Planning for the unexpected

This year I’ve heard and read a lot about the provisions people have been making in case something goes wrong, whether these provisions are house and car related or more general emergency or contingency funds. Paige over at Time For Change, for example, has been weighing up how to save, how much and so on.

I only used to manage to save money when I needed or wanted something specific – usually a holiday! I could never see the point in just saving up for the sake of it, though I always admired people that managed to do it. It took me a good 18 months to finish saving for my family fund. While this fund still needs topping up, I have decided to concentrate my efforts on getting £3000 into my emergency fund. The economy has been shaky for some time now and I’ve seen a lot of people lose their jobs this year. Beetween Husband and I, we have either taken a pay cut or had to work extra hours for no extra pay. I can’t complain – I’m too grateful to have a job at all. But it did make me think about what we would do if one or even both of us lost our jobs.

My saving time is a bit limited now (I’ll be on maternity leave sometime around April/May) so I’m having to be really on the ball. It would be great to have 6 months expenses saved up (or even a years worth I suppose!) but it just isn’t realistic at the moment. I’m going for £3000 because that would cover us for a little while. Our emergency fund is also for anything going wrong with the car or our house. Or anything else that might crop up. While it isn’t a huge amount, surprisingly, I don’t actually know many people (outside of blogland) who actually have such a fund.

I’ve currently got £2120 in my emergency fund so I’m not that far off. I’m going to squeeze everything I can out of my remaining funds for the month (food/spending/petrol) and see if I can put back any more. Even £20 would be great! January is as expensive a month for us as December with lots and lots and lots of birthdays so I’m going to have to really keep my eyes on the prize for a couple of months yet!

What provisions have you made for emergencies? Anything? Nothing?!

Categories: Money Management, Saving | 8 Comments

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8 thoughts on “Planning for the unexpected

  1. I think you have done really well to have an emergency fund of that size. I don’t have one, but am trying not to touch the savings I have for next years holiday. I do have lots of money jars one with £2 coins, one with 5p and one for general change.

  2. We don’t have an emergency fund and it worries me. There always seems to be an ’emergency’ to pay for rather than being able to put the money aside.

    This month it was car repairs at a relatively cheap £107 (we have a Ford Galaxy which usually costs a fortune when something goes wrong).

    I need to address this and come up with a plan.

    • shoestringalley

      Ah – I know that feeling very well! It took my ages to get into the position where I could start really saving because other things just kept cropping up that required funds. Good luck with your plan.

  3. An emergency fund is a really good idea.
    I put away a bit while I was working. The money was intended for house renovations but I’ve also used it to top up my maternity allowance. The only thing is that this is my money, not Mr’s – it would be good to have a joint fund!

    • shoestringalley

      Yup, I’ve put money back to top up my maternity allowance. There just wouldn’t be enough otherwise!

  4. thisthriftedlife

    $3000 sounds like a great goal–good luck!

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