I started saving an Emergency Fund of £250 last month because in January the Chinese restaurant closes for 5 weeks. At the time it was my only job. Since then I have found another job to accompany the restaurant, but I kept up with the £250 goal because I'm still going to be losing money that month.
There was a big table in the restaurant over the weekend. We each came away with a £13.10 tip, which brought my emergency fund total for January up to the £250 mark! I did it!
I realise £250 is not a lot. This was an emergency fund emergency in response to being potentially unemployed! I do not know what the hours will be like at my other job that month; they should be around 30/week, but I am budgeting for 16 because that is the minimum I can expect. If I do get my normal 30 hours then I won't have to use my saved money at all! I also think I will be due some holiday pay from the Chinese but I have no idea how much so I can't factor that in yet!
The plan for the emergency fund is to prevent me getting into any more debt in January!
In the meantime all “extra money”, such as tips, spare money from my weekly budget, any holiday pay owed, etc. will all be going in the pot! Let's see how well we can do in the next 5 weeks! :D