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  • FIRST POST
    • DreamerHelen
    • By DreamerHelen 20th Oct 15, 8:30 AM
    • 2,557Posts
    • 13,676Thanks
    DreamerHelen
    3-6 Month Emergency Fund Challenge!!
    • #1
    • 20th Oct 15, 8:30 AM
    3-6 Month Emergency Fund Challenge!! 20th Oct 15 at 8:30 AM
    Morning Everyone....


    I have been wondering for MONTHS now about what would happen if there was some kind of Emergency....I am self-employed and also starting a new Business which will also be on a self-employed basis....so I will never get holiday pay or sick pay....although I AM hoping to maybe get an employed Job but that would only be for a couple of days a Week so it won't cover me completely if something were to happen....


    My health is not wonderful at the moment, and hasn't been for a while, but I'm going to start trying to lose Weight once I've moved Flats (which I'm doing this Weekend!!).


    So the point of this Challenge is to save up at least 3 month's worth of wages....that can be a different amount for each person....and some people might want to save up to 6 months if they are feeling ambitious!!


    Me personally, I want to save 3 months worth of wages which for me will be £6000.


    Now, there is ABSOLUTELY NO TIME LIMIT on this Challenge...in fact I suspect it could take me Years to get to the point of having 3 months wages as Savings....For now I can only afford £5 per week but as my new Business builds up (hopefully!!) then I should be able to afford more.


    This Thread is mainly for us all to encourage each other to keep on Saving and to celebrate when we reach milestones, however large or small they may be.....Like for me, when I get to having £500 I will be ecstatic!!


    I also wanted to say that if at any time an emergency crops up and you need to use your Fund and then start again then please don't worry about doing that.....It's what the Emergency Fund is there for after all....


    I don't like having Savings in the Bank as I get too tempted to spend them so I'm going to invest in a Terramundi to put my Savings into at least at first......but other's may choose to use their Bank Accounts or a Tin from Poundworld...or stuff it under your Mattress!!


