Do you have an Emergency Fund?

[Pumpkittenspice]

I’m just starting to re-build my Emergency Fund. Do you have one? If so, how much do you have aside?

Yes- recommendation from Dave Ramsey ish people is £1k to start with then aim for 3-6 months of fully funded expenses.

Three months’ fixed costs, so not three months income but the money we’d absolutely need. Aside from that, a house repair fund with 1% of its value each year.

Yes, I do.

I have 6 months worth of living expenses as an emergency fund (for me that's £21,000) though I'm about to start paying a mortgage which is significantly higher than my current rent, so I'll need to build it a bit.

Back in the day, thinking of it as 21k to save was completely overwhelming so I broke it into chunks, first with £500 (enough to cover most small emergencies!) ~ once I had this it really spurred me on to 1 month, then 2 etc.

We have £50,000 set aside. Our daughter is at private school so this includes two years of fees in case the shit hits the fan. It took us five years to save this.

We also have £50,000 but have a saving fund for day to day emergency, vet bills that sort of things and are funerals are all paid for.

Yes, I have approx 30k, single parent, paying rent and going through a divorce…dipping in a lot lately so god knows how long it will last.

I have £1,200 at the moment. Aiming for 3 months of expenses saved in the next year or so.

£7K, so nine months of essential expenses. Gives me a bit of peace of mind, which feels comforting.

I think we have approx £20k-ish. We have £150k equity in our house too, so if things went south, we could sell and be OK. My DH gets big bonuses every so often so we spend some and save some. I think it’s all about balance isn’t it; have some saved but you still need to live and enjoy life!

We (DH & I) have about 10k each in emergency fund. We have it in 2 savings accounts that are easy access. Use it occasionally for unexpected costs eg dog had surgery or a short notice car repair. It gets topped up if needed from the monthly savings allowance; if they don’t need topping up the money gets saved elsewhere with better interest rates but maybe less accessible.

you got savings, you got some funds, no matter what you call them. You got no savings, you have prayers

I have one and it's been a life saver as I've now been out of work for a year. It's much less than it was but I spend little to no money on myself. Hoping for the miracle post 50 job that I am not "overqualified" for to top it up.

Yes. I have an unexpected bills account and long term savings. In my long term savings I have been putting in £50 a month for the last 18 years and it has added up to a decent amount.

Good luck @pebbles16 hope you get something soon.

I've got £37k in NS&I bonds for emergencies/long term savings.

And £5k in short term savings that can be dipped into.
As well as 2 x small savings that will give a little helping hand (a couple of £1000 to help with costs, not gifting a deposit type of level) for when the young adult DDs move out. :)

We have just paid an expansive loan off. I had £1K as emergency money which has now just been used up on said emergency!! But now plan is to build up to £20K. Will probably take around 5 years as I imagine we will need to dip in to it for future unexpected costs.

We have about 7k which would see us through at least 3 months but touch wood it’s not a huge worry as we both have fairly secure jobs. Also own our home so do have some equity. We were lucky to have help getting on the housing ladder though and without that we might not be in the same position!

I forgot to mention mine! I’ve currently got £24 aside, but I should be able to put aside £1k when I get paid next!

I’ll probably save around £25 each month after that to top it up…

I have between £1-5 k liquid, sat in an instant access saver.
Used for unforeseen big expenses - car breakdown etc.
Then £60k in an ISA which I haven't yet had to touch but is there just in case. Instant (ish) access - I think 48 hours.
Hopefully will be used as a pension, but there if I need

I did have one, only £500. That was until yesterday when I got fleeced by a tradesperson. They quoted a definite 'it won't be any more than £700, absolutely guaranteed'. I'm not sure if I was being an idiot because all the other jobs I've had done, you're given a quote or estimate and that's all in. Oh no. Not this time. The materials which cost £500 were separate, the price was just for the labour. £700 for 9 hours over two days...

No. I’m trying to build up to £1000 but though going right now.

I’m sorry to hear that!

Do any if you buy the Big Issue?

(Not actually expecting a rely to this post, btw)

My 'emergency fund' is my house. I'll sell up if I have to.

Edited to add I have around £5000 left in savings but I'm using them to top up my minimum wage contracts. I get a pension next year which will then do the topping up.

An emergency fund would usually be money you can get your hands on immediately or within a few days. Equity in the house wouldn’t help if you needed funds immediately. You don’t want too much in there either because you want your main savings getting a better return elsewhere, and that usually means you couldn’t withdraw quickly.