funds to pay immediately?

Yes - I'm MSE to the core! Emergency Fund at the ready!

82.97% • 190 votes

No - I'd need to rely on Credit

17.03% • 39 votes

You may not vote on this poll

229 votes in total.

  • FIRST POST
    • MSE Tine
    • By MSE Tine 11th Jan 19, 2:00 PM
    • 92Posts
    • 195Thanks
    MSE Tine
    Emergency Fund Poll - How prepared are you for an emergency?
    • #1
    • 11th Jan 19, 2:00 PM
    Emergency Fund Poll - How prepared are you for an emergency? 11th Jan 19 at 2:00 PM

    Inspired by a recent boiler breakdown :

    If your boiler, car or washing machine broke down today would you be able to pay for it to be fixed straight away?

    Without an Emergency Fund lots of people would have to rely on credit to pay for any repairs. We'd love to know how prepared our Forumites are!

    If you haven’t already, join the forum to reply.

    You might also want to check out these articles:

    Cheap Boiler Cover
    Top Saving Accounts
    Cheap Car Breakdown Cover
    Free Extended Warrenties (Some of the deals are being updated so might be out of date - always double check )

    Or why not join other Forumites on the £1000 Emergency Fund Challenge?
    Last edited by MSE Tine; 12-02-2019 at 8:53 AM.
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Page 1
    • onomatopoeia99
    • By onomatopoeia99 11th Jan 19, 2:51 PM
    • 5,440 Posts
    • 12,317 Thanks
    onomatopoeia99
    • #2
    • 11th Jan 19, 2:51 PM
    • #2
    • 11th Jan 19, 2:51 PM
    If your boiler, car or washing machine broke down today would you be able to pay for it to be fixed straight away?
    Originally posted by MSE Tine
    Yes. Got bored with "that'll have to go on the credit card" about 15 years ago and became a lot more disciplined about spending.
    INTP, nerd, libertarian and scifi geek. Home is where my books are.

    5.2kWp system, SE facing, >1% shading, installed March 2019.
    • pinknsparkly
    • By pinknsparkly 11th Jan 19, 3:02 PM
    • 330 Posts
    • 752 Thanks
    pinknsparkly
    • #3
    • 11th Jan 19, 3:02 PM
    • #3
    • 11th Jan 19, 3:02 PM
    Yes we could. My emergency fund is far more than just a financial pot of money - it's also vital to my mental health. Knowing I'd struggle to repair or replacement something vital in my life would cause me huge anxiety and negatively impact my entire life!
    MFW 2019 challenge #99: £1440.88 / £6,000
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    Last updated: 17/04/2019
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    • Sea Shell
    • By Sea Shell 11th Jan 19, 3:26 PM
    • 1,411 Posts
    • 2,551 Thanks
    Sea Shell
    • #4
    • 11th Jan 19, 3:26 PM
    • #4
    • 11th Jan 19, 3:26 PM
    It would go on credit card for convenience only but then be paid off after next statement on due date.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • oystercatcher
    • By oystercatcher 11th Jan 19, 5:53 PM
    • 1,800 Posts
    • 4,591 Thanks
    oystercatcher
    • #5
    • 11th Jan 19, 5:53 PM
    • #5
    • 11th Jan 19, 5:53 PM
    I would be worried to bits if I didn't have an emergency fund. I don't know how people can live like that . Maybe I've been lucky but I think there's a bit more to it as well .
    • Rosemary7391
    • By Rosemary7391 11th Jan 19, 6:21 PM
    • 2,727 Posts
    • 4,726 Thanks
    Rosemary7391
    • #6
    • 11th Jan 19, 6:21 PM
    • #6
    • 11th Jan 19, 6:21 PM
    I'm currently spending mine...
    Slinkies 2018 Challenge - 0/80lb lost
    • Aaleigha
    • By Aaleigha 11th Jan 19, 6:37 PM
    • 567 Posts
    • 3,655 Thanks
    Aaleigha
    • #7
    • 11th Jan 19, 6:37 PM
    • #7
    • 11th Jan 19, 6:37 PM
    still building mine

    with a house move on the cards I am unsure how much I will need out of the bank to purchase the house
    SEALED POT CHALLENGE # 100
    pot 1 (unknown starting amount) £18 Pot 2 £10
    total £22.50
    EMERGENCY FUND
    £40/1000 plus some in my bank £138 total 178/1000
    DECLUTTER. 183/2019
    • Primrose
    • By Primrose 11th Jan 19, 7:10 PM
    • 8,580 Posts
    • 30,219 Thanks
    Primrose
    • #8
    • 11th Jan 19, 7:10 PM
    • #8
    • 11th Jan 19, 7:10 PM
    Always had an emergency fund from the time when we were hard up newly weds, albeit a very small one in those days. If you know you're the sort of person who worries about financial insecurity it's far easier to give up buying unnecessary stuff knowing you'll have money in the bank for any emergency.