    Sooooo.....Here we go.....I'll add the names below as people Join....xXx




    CHALLENGERS
    1) DreamerHelen - GOAL: £6000 CURRENTLY: £0/£6000
    2) Dobbibill - GOAL ONE: £9000 CURRENTLY: £9000/£9000 - COMPLETE!!
    2) Dobbibill - GOAL TWO: £9000 CURRENTLY: £4960.89/£9000
    3) Patman99 - CURRENTLY: £631.65
    4) LittleMissDetermined - GOAL: £7129 CURRENTLY: £6050/£7520.80
    5) Sophieo16 - GOAL: £3000 CURRENTLY: £3000/£3000 - COMPLETE!!
    5) Sophieo16 - NEW GOAL: £4000 CURRENTLY: £2862.51/£5000
    6) Crv1963 - INITIAL GOAL: £7800 CURRENTLY: £10/£7800
    7) Mothernerd - INITIAL GOAL: £1000 CURRENTLY: £1000/£1000 COMPLETE!!
    8) Stewby - GOAL: £2000 CURRENTLY: £230.76/£2000
    9) stoplurking - GOAL: £4000 CURRENTLY: £2160/£4000
    10) crazy_cat_lady - GOAL: £6338 CURRENTLY: £346.92/£6338
    11) stormpassing - GOAL: £5400 CURRENTLY: £30/£5400
    12) carbootcrazy - GOAL: £5000 CURRENTLY: £3733/£5000
    13) Munchin - GOAL: £6000 CURRENTLY: £1300/£6000
    14) traveller - INITIAL GOAL: £1000
    15) Freysmum - GOAL: £8500 CURRENTLY: £8500/£8500 - COMPLETE!!
    16) The Only Girl - GOAL: £12,000 CURRENTLY: £9425.89/£12,000
    17) Southern-girl - GOAL: £5000 CURRENTLY: £437/£5000
    18) dubsteppenguin - GOAL: £5000 CURRENTLY: £250/£5000
    19) DuranGirl - GOAL: £6000 CURRENTLY: £5000/£6000
    20) WantToBeSE - GOAL: £5000 CURRENTLY: £1000/£5000
    21) black cat - GOAL: £6000 CURRENTLY: £6000/£6000 - COMPLETE!!
    22) lexbubbles - GOAL: £4600 CURRENTLY: £2158.63/£4600
    23) ani*fan - GOAL: £3000 CURRENTLY: £40.29/£3000
    24) Keeping Motivated - GOAL: £6000 CURRENTLY: £6000/£6000 - COMPLETE!!
    24) Keeping Motivated - NEW GOAL: £6000 CURRENTLY: £3790/£6000
    25) rylee12 - GOAL: £6000
    26) Rosylee - GOAL: £8850 CURRENTLY: £60/£8850
    27) BlackFrosting - GOAL: £2700 CURRENTLY: £69.37/£2700
    28) Westbeef - GOAL: £5000
    29) skye blue - GOAL: £3000 CURRENTLY: £1200/£3000
    30) MrsSave - GOAL: £5000 CURRENTLY: £1241.36/£5000
    31) crimson.addict - GOAL: £10,000 CURRENTLY: £350/£10,000
    32) linc1205 - GOAL: £20,000 CURRENTLY: £20/£20,000
    33) Brass_Triumphant - GOAL: £5000 CURRENTLY: £450/£5000
    34) Christa27 - GOAL: £3000
    35) Wishfullthinking2 - GOAL: £4500
    36) x_raphael_xx - GOAL: £5050 CURRENTLY: £1000/£4000
    36) x_raphael_xx - GOAL 2 (Mum's Money) CURRENTLY: £323.93/£1700
    37) moneymakestheworldgoround - GOAL: £3000
    38) georgiebrown0 - GOAL: £6000
    39) Sharon87 - GOAL: £1500 CURRENTLY: £330/£1500
    40) BabyBetty - GOAL: £5000 CURRENTLY: £276/£5000
    41) -Selene - GOAL: £5000 CURRENTLY: £691.69/£5000
    42) Thistlewhistle - GOAL: £5000 CURRENTLY: £2500/£5000
    43) abundant1972 - GOAL: £4500 CURRENTLY: £2275/£4500
    44) castlelough - GOAL: !!!8364;3000 CURRENTLY: !!!8364;86/!!!8364;3000
    45) MLAB - INITIAL GOAL: £450
