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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
    • 98Posts
    • 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    Free Extended Warrenties (Some of the deals are being updated so might be out of date - always double check )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 3
    • pickledonionspaceraider
    • By pickledonionspaceraider 23rd Jan 19, 5:51 PM
    • 1,418 Posts
    • 3,710 Thanks
    pickledonionspaceraider
    Problem with our emergency fund is, it was used in an emergency

    Then another two emergencies happened within quite a short period of time before we had chance to properly build it back up again, but we are trying - we both put a set amount aside each month

    We feel comfortable if we have three months wages set aside - that is our ideal situation but we are no where near at the mo

    Right at this moment in time, if we had a 'need a new washing machine' type of emergency, we would be OK, but if anything bigger happened within the next, say, six months, we would be having to get a credit card

    If one of us lost our jobs, we would be straight down the agencies taking whatever work we could immediately get

    It is a worry to not have a buffer - but even if you plan, you never know how big (financially speaking) an emergency you may have or how ongoing it may be - so you can only plan so much really

    Strange really as I went through years of having no emergency fund savings, very poor credit and no one to borrow off, and I have never had the types of 'expensive' emergencies we have had over the last few years, feeling we were more organised

    Sometimes an emergency can be an ongoing thing, such as if someone is ill off work for a long period of time etc

    I dunno im just rambling now so ill shuffle off lol
    • xXMessedUpXx
    • By xXMessedUpXx 23rd Jan 19, 9:09 PM
    • 17,360 Posts
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    xXMessedUpXx
    I have zero savings and 610 of debt

    So i'm screwed
    "Life Is Like A Beautiful Melody Only The Lyrics Are Messed Up"
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    • PasturesNew
    • By PasturesNew 24th Jan 19, 8:42 PM
    • 66,156 Posts
    • 388,539 Thanks
    PasturesNew
    Once it's gone it's gone - and for single income working households on lower wages it can be wiped out quickly, yet re-saved so slowly.

    A salary of 18k even would yield a take home salary of 1300. Rent might be 600, council tax 120, travel to work 80. So that's 800 gone and you've not even turned the lights on yet. Basic utilities, TV license, contents insurance, say another 100, so now you've 400 left. 100 for fairly basic food, you've got 300 left .... but you're in work so you need to "keep smart" and buy clothes/have your hair done, so knock 50/month off that ... and now you've 250 left. Internet/phone/similar is another 50/month. 200 left and you've not left the house yet...

    If you lose your job and have just one week between jobs (almost impossible) ... it could take you 3-4 months just to catch up to where you were.... have one month before you get another job and it can take you a year to catch up - and if in that year your landlord decides to sell up ... well, now you're stuck....
    • Mrs_Ryan
    • By Mrs_Ryan 24th Jan 19, 9:40 PM
    • 10,852 Posts
    • 20,473 Thanks
    Mrs_Ryan
    Our boiler is newish and we have full boiler cover with British Gas so if the boiler went we would be okay.
    The washing machine is as far as I know still under manufacturers warranty.
    The car- hmmm that could be a problem. I have 1k stashed in an ISA for the wedding but in an absolute desperate emergency it is accessible.
    Open University BA (Hons) English Lang and Lit Graduate; MA English De Montfort Uni 2018- PASSED WITH MERIT!! Round 2 OU started 06/10/18, BSc Combined STEM, Year 1 E117 and DE100.
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    • Lucius45
    • By Lucius45 24th Jan 19, 10:00 PM
    • 29 Posts
    • 11 Thanks
    Lucius45
    Car-wise, I work from home 3 days a week so I'd have to deprive the missus of hers for the other 2. Boiler-wise it is 35 y/o and seems to just keep going and going. Any household appliance - got a little bit back to cover it

    What's up with putting it on an interest free credit card for 24 months? Obviously you need to be extremely disciplined after and make sure you'll raise the money in time
    • Marvel1
    • By Marvel1 26th Jan 19, 8:41 AM
    • 4,080 Posts
    • 4,499 Thanks
    Marvel1
    If I lost my job, i worked I can roughly cover myself for 2 years, having a mortgage repayment of 197 helps! As I live on own, saving is harder as the other bills I have to pay solo there is no 50/50 and low salary.
    • Malthusian
    • By Malthusian 28th Jan 19, 9:23 AM
    • 5,630 Posts
    • 9,325 Thanks
    Malthusian
    What's up with putting it on an interest free credit card for 24 months? Obviously you need to be extremely disciplined after and make sure you'll raise the money in time
    Originally posted by Lucius45
    If you know you can raise sufficient money to pay off the credit card when the time comes, then why not just do it now so you're not at the mercy of the credit market?

    A shortage of money is most likely to arrive at a time when lenders are most reluctant to lend, due to either or both of economic conditions (recession / financial crisis) and personal circumstances (unemployment).

    Lenders offer 0% credit cards because they know a significant percentage of the people that take them out will still have debt on them at the end of the offer period and won't move it elsewhere. 100% of people who take out a 0% credit card think they'll pay it off by the end of the period. A large number of them are wrong.
    • JadedAngel88
    • By JadedAngel88 29th Jan 19, 6:57 PM
    • 41 Posts
    • 103 Thanks
    JadedAngel88
    I have no emergancy fund nor have I had the spare cash to save for one.


    I need one now though as the brown stuff has well and truly hit the fan. I am up said creek and I'm drowning. I do not have credit to rely on either.


    So I think your poll could have done with a third option of No, and no life jacket either.


    Btw it's a health issue rather than a money one just incase you were wondering.
    Treat lifes stresses like a dog does.... if you can't eat it or f**k it, just pi** on it and walk away.
    • Former MSE Andrea
    • By Former MSE Andrea 12th Feb 19, 12:43 PM
    • 9,419 Posts
    • 22,334 Thanks
    Former MSE Andrea
    Hi to our regular forumites.

    Our poll is on the main site homepage today so you may see some newbies joining to post and vote.

    Please make them feel welcome

    Andrea
    Could you do with a Money Makeover?


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