    Memories of sunny holidays in foreign climes arent much use when the bailiffs are knocking at the door or if you're shivering in two feet of snow with a broken down central heating boiler you cant afford to replace.
    • clairec79
    • By clairec79 11th Jan 19, 7:28 PM
    • 2,447 Posts
    • 6,395 Thanks
    clairec79
    • #9
    • 11th Jan 19, 7:28 PM
    • #9
    • 11th Jan 19, 7:28 PM
    currently no - had to get a new boiler system last year (and new radiators - that wiped out the majority of savings)

    I do have a lease car through work so no cost if it needs fixing and could afford a new washing machine

    Had I not just paid for a holiday for 6 of us outright earlier this month I'd have a bit more - it'll build up again, if anything dire did happen I'd have to use credit in the meanwhile
    • whyigetmorelikes
    • By whyigetmorelikes 11th Jan 19, 9:14 PM
    • 43 Posts
    • 16 Thanks
    whyigetmorelikes
    Always keep something back
    • Fireflyaway
    • By Fireflyaway 12th Jan 19, 8:59 AM
    • 2,173 Posts
    • 2,558 Thanks
    Fireflyaway
    Don't currently have one and it does scare me. It will be complete by April though. I don't want to be in the situation where I have to borrow to sort problems.
    • LilElvis
    • By LilElvis 12th Jan 19, 9:31 AM
    • 4,255 Posts
    • 11,313 Thanks
    LilElvis
    We would be fine as we have more than enough cash to cover any emergency - even if the house were to burn down.
    • SingleSue
    • By SingleSue 12th Jan 19, 9:54 AM
    • 10,514 Posts
    • 59,664 Thanks
    SingleSue
    No emergency fund, no credit cards so I would be beggared if anything broke down or have to go and speak nicely to the bank of mum and dad.

    I've not had a chance to really build one, I was a carer for family members for several years and now I am disabled, working very minimal hours and not claiming any income top ups. All this means that after paying essential bills and having a very tight (read miniscule) food budget, there are only pennies left to put into my savings pot.

    That said, I managed to get it up to almost £100 just before Christmas by sweeping (Tilly Tidying) my small change in my purse over at the end of each day but the boys being home from uni and resultant higher food costs and a higher than expected bill has pretty much wiped it out.

    Mind you, I suppose that is what an emergency fund is for, without that pot I really would have been beggared and scrabbling around.
    We made it! One graduated, 2 currently at university, been hard work but it shows there is a possibility of a chance of normal (ish) life after a diagnosis (or two) of ASD. It's not been the easiest route but I am so glad I ignored everything and everyone and did my own therapies with them.
    Eldests' EDS diagnosis 4.5.10, mine 13.1.11 eekk!
    • Red-Squirrel
    • By Red-Squirrel 12th Jan 19, 5:55 PM
    • 4,073 Posts
    • 11,002 Thanks
    Red-Squirrel

    I've not had a chance to really build one, I was a carer for family members for several years and now I am disabled, working very minimal hours and not claiming any income top ups. All this means that after paying essential bills and having a very tight (read miniscule) food budget, there are only pennies left to put into my savings pot.
    Originally posted by SingleSue
    Does this mean you are not entitled or you are entitled but not claiming? If the latter please reconsider and take what is rightly yours!
    • LameWolf
    • By LameWolf 12th Jan 19, 6:18 PM
    • 10,953 Posts
    • 120,436 Thanks
    LameWolf
    I am an avid collector - of money! Every spare penny gets squirreled away into savings.
    LameWolf
    If your dog thinks you're the best, don't seek a second opinion.
    • SingleSue
    • By SingleSue 12th Jan 19, 6:29 PM
    • 10,514 Posts
    • 59,664 Thanks
    SingleSue
    Entitled but not claiming, not sure my mental health would survive the ESA process intact, so I made the decision to do what I can workwise and be frugal instead.

    Unfortunately, my body is not able to cope with much, hence the low hours.
    We made it! One graduated, 2 currently at university, been hard work but it shows there is a possibility of a chance of normal (ish) life after a diagnosis (or two) of ASD. It's not been the easiest route but I am so glad I ignored everything and everyone and did my own therapies with them.
    Eldests' EDS diagnosis 4.5.10, mine 13.1.11 eekk!
    • Red-Squirrel
    • By Red-Squirrel 12th Jan 19, 7:24 PM
    • 4,073 Posts
    • 11,002 Thanks
    Red-Squirrel
    Entitled but not claiming, not sure my mental health would survive the ESA process intact
    Originally posted by SingleSue
    I'm sorry to hear that, what a terrible indictment of the current system.
    • Kim kim
    • By Kim kim 12th Jan 19, 7:43 PM
    • 2,610 Posts
    • 3,819 Thanks
    Kim kim
    [CENTER]Or why not join other Forumites on the £1000 Emergency Fund Challenge?
    Originally posted by MSE Tine
    Itís interesting you put 1k as the emergency fund amount.
    My mother used to say in the 80s you needed 1k as an emergency fund.
    • kingfisherblue
    • By kingfisherblue 12th Jan 19, 8:48 PM
    • 8,419 Posts
    • 18,216 Thanks
    kingfisherblue
    I did have some emergency funds, as I have tried hard to save what I can even though I am on benefits. However, I have recently had a few unexpected expenses at a time when my income went down and my expenses increased. I've got about £90 left in my emergency fund. I'm hoping to build it up again, but it's not looking likely for a few months.
    • justry4n
    • By justry4n 13th Jan 19, 7:02 AM
    • 49 Posts
    • 58 Thanks
    justry4n
    Yes, I have an emergency fund for these events. I also pay for insurance for my boiler for these occasions.
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