3-6 Month Emergency Fund Challenge!!
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Just thought I'd pop in to suggest that people who might want to save up to £1000 for an Emergency Fund should take a look at a challenge set up in, I think, 2014, by a man called patman99. You'll find it in MSE challenges, it's called 'The £1,000 emergency fund challenge'.
Sorry, Helen, I'm not trying to poach people from your 3-6 month challenge but I find it really helpful to run the two side by side. I've seen other people on here who do both. Patman's challenge is designed to save for those immediate emergencies that life has a habit of throwing up from time to time and when money is used it can be topped up again. I had to spend from mine lots of times over the years:eek: but have slowly managed to get the pot topped up again in readiness for the next emergency.
The 3-6 month challenge you are on now has a wonderfully supportive group of members and it is always heartwarming to come on here and read about how everyone's doing. I find the goal of saving 3-6 months money much harder to achieve and it is comforting to me to know that whatever happens I've that £1000 sitting there available to help me out of a financial mess;)
Good luck everyone wherever or however you are saving:beer:0 -
Morning Everyone....
So swings and roundabouts....My Psychotherapy Practice has dropped a little but I think that's just the way and I know it can take up to 5 Years to build up a successful Practice....I just have to stay positive....and keep on going....
I'm still adding little bits to my Emergency Fund....I'm getting there slowly....
Here's to the Updates.... xXx
carbootcrazy - Thank you for your words hun, I'm trying to find some "me time" and stay positive....and don't worry, you're not poaching at all, I don't mind you recommending other Threads...and you're right, Patman's Thread is great... I hope you're well hun xXx
patman99 - I've Updated the First Page...You're doing AMAZING!! Keep on going.....I hope all is okay with you... xXx
Dobbibill - I think I've figured out what you're saying, do me a favour and have a look at the First Page....and let me know if I've done that right....thanks hun...thank you for always being so lovely....and so welcoming... xXx
x_raphael_xx - I've adjusted your New Target....Well Done for how well you're doing so far.... Keep going... xXx
dfbefore30 - I've Updated the First Page...You're doing AWESOME!! I hope you don't get redundancy hun....Hope it all works out... xXx
stoplurking - I've Updated the First Page...You're doing BRILLIANTLY!! Thank you, I'm doing okay....Hope all is well with your expenses xXx
skye blue - I've Updated the First Page....You're doing AMAZING!! Keep on going....And I'm exactly like you, my Goals and Aims are always changing....I don't think there is anything wrong with that at all....I guess our priorities change over time....as long as we have Goals in life that is the main thing.... xXx
moneymanager - I can add both goals if you want me to do that, you are welcome to Join if you want to...Just let me know... xXx
Moneybutterfly - WELCOME WELCOME WELCOME it's lovely to have you here....I've added you to the First Page....You're already doing really well....carbootcrazy is right though, if you want the £1000 for Emergencies you may be better in Patman's Thread....but you are most Welcome to be in this Thread If you want to be...it's not a problem either way... xXx0 -
Emergency has arrived. DS crashed his car. Lives in remote village so need to help him with another car! I know! Not my emergency but his. But as Mum no matter what age the 'kids' are you find a way.
So back to Nil!!When I die I will know that I have lived, loved, mattered and made a difference, even if in a small way.0 -
Thanks everyone for all the ideas which really has helped me think about how I would go about doing mine.
I do know there is another thread for the £1k EF which I do also lurk on.moneymanager - I can add both goals if you want me to do that, you are welcome to Join if you want to...Just let me know... xXx
Helen, I am a little scared to sign up just yet until I get my head around some sort of plan for a £1k EF and how to put into this as well. I do plan on doing 3-6 months in six small baby steps and not straight to the £12k. The first step is to £1,500 so if you want to put that down at the moment.Barclaycard: £4,217.55/£5 = 0.11% | Tesco £3,810.55/£3,770.55 = 1.05%
Total: £8,027.80/£5 = 100%/0.06%
Mortgage £99,692/£51,652.33 51.8%
Car Loan: £9,217.20/7,527.38 81.67%
My Money Managing Ways0 -
#2 update
Another small amount added so new total is £2969.55 aka 33%
Because I only calculate it to 2 decimals points, that's a third of the way there - woohoo!
keep on keeping on everyone
DobbiI’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.0 -
Hi guys
U ok helen
Please can you amend my total it should be £1,750 total i think ive not posted £20 some where
Ive been asked if im interested in going to new york, (ive never been but always wanted to) for a friends big birthday in 18mths time - whilst its not very money saving ive got my thinking cap on
Do i reckon i could save it in a £2 coins tin in that time, should i leave my ebay/survey money in my paypal and use that, should i just say no????
