Does anyone actually have..?

[StupidUsernameUnavailable]

An emergency house fund?

DH and I have just purchased our first property (end of last year). Mortgage well within budget. Everything affordable.

We were going to be putting the money saved from renting into the obligatory emergency fund pot. However, our gas/electric will be going up £150 a month at least and it's just cost DH and extra £25 to fill up his car, christ knows what mine will be next week (diesel). After out shopping this week we will literally £20 spare to put in to savings. Luckily we have a credit card for full on emergencies if needed.

Does anyone actually have the spare cash to be able to do this anymore?!

I'm financially anxious so currently feel like the only person in the world who doesn't have a pot to piss in!!

I think its pretty normal to be drained of savings having just bought a first home.

If you save £20 consistently a month for five years you will have £1,200 which is a decent pot for emergencies like a plumber or new washing machine. Whereas if you decide £20 is pointless, then in five years you will have nothing. So just save what you can afford, its better than nothing and you will always be grateful that you did.

I have had a mortgage for 7 years and currently have about 2k of personal debt and zero savings again!

What I would also advise, if you do not have it, is to make sure you have some kind of life insurance that would pay off the mortgage. You insure against the worst and hope it never happens, but if it does you have peace of mind that financial worry won't add to the stress.

@MistySkiesAfterRain

Thanks for your reply, and for making me feel better! 😊

We do have two separate policies. Our mortgage guy never even looks a joint. They both pay the mortgage off completely and a pay out of 20k on top.

Will continue to put whatever we can away. Just so depressing!

I think it's normal to be pretty drained at the beginning but yes..we have our house fund and emergency fund in the and account. At the moment it has too much...nearly 50k, but I don't know what to do with it right now.

*Same account

I'm financially anxious so currently feel like the only person in the world who doesn't have a pot to piss in!!

In the kindest possible way, think yourself lucky you have anything left over. Many, many people can't cover everything they need.

@LottyD32

I know....its absolutely shite for soooo many people at the moment. I do feel lucky that our bills are paid, I honestly do. As I said though can't stop the anxiety!

Maybe write yourself an emergency plan, and projected savings forecast then, and updating it each week or month will help you feel less anxious.

Make yourself a little challenge to make savings where you can, cheaper lunch or making your own coffee etc to add extra to the fund. A little bit extra here and there soon adds up.

I did manage to save £1k the past year but just had to get a new boiler so I'm starting from scratch again.