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3-6 Month Emergency Fund Challenge!!

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  • SamSam17 wrote: »
    #89

    I have not posted in a little while but I'm happy to report I have reached my £5k target for this emergency fund challenge in the end of March.:j:j:j

    Wish you all well! And just wanted to say thanks as this thread has been very motivating!

    Fantastic :j:T:j:T
    VSPC 2019 #10 - £168.80/£100 VSPC 2020 #4 - £262.03/£200 VSPC 2021 #9 - £242.88/£200 VSPC 2022 #3 - £188.03/£200 VSPC 2023 #7 - £0/£200
  • x_raphael_xx
    x_raphael_xx Posts: 4,316
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    Hi all,
    Just checking in. I have been chipping away at mums debt. Just £1800 left to pay back.
    £100 transfered today :)

    £106.25/£1800

    Debt Free as of 17/01/2009 Turtle Power!!

    EF Challenger #3 £138.36 / £5000
    MFW 2024 #100 £00.00 / £10,000

    MFiT #40 Jan 2025 Target - £99,999.00
    Mortgage at 30/09/22 £113,694.11 | Mortgage at 24/01/23 £110,707.87
    Mortgage at 21/04/23 £107,701.01 | Mortgage at 20/07/23 £106,979.65
    Mortgage at 04/10/23 £106,253.77 | Mortgage at 10/01/24 £105,324.57
  • Charleyalmostking
    Charleyalmostking Posts: 148 Forumite
    edited 4 May 2018 at 10:02PM
    ignore. wrong board
    Wedding Fund: £1107.23 / £2,500 Xmas'18: £100.00 / £300.00 Emergency Fund: £100.00 / £1,000H2B ISA: £30.50
  • skye_blue
    skye_blue Posts: 301
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    Hi guys

    U ok helen

    Please amend my total to 1,200 took some out to spend on my garden

    Been stressed for a few weeks and thought if i had a nice garden to sit in and unwind it might help - fingers crossed. dropped a few hours from work for a few weeks so money a bit tight but health 1st eh

    Hopefully i'll pick up soon
  • x_raphael_xx
    x_raphael_xx Posts: 4,316
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    Completely agree Skye, somethings are worth more than money.

    Extra £33.68 in wages this week because of lots of late days. Popped it all straight into mums pot.

    £139.93/£1800
    Debt Free as of 17/01/2009 Turtle Power!!

    EF Challenger #3 £138.36 / £5000
    MFW 2024 #100 £00.00 / £10,000

    MFiT #40 Jan 2025 Target - £99,999.00
    Mortgage at 30/09/22 £113,694.11 | Mortgage at 24/01/23 £110,707.87
    Mortgage at 21/04/23 £107,701.01 | Mortgage at 20/07/23 £106,979.65
    Mortgage at 04/10/23 £106,253.77 | Mortgage at 10/01/24 £105,324.57
  • mylastpound
    mylastpound Posts: 119
    First Anniversary Combo Breaker
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    Evening


    Can I amend my goal of £3k to £2k?


    96) £600 / £2,000


    Thankyou
    3-6 Emergency Fund, No96: £1,000 / £2,000 - House Deposit: £11,000 / £11,000 - Holiday Fund: £100 / £1,300 -
    June 2018 Grocery Challenge £61.59 / £250
  • Dobbibill
    Dobbibill Posts: 4,133
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    Evening


    Can I amend my goal of £3k to £2k?


    96) £600 / £2,000


    Thankyou

    Of course.
    Helen will update when she pops in.

    Bitesize goals are sometimes much more motivating. ;)
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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    Just be better than you were yesterday.
  • x_raphael_xx
    x_raphael_xx Posts: 4,316
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    Another £64 added.

    £203.93/£1800.

    I'm in a conundrum. I have £1000 in my ISA from my original EF savings.
    Do I clear it out and pay off mum? Or keep chipping away?

    Looking at my budgets I should be able to manage the remaining £600ish next month, I can then work on building up my EF again.
    Or is it silly to clear out an EF when mum is happy to wait, and it would leave me with nothing if an emergency did pop up.
    Debt Free as of 17/01/2009 Turtle Power!!

    EF Challenger #3 £138.36 / £5000
    MFW 2024 #100 £00.00 / £10,000

    MFiT #40 Jan 2025 Target - £99,999.00
    Mortgage at 30/09/22 £113,694.11 | Mortgage at 24/01/23 £110,707.87
    Mortgage at 21/04/23 £107,701.01 | Mortgage at 20/07/23 £106,979.65
    Mortgage at 04/10/23 £106,253.77 | Mortgage at 10/01/24 £105,324.57
  • Dobbibill
    Dobbibill Posts: 4,133
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Ambassador
    Another £64 added.

    £203.93/£1800.

    I'm in a conundrum. I have £1000 in my ISA from my original EF savings.
    Do I clear it out and pay off mum? Or keep chipping away?

    Looking at my budgets I should be able to manage the remaining £600ish next month, I can then work on building up my EF again.
    Or is it silly to clear out an EF when mum is happy to wait, and it would leave me with nothing if an emergency did pop up.
    Thinking about from a few different angles.

    If you own your home/mortgage then keep the £1000 EF.
    If you rent then you could maybe go to £500 left in the EF without causing yourself too much concern.

    I'm assuming your Mum is not charging you interest on the money so there's no rush to clear it from a cost perspective.

    If an emergency did come up would you use a CC or go back to Mum to get through it?

    When weighing it all up - keep some sort of EF is Mum is 0% and happy enough to wait - throw the £600 towards it next month and you will be almost half way there anyway. Mum is happy, you retain your financial independence and there's a little EF to fall back on. ;)
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
  • x_raphael_xx
    x_raphael_xx Posts: 4,316
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    Dobbibill wrote: »
    Thinking about from a few different angles.

    If you own your home/mortgage then keep the £1000 EF.
    If you rent then you could maybe go to £500 left in the EF without causing yourself too much concern.

    I'm assuming your Mum is not charging you interest on the money so there's no rush to clear it from a cost perspective.

    If an emergency did come up would you use a CC or go back to Mum to get through it?

    When weighing it all up - keep some sort of EF is Mum is 0% and happy enough to wait - throw the £600 towards it next month and you will be almost half way there anyway. Mum is happy, you retain your financial independence and there's a little EF to fall back on. ;)

    I have a mortgage, and yes, mums loan is 0%
    I think I'm just desperate to get rid of the debt, but it makes sense to keep my hands off my EF and be patient
    Debt Free as of 17/01/2009 Turtle Power!!

    EF Challenger #3 £138.36 / £5000
    MFW 2024 #100 £00.00 / £10,000

    MFiT #40 Jan 2025 Target - £99,999.00
    Mortgage at 30/09/22 £113,694.11 | Mortgage at 24/01/23 £110,707.87
    Mortgage at 21/04/23 £107,701.01 | Mortgage at 20/07/23 £106,979.65
    Mortgage at 04/10/23 £106,253.77 | Mortgage at 10/01/24 £105,324.57
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