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

    I have absolutely NO specific emergency fund set up. I have retirement accounts and money stored here and there at various financial institutions in various financial instruments, but I have never tried to set up an account specifically to address having liquid assets in case of an emergency.

    So, in order to keep myself enthused to save up, and to encourage others, I'd like to start up an emergency fund challenge.

    Starting in September, I am going to start stocking away money to a specific ING account that I have, just for an emergency fund. I will post what I am able to save, and I will also post any withdrawals I make and what it was that was so important as to require me to take money out.

    If anyone else wants to jump in, I can throw in a prize! For the person who does the best job of saving for their EF (and I'll have to figure out if that is just a monetary amount or on a sliding scale to allow those with smaller incomes to compete), I have a couple of books regarding frugality, AND I have my treasured book, Solviva, which I have LOVED reading and which many of you who are interested in self-sufficiency and living well on limited means will also love reading. I strongly recommend reading it about three times, then giving it to someone else to change their perception of what it is to be rich.

    Anyone want to jump in and try it with me? If you already have an emergency fund started, we can just start from how much you contribute from Sept 1 through Dec 15. That allows me enough time to mail you the books as an early X-mas present.

  2. #2
    Registered User nodmicks's Avatar
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    I'm in I have a 3-4 month ef (3 months if I kept all sinking funds funded~ 4 if I don't) but since dh's work slows a lot in the winter we are trying to add more to the EF.
    I just upped my weekly auto draft to ing to $60 a week. I'll add any extra I can besides the $60 a week.

  3. #3
    Master Dollar Stretcher madhen's Avatar
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    Okay, I kicked off my new account with $50. $60/week is great! I'll see how $50 goes, and if I can sustain that, I'll bump it up next month.

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  5. #4
    Registered User nodmicks's Avatar
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    Great Madhen!!!! Ours will likely get harder come the end of oct when dh's work gets very slow but I'll do what we can!

    Come on we need more joiners!!!! Lets save people! Nothing like the security!

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    Registered User Bournecrazy's Avatar
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    im in, i hope to increase mine too.

  7. #6
    Master Dollar Stretcher madhen's Avatar
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    I'll try not to be biased in my prize-giving by the fact that I will have to fill out Customs forms to those outside the US!

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    Registered User wwe11's Avatar
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    I will try for 10.00 every two weeks. Until we can do more.

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    Registered User zenmama's Avatar
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    I'm in. I want to see 6000$ in our EFund by the end of the year. Right now we are at about 1000$ but I keep yo-yoing with this. I've got a couple of expense bills coming up but I'm hoping to sock more away once they're out of the way!! I'm aiming for 125/WK.

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    Okay. I'll give it a shot. (Cah-bang!)

    But seriously... I've got some going into HSBC savings about the 4th. I'll try to do around 100 a month. I assume the interest they pay you counts, too.

    I think I'll update my signature now while I'm thinking about it, or it won't get done.

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    Okay, maybe it'll be more like $50 a month put into an EF/new car fund. (This car can't last forever, it's 11 years old, and I drive a lot.)

  12. #11
    Registered User Bournecrazy's Avatar
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    the extra cash i have going into my EF is going to be put towards paying off my loan early as i want a payoff date for around september 09.

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    I am in. I have about 3 months EF now, aiming for 6 months by end of year. I have autodraft of $50 a week. I need to up that to make this work, but with me having such little kids enrolled in dacyare I hope this can happen.

    Good luck everyone!

  14. #13
    Registered User PrairieGirl's Avatar
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    I'm in! I have a current Personal Emerg. Fund (balance of around $290+ ).

    I automatically put in $200/month but I'll add any change into it as well that I come up with....it'll be nice to see how much will be in there at the end of the year

    Good luck everyone!!

  15. #14
    Registered User nodmicks's Avatar
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    My auto draft of $60 went in today and I added another $100. Not too shabby! I have to get it in there before dh gets slow at work.
    I'll be tracking it in my siggy

  16. #15
    Registered User hollyhill's Avatar
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    Count me in too.
    Because I need to start snowballing a personal line of credit, a CC and student loans ($14,000 total), my first step is $1000 EF, which I need ASAP.
    I don't know how quickly I can do it, yet. I will just start plugging away and see how I do.
    Right now I have a big fat zero.....

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