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  • FIRST POST
    • patman99
    • By patman99 3rd Oct 14, 9:35 PM
    • 8,250Posts
    • 9,749Thanks
    patman99
    The 1,000 emergency fund challenge.
    • #1
    • 3rd Oct 14, 9:35 PM
    The 1,000 emergency fund challenge. 3rd Oct 14 at 9:35 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-
    #1 Patman99 .................................................. ..#2 Hummingbird
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    This list is correct as of 19/1/17.
    Last edited by patman99; 23-03-2019 at 1:47 PM. Reason: List got 'lost'.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 7.86/ 1000 (that's 0.786%)

    3-6 month EF 0/3600 (that's 0 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
Page 151
    • Danthewelder
    • By Danthewelder 30th Mar 19, 11:12 PM
    • 23 Posts
    • 51 Thanks
    Danthewelder
    Cheers! #286 up to 200 now. 10% there!
    • claremylove
    • By claremylove 31st Mar 19, 3:17 PM
    • 231 Posts
    • 465 Thanks
    claremylove
    My new direct debit has gone out so I've added another 25 into my EF. That means #232 is up to 177.

    Slowly creeping up
    *Proud to be dealing with my debts*
    2 saving club 2019 #20 146 (2014 176; 2015 568; 2016 604; 2017 640; 2018 404)
    Saving for Xmas 2019 #3. 121/365
    1000 emergency fund challenge #232 177/1000
    Save a penny a day 2019 #26 116.47 / 667.95
    SPC 2019 #53
    • James1968
    • By James1968 31st Mar 19, 7:33 PM
    • 127 Posts
    • 56 Thanks
    James1968
    Added 7.61 to my EF. Its a start.
    • patman99
    • By patman99 13th Apr 19, 10:33 PM
    • 8,250 Posts
    • 9,749 Thanks
    patman99
    Checked change jar and have 6.42 to add to EF. Might wait until I have to go into Town (sorry, City, For that is what Colchester has been since AD49).


    At least I haven't had to raid my 7.86 that currently sits in my EF.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 7.86/ 1000 (that's 0.786%)

    3-6 month EF 0/3600 (that's 0 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • Bored
    • By Bored 16th Apr 19, 5:19 PM
    • 271 Posts
    • 375 Thanks
    Bored
    Number #118 checking in. I think I originally signed up to this challenge in 2016 and I managed to save a 1000 emergency fund and a deposit. Of course, then I spent it all on buying a flat and furnishing it.

    If you'll have me back, I've started with a 25 deposit in my new Marcus savings account.
    • Loz2018
    • By Loz2018 16th Apr 19, 6:44 PM
    • 63 Posts
    • 379 Thanks
    Loz2018
    Please could I join?

    I vaguely remember posting on this thread but can’t find my number on the list. Or maybe I posted on the other emergency fund thread challenge ��.

    I currently have 650 in my emergency fund.
    Last edited by Loz2018; 18-04-2019 at 7:35 AM.
    Credit Card Debt: 535 Emergency Fund: 700 S&S ISA: 130 Sealed Pot Challenge #042: 23 (224 banked)
    • aimeemum
    • By aimeemum 22nd Apr 19, 2:07 PM
    • 309 Posts
    • 1,319 Thanks
    aimeemum
    Please can I join in too? I am currently trying to pay off all my debts (aim is by Christmas but the majority of it should be gone by the summer holidays) and at that point I will be starting in earnest to get that magic 1k in my EF. Until then I'm paying small amounts and whatever change I can muster in, and promising myself I wont touch it.

    Is it best in people's opinions to have a change jar (sealed or otherwise) or to do it virtually on my banking? Neither ever seems to stay un-touched so I'm open to suggestions.
    SAHM to 3 boys ~ History writer, reader and blogger.
    DFBX19 #148 - 25/4/2019 Week 16 - 2,048/4,782 43% gone -- 2019 in 2019 #152 664.64/2019
    • claremylove
    • By claremylove 22nd Apr 19, 3:11 PM
    • 231 Posts
    • 465 Thanks
    claremylove
    My EF is premium bonds. Can't really touch them without having to go to the effort of withdrawing them, but if necessary that would only take a few days. Now that they have set a minimum of 25 per month, I've set up a DD for that amount and that fits will with my income/expenses so suits me fine. Not likely to win but still saving money each month, which is a step in the right direction for me.

    You have to find a way that fits with your lifestyle. If a sealed pot works for you, then go that way, likewise a separate online bank account. I'm sure others will be along to give you their preferences.

    Good luck
    *Proud to be dealing with my debts*
    2 saving club 2019 #20 146 (2014 176; 2015 568; 2016 604; 2017 640; 2018 404)
    Saving for Xmas 2019 #3. 121/365
    1000 emergency fund challenge #232 177/1000
    Save a penny a day 2019 #26 116.47 / 667.95
    SPC 2019 #53
    • PositiveBalance
    • By PositiveBalance 22nd Apr 19, 9:55 PM
    • 1,018 Posts
    • 5,385 Thanks
    PositiveBalance
    My EF is premium bonds. Can't really touch them without having to go to the effort of withdrawing them, but if necessary that would only take a few days. Now that they have set a minimum of 25 per month, I've set up a DD for that amount and that fits will with my income/expenses so suits me fine. Not likely to win but still saving money each month, which is a step in the right direction for me.

    You have to find a way that fits with your lifestyle. If a sealed pot works for you, then go that way, likewise a separate online bank account. I'm sure others will be along to give you their preferences.

    Good luck
    Originally posted by claremylove

    Same here! I know I am diddling myself out of a small amount of interest, but for me it's the psychological barrier of knowing that if I take the money out it's not eligible for next month's draw, even if I put it all back straight away, as that might be the month I win something.



    It would have to be a genuine bluelight end-of-the-world emergency for me to touch that money.


    It's funny how our heads work, isn't it?!
    Original debt to source: 11,640.02; debt repaid: 6771.01 (58%); remaining debt: 5069.01
    0% CC balance: 4999.67 now
    1517.56 (69.65% repaid)
    Emergency Fund (#187): 500/500
    Terrimundi: fleeced!
    • aimeemum
    • By aimeemum 23rd Apr 19, 10:17 AM
    • 309 Posts
    • 1,319 Thanks
    aimeemum
    Thanks both - I've set up a whole new savings account attached to my main account and I'm going to try again with doing it online. Physical money is a problem as I have no access to cash (only every 2 weeks when I go into town) so I will start pulling out the 'other' savings for things like birthdays, holidays in physical cash then instead, and try the envelope system for this money. All a learning curve at the moment. Currently have 1 in my EF......go me!!
    SAHM to 3 boys ~ History writer, reader and blogger.
    DFBX19 #148 - 25/4/2019 Week 16 - 2,048/4,782 43% gone -- 2019 in 2019 #152 664.64/2019
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