2011 Emergency Fund Challenge
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  1. #1
    Master Dollar Stretcher madhen's Avatar
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    Default 2011 Emergency Fund Challenge

    Didn't see one started yet, so thought I'd lead the charge.
    DH aka Mad Hen
    (http://mad-hen-creations.blogspot.com/)

    Every time you spend money, you're casting a vote for the kind of world you want. Anna Lappe

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    Registered User qsaver704's Avatar
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    I am in for this one!!

    I already have auto deposit of $20 a week. I am also trying really hard to repay $600 I used in November and December for unexpected eye doctor and dentist bills. I am sitting at about $2000 now and would love to be at $5000 by the end of the year. I think it is possible.
    2013 debts
    mortgage: 80,944.47(April 2009),71,782.91 (left to pay)
    car approx. $9256 (Dec 2012), 3450.00(left to pay)
    bath tub replacement PAID IN FULL
    GOALS:
    To be debt free except mortgage by the May 2014
    To save $5000 by 12/13/14

  3. #3
    Master Dollar Stretcher madhen's Avatar
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    I have my paycheck set up to auto-deposit $100/month for now. If I can just avoid HAVING an emergency this year, I should be able to get close to half way to my goal of $2500.
    DH aka Mad Hen
    (http://mad-hen-creations.blogspot.com/)

    Every time you spend money, you're casting a vote for the kind of world you want. Anna Lappe

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    Registered User Mom2-3's Avatar
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    I'm in! I just posted my last deposit for the year 2010

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    Yes, I am in! We definitely need this... time to start the auto-savings account!

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    Default I'm in too...but believe it or not...

    I am going to only put $5 every other week into this for the time being...until income tax return comes back and i can get back on track...we get a pretty good return so as soon as that comes in....i will be able to add more...

  7. #7
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    I'm in! I have 75 that comes out automatically and I am trying to put at least a extra 100 in a month!

  8. #8
    Registered User mimijolene's Avatar
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    Count me in! I have just started the DR plan and just starting my BEF. Good luck and a prosperous New Years to all!

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    Registered User writtenonmybody's Avatar
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    I would love to do this but I'm trying to figure out today how much we could put into this. I'm making my goals and budget today.

  10. #10
    Registered User tnthriftylady's Avatar
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    I've come to these forums today with a purpose; I am looking for support and accountability. My husband and I have agreed on a plan that would allow me the luxury of having the option to quit my "punch the clock" job as of July of 2012 if we can meet some financial goals by that time. In order to have a chance a doing so, not only must I stay within in the budget (which I normally do), but I must reduce discretionary spending so that it is at least 10% below budget. I'm going to every challenge I think can help us meet this goal, and I would love some .

    This being said, I am in on this one. We do not have an emergency fund, and I am sure we need a decent nest egg for this before I can quit my current job.

  11. #11
    Master Dollar Stretcher madhen's Avatar
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    tnthriftylady, what a great goal!! There are some really good challenges going on right now (many of which are in my sig!) and if you want support but accountability, you are in the right place!
    DH aka Mad Hen
    (http://mad-hen-creations.blogspot.com/)

    Every time you spend money, you're casting a vote for the kind of world you want. Anna Lappe

  12. #12
    Master Dollar Stretcher madhen's Avatar
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    Quote Originally Posted by alotofgooddeals View Post
    I am going to only put $5 every other week into this for the time being...until income tax return comes back and i can get back on track...we get a pretty good return so as soon as that comes in....i will be able to add more...
    That is $10/month that wouldn't be going in otherwise, so good for you!
    DH aka Mad Hen
    (http://mad-hen-creations.blogspot.com/)

    Every time you spend money, you're casting a vote for the kind of world you want. Anna Lappe

  13. #13
    Registered User madjen's Avatar
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    I'm not currently on an Emergency Fund step of the plan but will be before the end of the year.

  14. #14
    Master Dollar Stretcher madhen's Avatar
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    I'm not even on the plan <g>, but that doesn't mean I don't see the value of having money set aside for when "the big one" hits.
    DH aka Mad Hen
    (http://mad-hen-creations.blogspot.com/)

    Every time you spend money, you're casting a vote for the kind of world you want. Anna Lappe

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    Registered User qsaver704's Avatar
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    Quote Originally Posted by madjen View Post
    I'm not currently on an Emergency Fund step of the plan but will be before the end of the year.
    I would still put $5 or so away as you can. I am sure it depends on how much debt you have and how big your snowball is, but I have found the first $1000 suggested by Dave Ramsey isn't always enough. I started by putting $5 a week away while paying debt. $20 a month isn't that much and it helped to see my debt shrink and savings grow. I paid myself first.

    That said, do whatever you want. There is also a debt repayment challenge I think.

    Yes, also, you don't have to be following Dave Ramsey, Mary Hunt or Suzy Orman to save an emergency fund. Do it for yourself.
    2013 debts
    mortgage: 80,944.47(April 2009),71,782.91 (left to pay)
    car approx. $9256 (Dec 2012), 3450.00(left to pay)
    bath tub replacement PAID IN FULL
    GOALS:
    To be debt free except mortgage by the May 2014
    To save $5000 by 12/13/14

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