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Original poster

Emergency Fund

11 replies

LastTwoBraincellsFightingFor3rdPlace · 31/03/2025 13:46

I haven’t got anyone to tell in real life, but I’ve just hit my £1,000 target in my Emergency Fund. I had to empty it last year and I’ve been building it back up ever since.

It’s such a relief!

Emergency Fund
OP posts:
Armpitwoes · 31/03/2025 13:56

Congratulations! It always feels so good to hit a savings goal. What's the next target?

Katieweasel · 31/03/2025 14:00

Congratulations. I completely understand the relief of having an emergency fund x

autumnboys · 31/03/2025 14:00

Well done @LastTwoBraincellsFightingFor3rdPlace I am hoping to be there soon.

Original poster
LastTwoBraincellsFightingFor3rdPlace · 31/03/2025 14:30

Armpitwoes · 31/03/2025 13:56

Congratulations! It always feels so good to hit a savings goal. What's the next target?

Thank you!

The next target is to save for a new front door. We do need a new one (ours is PVC), but it’s not quite an emergency!

OP posts:
SerenaSemolena · 31/03/2025 16:10

Oh well done.

As an aside, if you are saving monthly, you might want to check monthly savings accounts as they can have much better interest rates?

A cash ISA comes into its own when you are going to pay tax on your interest.

Might be worth a look at monthly savings accounts on moneysavingexpert if you're interested.

Original poster
LastTwoBraincellsFightingFor3rdPlace · 31/03/2025 16:49

Thank you, I’ll look into that. My Cash ISA is 4.62% fixed until October 2025.

OP posts:
Withnoshoes · 31/03/2025 16:53

Well done.

I was a spender and got in to debt in my twenties. I’m a very boring 45 year old now and i love to save these days. Not mega bucks but no debt.

It’s a great feeling to have some amount of money saved!

ScaryM0nster · 31/03/2025 16:56

LastTwoBraincellsFightingFor3rdPlace · 31/03/2025 16:49

Thank you, I’ll look into that. My Cash ISA is 4.62% fixed until October 2025.

That’s pretty decent interest rate, so you’re not missing out hugely on getting a better one.

For the front door savings - have a look at ‘regular savings’ accounts. There are some with really good interest rates for £150-500 a month savings contributions. Eg nationwide will give you 6% interest with a max of £200 a month contribution.

Wingingitbestican · 01/04/2025 01:05

Virgin did one that pays 10% - max about 250 a month. Don’t know if they are still doing it for new customers

Chasingsquirrels · 01/04/2025 09:43

If you are on qualifying benefits, also have a look at the Government Help to Save account. You can't beat the return on this.
https://www.gov.uk/get-help-savings-low-income

Edit: and well done!

Original poster
LastTwoBraincellsFightingFor3rdPlace · 03/04/2025 14:55

ScaryM0nster · 31/03/2025 16:56

That’s pretty decent interest rate, so you’re not missing out hugely on getting a better one.

For the front door savings - have a look at ‘regular savings’ accounts. There are some with really good interest rates for £150-500 a month savings contributions. Eg nationwide will give you 6% interest with a max of £200 a month contribution.

Show quote history

Thank you! I have looked into them briefly. I can only afford to save £38 per month, at the moment!

@Chasingsquirrels I’ll look into that now, thank you!

OP posts:
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