The Ј1,000 emergency fund challenge.

A question about : The Ј1,000 emergency fund challenge.

Got the idea for this after listerning to the 'Dave Ramsey Show'.

The idea is to accumulate an emergency fund of Ј1,000 sitting in a Bank account just in case of emergencies.

You must not leave yourself short in order to reach your goal.
The idea is that you take some of your surplus each month and add it to your pot.

There is NO time limit. Take as long as it takes.

Members -

#1 patman99 .......................................#2 Hummingbird
#3 GaLa15 ..........................................#4 Trixxibell
#5 Making_the_most_of_ot .............. #6 Dolly Rocker
#7 Nintud ............................................#8 Speakingofart
#9 Calling14 ......................................#10 Aloofdragon
#11 Eyebright ....................................#12 chrisfreelender54
#13 DreamerHelen ............................#14 Mobo1980
#15 Sunshinegirl66 ...........................#16 MrsSave
#17 RosieBen ....................................#18 Peony40
#19 Buffythedebtslayer .....................#20 October Starter
#21 Monz ......................................... #22 georgiebrown0
#23 jubilee76 ................................... #24 Debt free desires
#25 Abundant1972 ...........................#26 Toomuchtodo
#27 I-need-to-be-debtfree ................ #28 WantToBeSE
#29 Bobarella.................................... #30 Muser
#31 Twiggy86.....................................#32 Laurababs
#33 Roundthebend .............................#34 Kermit2601
#35 StressedSteph ..............................#36 YoungBusinessman
#37 Redlaces ......................................#38 Stiltoncheese
#39 Magsnoodle .................................#40 MessyBetty
#41 ruby_eskimo ................................#42 IrishRose12
#43 carbootcrazy ................................#44 Simply_Saving
#45 Dobbibill .....................................#46 grassgirl
#47 Ms.Dita ........................................#48 CountingPennies
#49 Tilly MFW in 6 yrs .........................#50 Hoipolloi
#51 Pozza_73 ......................................#52 NewRoadAhead
#53 Pinksteps .......................................#54 kdalwayskint
#55 bmma ............................................#56 vkz
#57 Baibelle ........................................#58 EP007
#59 So Very Confused ........................#60 Sophieo16
#61 tinks112 ........................................#62 Stereochild
#63 Laurag89 .......................................#64 Nicki_Sue
#65 Inthedoghouse ..............................#66 Depth of Field
#67 Happybunny86 ...............................#68 R2B
#69 TooMuchDebt ..............................#70 Littleangels3
#71 Dida80 .......................................#72 Harleyquinn
#73 BabyBetty ...................................#74 SallyBunny
#75 Meezel ........................................#76 Rising from the ashes
#77 newpennypincher ..........................#78 Damondash
#79 Jonesy88 .....................................#80 MrCrimeFiction
#81 MrsR68 .......................................#82 29Found
#83 Kelxx ..........................................#84 January2015
#85 Jacko_amz ..................................#86 Kayalana99
#87 Andyfromotley

If you haven't already, join the forum to reply!

This Forum Tip was included in MoneySavingExpert's weekly email
Don't miss out on new deals, loopholes, and vouchers
FAQs
Privacy Policy
Past Emails
Unsubscribe

Best answers:

• Hi Patman,
  I'd like to try this, but it would be a bit different. I have a credit card with Ј1500 outstanding balance, which I could pay off using this challenge. It could then be an "emergency fund" if the need arose.
  Thanks for thread!
  hummingbird
• Well, it is whatever works best. I have a credit card with a Ј2,500 limit that I have Ј250 to pay-off, so in theory I have Ј2.250 emergency fund but as my aim is to clear and close all my cards and loans, I will only use this card to rebuild my credit score.
• yes please could I join too
• For me at least by getting this card paid off I'll be saving on the interest each month - then if I did have to use the credit again later I wouldn't be in any worse position than I am now. First step is to get the exact balance on this card - think it might be just under the Ј1500, hopefully anyway!
• Hiya
  Can I join please this has been a goal of mine for a while in addition to beating my debt.
• All are welcome. I have updated the list, so check out your #.
• Checking credit card a/c online wasn't very helpful - my minimum payment had gone on but they hadn't added the interest and my repayment option plan payment on so the actual total was still a bit of a mystery. I have made an additional Ј20 payment though over the minimum, so I'll start with that as my figure and adjust when I have the up-to-date statement.
• Oh.. This is exactly what I need to do. Can I join patman? Not sure how long it will take, but when I achieve this it will be a very big deal to me. I've just realised that I haven't ever had any savings!!
• Hi,
  I would love to join in this please.
  Lord only knows when I will have the Ј1000.00 but like you say no time limit at all!
  Thanks Dxxx
• 2 more added. The list is growing.
• Ђ50/Ђ1000 to start me off. Now to leave it there!! I realised that I actually have approx Ђ900 'saved' in the credit union but its tied to the smaller loan so I'm not counting that as emergency savings as I can't withdraw it. Probably the only reason it's still there!
  thanks again patman
  MTB
• Can I be added too please?
  I have a small emergency fund but am about to take a chunk out to replace a ceiling after a leak (that counts as an emergency in my book!). Once that is paid for I'll start building on the few pennies that remain.
• Thanks for my number xxx
• Can I be added too please? I've just finished paying off my overdraft and have recently realised just how important an emergency fund is, so this is one of my top priorities!
• I still have credit cards to pay but want an emergency fund as live with no back up cash, only me household. Have own house small mortgage and lately had no end of disasters where some savings would have been great. Plays on your nerves sometimes and I am a born worrier so would like to join pretty please your challenge.
• 2 more on the list. Who will be member #10 ?.
• Me please Patman x I am starting a long old road just this week and as CC are paid off the accounts are being shut down so its imperative I start an emergency fund I will alter my sig from Ј500 to Ј1000 x
• This is right up my street, just what I need! I already have a savings account that is my Emergency Fund, but I'm not sure there's a lot in it
  Will check and report back later this evening. Hopefully this challenge will be the motivation I need to start filling it!
• Hey,
  #6 Dolly Rocker Ј0.00/Ј1000.00
  Thanks for the number, I will hopefully be able to start transferring some cash into my new fund at the end of the month.
  Looking forward to having this Ј1000.00!!
  Dxxx