2010 Emergency Fund Challenge - FINAL
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  1. #1
    Registered User Greebo's Avatar
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    Default 2010 Emergency Fund Challenge - FINAL

    Welcome to the 2010 Frugal Village Emergency Fund Challenge!

    The goal of this challenge is to inspire Frugal Villagers to set something aside for a rainy day. Inspired by Grandmother's everywhere, the rainy day fund is the best way to ensure that when something goes wrong, when storm clouds gather on the horizon, that said rain only becomes a nuisance, not a crisis.

    In this challenge we will track how much has been added to the emergency funds of our members. To participate, all you need to do is post when you add money to, or take money out of, your emergency fund. You may share your total EF or keep that private, at your discretion.

    Any questions or comments on this challenge may be posted in this thread as well.

  2. #2
    Registered User Greebo's Avatar
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    And I'll go ahead and kick this one off - as part of our payroll deductions, $300 every 2 weeks is automatically put into our separate emergency fund account, and New Years Day was payday. (Technically the checks came out early and I got paid on 12/31 but that's just cause of the bank holiday so I call "first" on this one. )

    To date, Frugal Villagers have added:
    $300
    To their Emergency Funds in 2010!


    WAY TO GO!


  3. #3
    Registered User emily_hope's Avatar
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    Way to go, Greebo!

    I'm in on this challenge. Hope everyone has a very prosperous New Year!

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    Same pay schedule as Greebo. Added $500. last night. $1500. achieved. Debating if this is good to move onto EF or still more for BEF. Thinking,Thinking.

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    Registered User Greebo's Avatar
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    Quote Originally Posted by frugalwarrior2 View Post
    Same pay schedule as Greebo. Added $500. last night. $1500. achieved. Debating if this is good to move onto EF or still more for BEF. Thinking,Thinking.
    Well, if you have any consumer debt, AND if you don't foresee any upcoming crises (like job loss) then I'd suggest you stop now, and focus on paying that off.

    In the worst case scenario, you can use the BEF for the first $1,500 and if you need more, you *can* go back into debt.

    And if you don't have an unexpected worst case, then you pay off the debt, saving more and more money each month as the interest costs go down.

    If you don't pay the debt down and build up the EF instead, then you're losing way more ground on interest costs.

  7. #6
    Registered User hotprincesscm's Avatar
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    I'm in, my goal for the year is $1,000, I have put in $20! I do have debt to pay off as well, but when my tax returns come in, all credit cards will be paid off then I'll be working on my student loan. That's it for my debt!

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    Registered User akolb's Avatar
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    How much are most people aiming for? I put $4500 for us, because thats 6 months of house payments, but I see everyone doing far less. I do still have CC's to pay off.

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    Registered User Greebo's Avatar
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    Quote Originally Posted by akolb View Post
    How much are most people aiming for? I put $4500 for us, because thats 6 months of house payments, but I see everyone doing far less. I do still have CC's to pay off.
    That's a personal choice.

    For us, we're working on our fully funded EF which is a minimum of 3 months of expenses. We're deviating from DR a bit on this one - we're investing into retirement simultaneously. We deviated because we're pretty confident that my job isn't going anywhere (I work in health insurance). We estimate that we'll have 3 months saved up by Nov. (We have 1 now)

  10. #9
    Registered User JoJoBean8's Avatar
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    For now we have added $300 from this paycheck. Hubby has a whole lot of OT so once I pay our six month car insurance I will see what is left and be adding more to the EF. Happy New Year everybody!!!

  11. #10
    Registered User beks37's Avatar
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    I am aiming for an 8 month emergency fund this year. I added $100.00 today via payroll deduction. I will add more later today as I haven't paid bills and figured the checkbook.

  12. #11
    Registered User wwe11's Avatar
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    I'm in. I want to get my 1,000.00 BFF done. I have put in $50.86 so far.

  13. #12
    Registered User TinyDancer's Avatar
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    $50.00 deposited in the EF!

    Happy New Year everyone!!

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    I'm in. I put in $25 with a target of $2500. I am now at $250 - totally ravaged the fund over the last year so it is rebuilding time. Unfortunately, we have a lot of unsecured debt. Will pay minimum's until our BEF is 'fully funded' and then it is time to focus on the debt.

  15. #14
    Registered User firefly615's Avatar
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    I'm in too! Goal for the year is to get EF from $10,400 to $12,000. Transferred $100 today. Will transfer more later in the month. We're off to a good start!

  16. #15
    Registered User Surilda's Avatar
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    I added $20.00 to my EF. Finally moved past that
    $14.00 that was in there for so long....

    I am not setting a year end goal amount. I will just
    be adding to it each week on Friday. The amounts
    will differ depending on what obligations are coming
    out of that paycheck.

    Thanks, Greebo. Challenges like this help me "get
    going".

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