2010 Build up your Emergency fund challenge?
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  1. #1
    Rude and Vile Master Greebo's Avatar
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    Default 2010 Build up your Emergency fund challenge?

    Do we want a challenge where people can say how much they currently have set aside for emergencies?

    Maybe start with your current balance and every time you set aside money, add a new post?

    OTOH that might be disclosing too much info - wouldn't want anyone going around hunting down the FV member cookie jars.

    What do you all think?
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"


    Greebo
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    WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

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    Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
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  2. #2
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    I rather just post what I added and not the total amount.

    But that is just me.
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  3. #3
    Registered User NikoSan999's Avatar
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    My cookie jar screams when opened.
    Bank of America is THE godfather of Hell with Wells Fargo running neck and neck. When the world ends the only things that will be left are cockroaches, Walmart, Wells Fargo and Bank of America. Not necessarily in that order. The order remains to be seen.

    Challenges
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    $198.62

    Coupons for Year / $745.54

    July/ Grocery
    $154.95 /Goal $250.00 Total

    Groceries for Year minus Jan & Feb
    $504.98

    Eat Out No More July
    Goal 20
    Accomp/11


    No Spend Challenge
    Goal 10
    Accomp/10

    Change Jar 2014
    $

    Christmas Fund 2014
    $

    Emergency/Sinking
    $100
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    I will say that although I like D.R.'s philosophy I have found that 1000. E.F. suffers too much fluctuation for our family of four to feel steadily safe. I have rebuilt it (again) and plan to keep no less than $1500. in there for small emergencies. I personally think that 2010 is going to be a "ride to remember" as much or more than 2009.
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  5. #5
    Registered User NikoSan999's Avatar
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    Quote Originally Posted by frugalwarrior2 View Post
    I will say that although I like D.R.'s philosophy I have found that 1000. E.F. suffers too much fluctuation for our family of four to feel steadily safe. I have rebuilt it (again) and plan to keep no less than $1500. in there for small emergencies. I personally think that 2010 is going to be a "ride to remember" as much or more than 2009.
    My sentiments exactly. Especially the more so.
    Bank of America is THE godfather of Hell with Wells Fargo running neck and neck. When the world ends the only things that will be left are cockroaches, Walmart, Wells Fargo and Bank of America. Not necessarily in that order. The order remains to be seen.

    Challenges
    Coupon Sales Challenge/July
    $198.62

    Coupons for Year / $745.54

    July/ Grocery
    $154.95 /Goal $250.00 Total

    Groceries for Year minus Jan & Feb
    $504.98

    Eat Out No More July
    Goal 20
    Accomp/11


    No Spend Challenge
    Goal 10
    Accomp/10

    Change Jar 2014
    $

    Christmas Fund 2014
    $

    Emergency/Sinking
    $100
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  6. #6
    Registered User sinopa27's Avatar
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    Maybe we can add what changes we did to be able to add to the emergency fund. For example, I got an unexpected gift of money and want to add a part of it to my emergency fund
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  7. #7
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    They gave my DH's 4% of his salary back they took starting in FEB. It's how we got xmas paid in cash too. Also paid off my road assessment my DEAR neighbors got for me 6 years ago.(51% vote to pave the road). We live in a township.
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  8. #8
    Registered User qsaver704's Avatar
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    Whatever you decide is good with me. I want in on this one. I am debt free except the house now, so here we go on growing that EF!
    2014 debts mortgage: 80,944.47(April 2009),71,782.91 (left to pay)
    All other debts: PAID IN FULL
    GOALS:
    To be debt free except mortgage by the May 2014 DONE
    To save $5000 by 12/13/14
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  9. #9
    Registered User EmilyD's Avatar
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    Yes, I am in as well.

    I have had $500.00 in BEF this month and had two emergencies. Have $100.00 left if nothing else hits us.
    Living Single and Loving it!
    EmilyD

    Savings goals:
    2014 Change Jar Challenge (New, smaller clothes) $0/$500.00 (turned in 6/2/14 $118.00 for another purpose)
    52 Week Money Challenge (Christmas 2014): $0.00/$1378.00 in a year (need to save 275.00 to make it by Nov. )
    Emergency Fund: $0.00/$1000.00 to begin (167.00 pm to make it by Dec)
    House Repair Fund: $0.00/$1000.00 to begin
    Car Repair Fund: $0.00/$1000.00 to begin
    Medical Expenses $0.00/$1000.00
    Dental Expenses $0.00/$1000.00

    My Challenges:
    2014 Lose-A-Pound-A-Week Challenge 1 @ wk 16/52
    2014 Spring Cleaning and Organizing challenge
    2014 Household Purge/Declutter Challenge
    2014 Emergency Fund Challenge
    2014 Twenty Wishes Challenge
    2014 Reading Challenge 11/52
    2014 Change Jar Challenge

    52 Week Saving Challenge W1-$1, W2-$2, W3-$3, $W4-$4, W5-$5, W6-$6, W7-$7, W8-$8,W9- $9, W10- $10 W11-$11, W12-$12, W13-$13, W14-$14, W15-$15, W16-$16 W17-$17, W18-$18, W19-$19, W20-$20 , W21-$21, W22-$22,W23-$23, W24-$24, W25-$25, W26-$26, W27-$27, W28-$28, W29-$29, W30-$30, W31-$31, W32-$32, W33-$33, W34-$34, W35-$35, W36-$36, W37-$37, W38-$38, W39-$39, W40-$40, W41-$41, W42-$42, W43-$43, W44-$44, W45-$45, W46-$46, W47-$47, W48-$48, W49-$49, W50-$50, W51-$51, W52-$52
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  10. #10
    Registered User sinopa27's Avatar
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    I am in on this challenge no matter what you decide.
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  11. #11
    Registered User pop goes the weasel's Avatar
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    My jar just broke into a million pieces. I can get it started but it never stays there. By the end of the mnth it's gone!!
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  12. #12
    Registered User nic4549's Avatar
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    I'm in. I need to build my BEF to $1,000.
    We do not have a cookie jar. We have a locked box in which I am the only one with a key and DH is the only one who can reach it (He is very tall and I'm short). Without one another, we cannot get into the BEF.
    Wife to DH 10/19/2002

    Mom to DS#1: 05/24/2004
    Mom to DS#2: 02/17/2006


    Debt
    Car: $4,300
    Kitchen Remodel: $5,300
    Medical: $4,050

    Christmas 2012 fund:$1500/$1500
    2012 Fling: 1354/2012
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  13. #13
    Moderator beks37's Avatar
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    I would like to participate, this is one of my goals for 2010 anyways. I'm trying to save up for an 8 month emergency fund and also an adoption fund!
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  14. #14
    Rude and Vile Master Greebo's Avatar
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    Ok so we have interest in having a "grow your emergency fund challenge".

    So - rules:

    Only one, really, that I can think of as necessary - do we simply count ADDITIONS to the emergency fund for 2010 or do we start with current balances and go from there?

    The more I think on it, the more I think we should go with additions - so even if you have 30k in the bank and add no more, you'd add nothing to this challenge (nor would you really need to).

    Do we need to DEFINE an emergency fund?
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"


    Greebo
    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
    WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three
    Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
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  15. #15
    Moderator Luckybustert's Avatar
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    Sounds good, count me in. I think most of us understand the concept, but it wouldn't hurt to define the terms and rules upfront....here's what it is, here's how it works.
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