    46) milasavesmoney - GOAL: $15000 CURRENTLY: $11,273/$15000
    47) WatWing - GOAL: £3900 CURRENTLY: £250/£3900
    48) happytails - GOAL: £8400
    49) Grandad's Offspring - GOAL: £5000 CURRENTLY: £80/£5000
    50) Smodlet - GOAL: £3000 CURRENTLY: £325/£3000
    51) JCUK - GOAL: £6000 CURRENTLY: £1250/£6000
    52) Mooloo - GOAL: £4000 CURRENTLY £600/£4000
    53) aphill24 - GOAL: £5000 CURRENTLY: £1100/£5000
    54) evo5819 - GOAL: £3000
    55) mum-to-many - GOAL: £3000 CURRENTLY: £306/£3000
    56) oh2bdebtfree - GOAL: £6000
    57) Keedie
    58) AnxiousHomemaker - INITIAL GOAL: £500 CURRENTLY: £15/£500
    59) PoorGuyNextDoor - GOAL: £5300
    60) angelicious - GOAL: £7200 CURRENTLY: £270/£7200
    61) misselvis - GOAL: £6000
    62) benten69 - GOAL: £10,750 CURRENTLY: £230/£10,750
    63) TopsyMum - GOAL: £1000
    64) Poor_Single_lady - GOAL: £5000 CURRENTLY: £80/£5000
    65) swimminginaseaofdebt - GOAL: £9000 CURRENTLY: £300/£9000
    66) Dragon Lily - GOAL: £3000 CURRENTLY: £1230/£3000
    67) FrugalinShropshire - GOAL: £7200
    68) Determined diva - GOAL: £2000 CURRENTLY: £1050/£2000
    69) muppets - GOAL: Euro 15,000 CURRENTLY: Euro 4700/15,000
    70) dfbefore30 - GOAL: £5000 CURRENTLY: £5000/£5000 - COMPLETE!!
    71) indigowarrior - GOAL: £6000
    72) angelpye - GOAL: £4200
    73) HoneyBee83 - GOAL: £1000 CURRENTLY: £1200/£1000
    74) wegle - GOAL: £6000 CURRENTLY: £548.23/£6000
    75) Hillwalker17 - GOAL: £6000 CURRENTLY: £1000/£6000
    76) Doglover - GOAL: £7500
    77) NewMeNewLife - GOAL: £5000 CURRENTLY: £300/£5000
    78) Bumblebear - GOAL: £5670
    79) lilyflower7 - GOAL: £3000 CURRENTLY: £519.23/£3000
    80) Dogbooks - GOAL: £9300 CURRENTLT: £950/£9300
    81) kazt2006 - GOAL: £10,000 CURRENTLY: £7900/£10,000
    82) Jellybeans&FF - GOAL: £9000 CURRENTLY: £20/£9000
    83) Moneybutterfly - GOAL: £1000 CURRENTLY: £270/£1000
    84) moneymanager - GOAL: £1500
    85) fruitloop04 - GOAL: £6000 CURRENTLY: £1000/£6000
    86) peedie - GOAL: £6000
    87) datlex - GOAL: £10,750 CURRENTLY: £10,750/£10,750 - COMPLETE!!
    88) Anoneemoose - MINI GOAL: £931 CURRENTLY: £300/£931
    89) SamSam17 - GOAL: £5000 CURRENTLY: £2627.58/£5000 COMPLETE!!
    90) 166million - GOAL: £10,000 CURRENTLY: £637/£10,000
    91) A Random Man - GOAL: £4500
    92) Littlebigmoose - GOAL: £1000
    93) kimplus8
    94) claireg86 - GOAL: £6000 CURRENTLY: £605/£6000
    95) Cherbear82 - GOAL: £2000 CURRENTLY: £100/£2000
    96) mylastpound - GOAL: £2000 CURRENTLY: £1000/£2000
    97) moneyonmymindsam - GOAL: £4389 CURRENTLY: £1/£4389
    98) MelBell2015 - GOAL: £2100
    99) Charleyalmostking - GOAL: £1000 CURRENTLY: £109.89/£1000
    100) lindez - GOAL: £6000
    101) July257 - GOAL: £1000
    102) Treasurequeen - GOAL: £2000
    103) Dolly Rocker - GOAL: £7000 CURRENTLY:£70/£7000

