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  • FIRST POST
    • DreamerHelen
    • By DreamerHelen 20th Oct 15, 8:30 AM
    • 2,555Posts
    • 13,671Thanks
    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: 4641.93/9000
    3) Patman99 - CURRENTLY: 631.65
    4) LittleMissDetermined - GOAL: 7129 CURRENTLY: 6050/7129
    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: 1400/3000
    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: 6.25/2000
    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: 95.40/9000
    66) Dragon Lily - GOAL: 3000 CURRENTLY: 1135/3000
    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
    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: 3000
    97) moneyonmymindsam - GOAL: 4389 CURRENTLY: 1/4389
    98) MelBell2015 - GOAL: 2100
    99) Charleyalmostking
    100) lindez - GOAL: 6000

    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; 18-04-2018 at 9:35 PM.
    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 95
    • Charleyalmostking
    • By Charleyalmostking 20th Apr 18, 9:10 PM
    • 84 Posts
    • 33 Thanks
    Charleyalmostking
    Hey thank you.
    I've since split my savings (300) Into

    102.89 emergency funds
    102.89 Help to buy / house fund
    102.90 Wedding

    My first goal is 1,000

    Starting with 109.89 .
    1kProject 3.70/1,000Wedding: 625.00 / 2,500
    • SamSam17
    • By SamSam17 4th May 18, 6:59 PM
    • 65 Posts
    • 141 Thanks
    SamSam17
    #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.

    Wish you all well! And just wanted to say thanks as this thread has been very motivating!
    • swimminginaseaofdebt
    • By swimminginaseaofdebt 4th May 18, 7:36 PM
    • 737 Posts
    • 4,223 Thanks
    swimminginaseaofdebt
    #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.

    Wish you all well! And just wanted to say thanks as this thread has been very motivating!
    Originally posted by SamSam17
    Fantastic
    Pay all debt off by Christmas 2018 #150 - 895.62/2018
    SPC11 #564
    • x_raphael_xx
    • By x_raphael_xx 4th May 18, 9:59 PM
    • 3,535 Posts
    • 18,411 Thanks
    x_raphael_xx
    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!!
    May NSD's - 13/19 / Lose weight 11.2 lbs / 50 lbs
    EF Challenger #36 139.93/1800
    • Charleyalmostking
    • By Charleyalmostking 4th May 18, 10:56 PM
    • 84 Posts
    • 33 Thanks
    Charleyalmostking
    ignore. wrong board
    Last edited by Charleyalmostking; 04-05-2018 at 11:02 PM.
    1kProject 3.70/1,000Wedding: 625.00 / 2,500
    • skye blue
    • By skye blue 9th May 18, 8:20 PM
    • 127 Posts
    • 540 Thanks
    skye blue
    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
    • By x_raphael_xx 11th May 18, 7:22 PM
    • 3,535 Posts
    • 18,411 Thanks
    x_raphael_xx
    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!!
    May NSD's - 13/19 / Lose weight 11.2 lbs / 50 lbs
    EF Challenger #36 139.93/1800
    • mylastpound
    • By mylastpound 11th May 18, 10:20 PM
    • 93 Posts
    • 217 Thanks
    mylastpound
    Evening


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


    96) 600 / 2,000


    Thankyou
    3-6 Emergency Fund, No96: 600 / 2,000
    House Deposit: 11,000 / 11,000
    Holiday Fund: 100 / 1,300
    • Dobbibill
    • By Dobbibill 11th May 18, 10:50 PM
    • 3,051 Posts
    • 3,974 Thanks
    Dobbibill
    Evening


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


    96) 600 / 2,000


    Thankyou
    Originally posted by mylastpound
    Of course.
    Helen will update when she pops in.

    Bitesize goals are sometimes much more motivating.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • x_raphael_xx
    • By x_raphael_xx 13th May 18, 9:13 PM
    • 3,535 Posts
    • 18,411 Thanks
    x_raphael_xx
    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!!
    May NSD's - 13/19 / Lose weight 11.2 lbs / 50 lbs
    EF Challenger #36 139.93/1800
    • Dobbibill
    • By Dobbibill 13th May 18, 10:34 PM
    • 3,051 Posts
    • 3,974 Thanks
    Dobbibill
    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.
    Originally posted by x_raphael_xx
    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 Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • x_raphael_xx
    • By x_raphael_xx 14th May 18, 7:55 PM
    • 3,535 Posts
    • 18,411 Thanks
    x_raphael_xx
    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.
    Originally posted by Dobbibill
    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!!
    May NSD's - 13/19 / Lose weight 11.2 lbs / 50 lbs
    EF Challenger #36 139.93/1800
    • Dobbibill
    • By Dobbibill 18th May 18, 10:22 AM
    • 3,051 Posts
    • 3,974 Thanks
    Dobbibill
    #2 Back again with a new update.

    A little more added today making my new total 4945.43 aka 54.95%.

    I have a sneaky feeling I'm going to get over the 5k mark when the monthly interest is paid in 2 weeks. Finger's crossed as it will be nice to hit another milestone.

    Taking my own advice here - keep on keeping on!

    Dobbi
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
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