emergency fund for the winter months?

[dazmond]

do you guys have an emergency fund just in case we have weeks and weeks of bad snowy weather like we had in 2010?luckily i was ok back then and im even more financially comfortable now....ive got over £40,000 in savings now...although only £10k of that is in my emergency fund account.....

i remember weeks of bad weather in the 1990s where i didnt even have any heating or hot water in winter sometimes  and very little food in the cupboard.....those days are behind me now thank god.......

keep putting some money away every weeks lads.....

 

[AW Services]

do you guys have an emergency fund just in case we have weeks and weeks of bad snowy weather like we had in 2010?luckily i was ok back then and im even more financially comfortable now....ive got over £40,000 in savings now...although only £10k of that is in my emergency fund account.....

i remember weeks of bad weather in the 1990s where i didnt even have any heating or hot water in winter sometimes  and very little food in the cupboard.....those days are behind me now thank god.......

keep putting some money away every weeks lads.....

Have a back up plan or other jobs you can do regardless of weather 

It's always good to have a survival budget

I live in Devon so we never get snow 

 

[Jaygti]

It makes sense for everyone if the can afford it to have an emergency fund. £10k cash in the bank is a nice round figure to aim for. 
with low interest rates it doesn’t make much sense to have more than that. 
 

I have money in a S and S Isa , and some in my tax savings a/c. But I’d rather not touch these. 
 

 

[tench0771]

dazmond  you should streamline your bizness and work part time that way you could have 200k on top if your 10k as emergency fund ?     

 

[Tuffers]

He could sell the Golf GTD and the drum kit and cut back on the 5* holidays if he got desperate ?

 

[scottish cleaning service]

Its great to have an emergency fund but it can make one lazy. I don't have one because i have spent all my money on equipment. That's the main reason I force myself to get out and make money. After buying everything I am now looking at paying extra each month to my mortgage and get it cleared. That's my focus now and will contact bank to see how much I can pay. ?

 

[brianbadonde]

I’d love to have an emergency fund but every time I build up some money in my savings account something swallows it up lol

 

[scottish cleaning service]

Just back from bank and they said I can pay an extra 10% of what you have borrowed each year to your mortgage. If anyone is doing well and is thinking about it.

 

[laddergarder]

Cash flow is a fairly basic need for any business, having an amount you don't allow your cash flow to drop below is a good practice IMO.

Its not just for winter though, anyone starting out should increase cash in the business, before splurging on nice but not nessasary things.

 

[Davy G]

Just back from bank and they said I can pay an extra 10% of what you have borrowed each year to your mortgage. If anyone is doing well and is thinking about it.

We've been paying double the required amount for quite a while. Getting older, need to try and get rid of it. Paying off a mortgage early is one of the best personal finances strategies we can do.

 

[Markyboy 50]

If I had £40k in the bank I wouldn’t be telling anyone on here. That would be my business. No one else’s. 

 

[Robt100]

If I had £4 in the bank I'd be happy!

 

[Jaygti]

If I had £40k in the bank I wouldn’t be telling anyone on here. That would be my business. No one else’s. 

Oh , I thought we were all on £500+ a day. 
£40k seems a bit light to me?

 

[steve garwood]

Have a back up plan or other jobs you can do regardless of weather 

It's always good to have a survival budget

I live in Devon so we never get snow 

That’s because it’s always p*ssing with rain ?

 

[Jonny 67]

Just back from bank and they said I can pay an extra 10% of what you have borrowed each year to your mortgage. If anyone is doing well and is thinking about it.

Be very careful not to go over that 10%, or you'll get hammered financially by the bank ?

 

[tench0771]

I have a buffer amount but its just incase any big jobs don't pay on time or rains been really bad ive not needed it as yet tho its a good ider to have one 

 

[AW Services]

That’s because it’s always p*ssing with rain ?

You're not wrong there mate ? 

 

[scottish cleaning service]

Be very careful not to go over that 10%, or you'll get hammered financially by the bank ?

Aye, just found out its a bit of a minefield.

 

[windowsurfer]

Whatever is in the bank, is what's in the bank, I don't have all the bells n whistles, but think I should with how hard I work, but thats life sometimes, but I do alright, but not as good enough as I think I should be. This winter is going to be interesting with the impact on energy increases, food price increases n how our customers are going to cope paying for their windows to be cleaned. We may need to remortgage for some extra pennies to ty us over. Everyone has their own boat to sail in the same life/storm. Such fun tally-ho. 

 

[Iron Giant]

Anyone got a ? ?

He could sell the Golf GTD

He couldn't because it's a lease motor 

 

[Davy G]

Aye, just found out its a bit of a minefield.

Might be worth trying to switch to a different lender.