    If you haven!!!8217;t already, join the forum to reply!
    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by DreamerHelen; 16-06-2018 at 6:47 AM.
    Committed To Paying Off My Debts AND Saving
    3-6 Month Emergency Fund #1 £0/£6000
    General £1000 Emergency Fund #13 £0/£1000
    Saving For Christmas 2018 £1 per day #13 £4/£750
    MSE Sealed Pot Challenge #089 - £276.70 Banked For 2017/2018 - Stars from SueUU x25
Page 89
    • SamSam17
    • By SamSam17 4th Jan 18, 3:13 PM
    • 67 Posts
    • 146 Thanks
    SamSam17
    Happy new year all!


    #89 Iíve now got £2034.05/£5000

    This is mainly because Iíve paused on my debt repayments as Iím looking to move jobs and would like to have my emergency fully funded or close enough.
    • A Random Man
    • By A Random Man 5th Jan 18, 12:44 AM
    • 192 Posts
    • 935 Thanks
    A Random Man
    Hi everyone just thought i'd give a quick update currently i have not put any money into the fund however i do plan to do so at the end of the month so if it seems like i update very sporadically it is because of the above reason, i do plan to move approximately £300 at the end of the month but i will give an update then
    Total Debt 1st Jan £13100/£11423.30 (12.79% Paid)
    Make £10 A Day In April (Matched Betting) £750/£190.87
    Make £10 A Day In April (eBay) £300/£1.85
    Payment A Day total: £444.19
    Halifax Credit Card, Tesco Credit Card, Barclaycard, Hitachi Loan
    • 166million
    • By 166million 5th Jan 18, 9:10 AM
    • 1,206 Posts
    • 5,061 Thanks
    166million
    Hi everyone just thought i'd give a quick update currently i have not put any money into the fund however i do plan to do so at the end of the month so if it seems like i update very sporadically it is because of the above reason, i do plan to move approximately £300 at the end of the month but i will give an update then
    Originally posted by A Random Man
    Hi Random Man
    It doesn't matter when you do it, as long as you keep plugging away.
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018 No. 90: Emergency fund £637
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    • 166million
    • By 166million 5th Jan 18, 9:11 AM
    • 1,206 Posts
    • 5,061 Thanks
    166million
    Happy new year all!


    #89 Iíve now got £2034.05/£5000

    This is mainly because Iíve paused on my debt repayments as Iím looking to move jobs and would like to have my emergency fully funded or close enough.
    Originally posted by SamSam17
    Well done!
    What sort of work are you in? Are you looking for a career change?
    Threat of redundancy is what brought me here really
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018 No. 90: Emergency fund £637
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    • 166million
    • By 166million 5th Jan 18, 9:36 AM
    • 1,206 Posts
    • 5,061 Thanks
    166million
    Hi Helen! Happy New Year

    +£3.84 for me please
    £318.84 in total
    Originally posted by 166million
    Added £100 so £418.84 in total.

    Need to find some odd change to round it up
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018 No. 90: Emergency fund £637
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    • x_raphael_xx
    • By x_raphael_xx 5th Jan 18, 5:57 PM
    • 3,551 Posts
    • 18,512 Thanks
    x_raphael_xx
    Evening all.
    £59.01 into Mums Fund today. £50 is my weekly grocery budget, however it's bf's month to buy the shopping. When it's my month off my budget always seems to get eaten up elsewhere, so I've taken it straight out. £9.01 is my extra pay from Xmas week. Doesn't seem a lot, but I was able to do half shifts due to the double pay, so any extra is good

    I've also sold some comics on ebay, but going to wait & see what fees ebay takes before counting the cash.

    Mums Fund £226.39/£3000
    Debt Free as of 17/01/2009 Turtle Power!!
    May NSD's - 13/19 / Lose weight 7.8 lbs / 50 lbs
    EF Challenger #36 £139.93/£1800
    • x_raphael_xx
    • By x_raphael_xx 6th Jan 18, 4:13 PM
    • 3,551 Posts
    • 18,512 Thanks
    x_raphael_xx
    Posted my ebay parcel today. Didn't realise ebay now take fees out straight away from the payment, which makes things a whole lot easier.
    After fees and posting I was left with £14.64, so added that to Mums fund.

    Total now £241.03/£3000
    Debt Free as of 17/01/2009 Turtle Power!!
    May NSD's - 13/19 / Lose weight 7.8 lbs / 50 lbs
    EF Challenger #36 £139.93/£1800
    • x_raphael_xx
    • By x_raphael_xx 7th Jan 18, 8:49 PM
    • 3,551 Posts
    • 18,512 Thanks
    x_raphael_xx
    Another £10 popped into mums fund today, from a broken phone I sold for parts.

