Emergency Fund Challenge!
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  1. #1

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    Default Emergency Fund Challenge!

    I am very proud to say that last January I challenged myself to put away $200.00 each and every month. Well, here I am a year later with $2,400.00 in our emergency account. I am so happy I did this! What a great feeling to know that if some emergency happens that we have some money saved to pay some bills.

    I am not going to stop at $2,400.00. DH and I are going to put that money away and let it grow. Join me in an emergency fund challenge. It doesn't have to be $200. It can be $25. Just do it each and every month. I keep it in a separate account and I don't have cheques to that account or a debit (ATM) card so that I am not tempted and it really worked for me. Who will join me?
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    Shell, wow I'm impressed. What a great total!!

    I'll join you. I'll need to look at what extra I can spare (not much - dh isn't working) and see what total I can come up with each month.
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  3. #3

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    I will join in!! Last year I started an EF and though I can only put 50.00 in it per month at the present time, it IS a good feeling to have it there. Mine is in an out of town bank, and quite often I forget that its there!! LOL
    I have it set up so that every month they automatically deduct it from my checking acocunt.
    My goal is to try and bump this up a little. I am aiming for 75.00 per month, but have to run some numbers to see if this is feasible.
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  5. #4
    Registered User heaven's Avatar
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    I want to start one too. it will not be much but anything is better than nothing. So count me in. thanks for reminding me i have to call and check on my christmas club from last year. LOL totally forgot about it.
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    Great idea! You never know when an emergency will come up. Never to early to be prepared.

    I have $1000.00 stashed away right now for a "just in case" time. I hope I don't have to use it any time soon. I didn't put a set amount away, just a little here and there. I guess I should try to make it part of the budget and put a set amount into the account.
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  7. #6

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    I want to start doing this too. We have $2000 in our savings/home repair/emergency fund. I need to work on getting that higher since we will need a new roof this year.
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    I think we should start this challenge for Jan 1st. I think the first step is for you to pick an amount that you think you can handle every month. In my case I put in $100 and dh puts in $100. You will also need a separate account so that you are not tempted to dip into it. I found not having any cheques or debit (atm) card very helpful. Now, pick a date in the month that you will deposit this money. I picked the 17th. It is two days after payday so I haven't spent the money yet. Let me know how you are planning on doing this. Remember the secret to this is to be consistent. It is better to put in less money but to save it each and every month! Good Luck!
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  9. #8

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    I will join you. I will open a emergeny savings account at the local co-op, our checking account is at another bank. If I keep the emergency saving fund at the same bank the checking account is at, it is way to easy to transfer funds.

    I have wanted to do this for a number of years, but this time I will do it.
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    I will join too, I have been wanting to do this for a while.
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    Count me in, we already have a seperate account that we just don' t use since DH took the bill paying over. I will deposit what I can, I need to check and see what I can swing right now.

    Nealy
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  12. #11

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    Count me in- mine will be for $40 a week, direct deposited out of my check. This time, I won't spend it.....
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  13. #12

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    This is a great idea!! I need to also figure out how much I can do.
    I'm excited.
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    Okay, I'm in! Mine will have to be small because my check is already directly deposited into the bank, so I think I'll just be squirreling away some cash in a secret spot in the house.
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    I would like to join in on this one too!!! I am working on the "plan" (budget) right now and will post a $ amount as soon as I know what will be extra each pay period!!
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  16. #15
    cmu
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    I think I will join this also....I think I can do $50.00 every 2 weeks but I need to sit down and figure it up some more.
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