2011 Emergency Fund Challenge

**madhen** · 12-30-2010, 04:03 PM

Didn't see one started yet, so thought I'd lead the charge.

**qsaver704** · 12-30-2010, 07:46 PM

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.

**madhen** · 12-30-2010, 11:40 PM

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.

**Mom2-3** · 12-30-2010, 11:56 PM

I'm in! I just posted my last deposit for the year 2010

**momthreepointoh** · 12-31-2010, 02:27 PM

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

**alotofgooddeals** · 12-31-2010, 02:36 PM

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...

**Ashley01** · 12-31-2010, 02:38 PM

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

**mimijolene** · 12-31-2010, 02:51 PM

Count me in! I have just started the DR plan and just starting my BEF. Good luck and a prosperous New Years to all!

**writtenonmybody** · 12-31-2010, 02:55 PM

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.

**tnthriftylady** · 12-31-2010, 03:30 PM

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.

**madhen** · 12-31-2010, 03:55 PM

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!

**madhen** · 12-31-2010, 03:56 PM

Originally Posted by alotofgooddeals

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!

**madjen** · 12-31-2010, 03:59 PM

I'm not currently on an Emergency Fund step of the plan but will be before the end of the year.

**madhen** · 12-31-2010, 04:01 PM

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.

**qsaver704** · 12-31-2010, 04:28 PM

Originally Posted by madjen

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.