    Total now £251.03 / £3000
    Debt Free as of 17/01/2009 Turtle Power!!
    May NSD's - 13/19 / Lose weight 7.8 lbs / 50 lbs
    EF Challenger #36 £139.93/£1800
    • 166million
    • By 166million 9th Jan 18, 8:28 PM
    • 1,206 Posts
    • 5,061 Thanks
    166million
    Hi how is everyone
    Adding £1.16 to round up to £320
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018 No. 90: Emergency fund £637
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    • 166million
    • By 166million 10th Jan 18, 6:16 PM
    • 1,206 Posts
    • 5,061 Thanks
    166million
    Hi how is everyone
    Adding £1.16 to round up to £320
    Originally posted by 166million
    Chip adding £ 2.45

    322.45

    Oops I got it wrong
    Should be 422.45
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018 No. 90: Emergency fund £637
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    • SamSam17
    • By SamSam17 10th Jan 18, 9:46 PM
    • 67 Posts
    • 146 Thanks
    SamSam17
    Well done!
    What sort of work are you in? Are you looking for a career change?
    Threat of redundancy is what brought me here really
    Originally posted by 166million
    Thanks

    Sorry I havenít been checking this site for a little while. Iím a research analyst. Iíve been with my current employer for few years now so feel itís time to move on. Iím not really looking to change careers but move up a little

    Sorry to hear about your situation. Is it a real threat? Are you looking around to move too?

    I did read in the Metro today the market is doing well if that helps
    • 166million
    • By 166million 10th Jan 18, 11:08 PM
    • 1,206 Posts
    • 5,061 Thanks
    166million
    Thanks

    Sorry I haven!!!8217;t been checking this site for a little while. I!!!8217;m a research analyst. I!!!8217;ve been with my current employer for few years now so feel it!!!8217;s time to move on. I!!!8217;m not really looking to change careers but move up a little

    Sorry to hear about your situation. Is it a real threat? Are you looking around to move too?

    I did read in the Metro today the market is doing well if that helps
    Originally posted by SamSam17
    I had to reapply within my organisation as my role was discontinued and replaced with a different role. I have now successfully been appointed to the new role :-)
    But at least it kicked me into gear with saving and thinking about what I really want to do in life
    Research analyst sounds fancy. Do you work in a particular field?
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018 No. 90: Emergency fund £637
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    • HoneyBee83
    • By HoneyBee83 11th Jan 18, 10:10 AM
    • 355 Posts
    • 3,564 Thanks
    HoneyBee83
    Good Morning all,

    I haven't been on for a long long time The end of 2017 was awful and I shut myself away for a while. I had a couple of large bills come in due to personal reasons...but everything is now sorted and I'm back.

    I started with a goal of £1,000 and I actually hit this before I disappeared .
    I'm #73 (I think) I would like to up my goal to £2,000 please?
    Currently at £1,200/£2,000

    Thank you Thank you
    Emergency Savings #73 = £1,500/£2,000
    House Savings = £14,000/£20,000 + £600 Furniture
    Xmas 2018=£60/£300 Australia =£0.00/6000
    • carbootcrazy
    • By carbootcrazy 11th Jan 18, 8:02 PM
    • 4,808 Posts
    • 27,305 Thanks
    carbootcrazy
    Well done all you moneymakers whether it's been a lot or a little. Every little helps as Mr T was always telling us

    My car woudn't start yesterday, dead as a dodo. OH took the battery out and took it to the nearest battery place (quite a trek in this rural backwater). They tested it and it was totally kaput, beyond resuscitation. He came home with a new one and fitted it and the car started like a dream this morning. I was worried it might be something more serious than just the battery, the car is 15 years old after all but absolutely essential out here. Fingers crossed it was just the battery


    On his way home he stopped for a newspaper and bought me a lottery Lucky Dip as he felt sorry for me having a run of rubbish events recently. He isn't one for giving gifts so I was chuffed. Even better it won £25 for 3 correct numbers. Means the battery only cost £25 instead of the full £50
    Last edited by carbootcrazy; 11-01-2018 at 8:06 PM.
    Make £10 A Day Challenge 2018: Jan-May: £1988.00+. June: £287.77