Think i'll just try and make extra funds somehow and decide nearer the time, i can always pay it off the mortgage later if i decide not to go .... but i do want to go!!!
Any help with my decision making would be much appreciated, its a heart versus head time, but we only live once don't we0 -
Morning Everyone...
Things have not been great for me over the last Week...Last Thursday/Friday I came down with a rotten Cold which was awful and by Monday I had also come down with a Respiratory Infection...So things not great for the past Week...
That meant I couldn't Work as much as I needed to and I had to break into my Emergency Fund... But never mind, I WILL build it back up again....
On the plus side I got accepted onto a Course that will hopefully advance my Career in time....I'm really looking forward to it, it will be good to get my teeth into something new... So I'm really pleased about that...
Anyway....That's about it for me...Onwards and Upwards I hope, especially now that I'm starting to feel better...Still got a chesty cough but I'm on Antibiotics so hopefully that will clear up soon...
I really appreciate you all bearing with me while I'm dealing with these things.... xXx
On to the Updates...
Mooloo - I'm so sorry to hear about your Son's car crash, I hope he is okay? That is definitely a good use of your Emergency Fund...don't worry, you will build it back up again... xXx
moneymanager - I've Added you to the Member's List...Do let us know how you're getting on....I've added the first Target..baby steps are good....take it one step at a time... xXx
Dobbibill - I've Updated the First Page....You are doing AMAZING and you're an inspiration!! Congratulations on being a third of the way there.... I know you will do it xXx
skye blue - I've Updated the First Page....I'm sorry if I missed an Update somewhere...hopefully it's right now. With regards to New York...I've been a couple of times although not since before 9/11....It's a great City to visit once or twice and it's great to say that you've done all the Touristy bits like the Statue of Liberty and the Empire State Building but it's not somewhere I would go time and time again....although I would like to go back because like I said I haven't been in many years....If you think you can save up for it then go for it!! I'm doing okay hun....Just have to keep on going.....Thank you for asking xXx0 -
Really sorry to hear you've been ill, Helen, and are still not over it:(. Sending hugs :kisses3:and a soothing hot drink:coffee: your way. Congratulations on being accepted for the course. I hope it turns out to be really useful and interesting as well as profitable for your career:beer:
Congratulations to all you money savers:beer: and commiserations and positive vibes to anyone who's been struggling lately whether with money or life in general. As Dobbi says, 'keep on keeping on'.
My PPI cheque has now cleared and the money is safely in my savings account:j. I know it will need to be spent eventually on debt repayment or a 'new to me' car, whichever is the most pressing emergency, but for now I keep looking at the total balance in my account and marvelling at it:o. In my whole adult life I've never really had much in the way of savings:o so this is a big event for me.
I'd like to add the full amount of £1458 to my running total please, Helen. If my maths is correct that should give me a balance of £3358:j. I'd also like to 'up' my target from £3000 to £5000 please. Sounds a bit over-ambitious but I need to aim high even if I fail miserably;)
Good Luck everyone:beer:0 -
Afternoon Everyone!
Apologies for late addition this month - I have been away visiting family in Manchester... August's payment went in:
Amount added = £250
3-6 Month EF = £1000/£4500
It feels good to have a solid 1K in reserve again. Keep up the good work everyone!
DFD = August 2027 @ £250/month
Follow your heart & be true to yourself always
My life is full of abundance and prosperity
NST Feb: Food & Spends = £216.51 / £290.00 NSD = 1 /15
Be kind - Eat well - Exercise - Be mindful0 -
Haven't been here as often as I would like due to working away from home for a few weeks.
#2 update
A little added, a little removed and the balance now sitting at £3102.34 aka 34.47%
keep on keeping on everyone
DobbiI’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.0
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