    Original Debt: £56804 (@02/13). Now: £9618
    . Under £10K at long last.
    • x_raphael_xx
    • By x_raphael_xx 11th Jan 18, 8:27 PM
    • 3,551 Posts
    • 18,512 Thanks
    x_raphael_xx
    My car woudn't start yesterday, dead as a dodo. OH took the battery out and took it to the nearest battery place (quite a trek in this rural backwater). They tested it and it was totally kaput, beyond resuscitation. He came home with a new one and fitted it and the car started like a dream this morning. I was worried it might be something more serious than just the battery, the car is 15 years old after all but absolutely essential out here. Fingers crossed it was just the battery
    Originally posted by carbootcrazy
    It might be worth getting the alternator checked, incase it's not charging the battery. Although I'm sure the battery centre would have said if the battery was okay but just drained.
    Debt Free as of 17/01/2009 Turtle Power!!
    May NSD's - 13/19 / Lose weight 7.8 lbs / 50 lbs
    EF Challenger #36 £139.93/£1800
    • Mooloo
    • By Mooloo 12th Jan 18, 6:38 AM
    • 9,773 Posts
    • 47,859 Thanks
    Mooloo
    Slowly been shifting debts, closing bank accounts that only had a few £ in and decided to only have two savings accounts. One credit card completely cleared and cut up. One balance transferred, and the Emergency Fund is on £600
    I used my Retirement Fund towards the debts.
    Only £11 in my other savings account. And can!!!8217;t see that staying there much longer.
    When I die I will know that I have lived, loved, mattered and made a difference, even if in a small way.
    • carbootcrazy
    • By carbootcrazy 12th Jan 18, 11:19 AM
    • 4,808 Posts
    • 27,305 Thanks
    carbootcrazy
    It might be worth getting the alternator checked, incase it's not charging the battery. Although I'm sure the battery centre would have said if the battery was okay but just drained.
    Originally posted by x_raphael_xx

    Thanks for that. It definitely was the battery this time though. OH knows the men at the battery place, they wouldn't try to cheat him just to sell a new battery. They tested it in front of him. If there had been any chance of resuscitating it he'd have taken that option. It was only a cheapie when I got the 'old' battery and it's had plenty of use.


    Next time I take my car in for a service I'll ask them to check the alternator though. That's unless I have an starting problems in the meantime in which case I'll get it done sooner. Thanks for the advice
    Make £10 A Day Challenge 2018: Jan-May: £1988.00+. June: £287.77


    Original Debt: £56804 (@02/13). Now: £9618
    . Under £10K at long last.
    • x_raphael_xx
    • By x_raphael_xx 12th Jan 18, 6:54 PM
    • 3,551 Posts
    • 18,512 Thanks
    x_raphael_xx
    A nice £143.62 chunk added to Mums fund today.
    £28.53 in extra NY wages, £50 grocery budget and £65.09 in unspent weekly budget.

    Total now £394.65 / £3000

    Debt Free as of 17/01/2009 Turtle Power!!
    May NSD's - 13/19 / Lose weight 7.8 lbs / 50 lbs
    EF Challenger #36 £139.93/£1800
    • 166million
    • By 166million 13th Jan 18, 10:14 PM
    • 1,206 Posts
    • 5,061 Thanks
    166million
    422.45 + 0.55
    = £423
    I like to round things up
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018 No. 90: Emergency fund £637
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    • kimplus8
    • By kimplus8 13th Jan 18, 10:22 PM
    • 676 Posts
    • 2,078 Thanks
    kimplus8
    I really want to get to this point, I have an emergency fund but I want to get 3-6 months worth and then get a mortgage fund going. Its a long way off but I'm getting there
    Dave Ramsey and Martin Lewis are my Money Saving Heros.
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