There’s been a lot of talk lately about F*ck Off Funds, both on Can’t Swing a Cat and elsewhere on the web. While many people may admit to having parents and even grandparents that have been using this foul-mouthed phrase for years, it’s a huge talking point at the moment thanks to Paulette Perhach’s A Story of a F*ck Off Fund.
If you haven’t heard this term before, it’s essentially an emergency fund designed to empower the owner and enable them to escape from unhealthy – and even dangerous – situations such as a toxic work environment or nasty partner. Think of this as your financial escape plan. Your Plan B. Your parachute that allows you to throw yourself out of a plane at 70,000 feet.
So how does one actually go about saving such a fund? After all, times are tight and we’re already being encouraged to save for everything from houses to retirement. In this post I’ll suggest just a handful of ways you can start squirrelling money away into your own F U Fund.
Even if life feels rosy at the moment and you wouldn’t dream of changing things, start saving money now in case things change in the future. The best time to save a Fuck Off Fund is when you don’t need one.
Read on to see my top tips for saving for your own FOF.
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“The best time to save a Fuck Off Fund is when you don’t need one.”
1. Make sacrifices
To save your own F*ck Off Fund, you may have to make a few sacrifices.
- First thing’s first, ditch any non-essential direct debits. I’m talking Netflix, Spotify, magazine subscriptions, contact lenses (if you can make do with glasses) etc.
- Next, impose an eating out & drinking ban. It sucks to miss out socialising with your friends, but you know what sucks more? Being stuck in a job with a racist boss or staying with an emotionally abusive partner because you can’t afford to move out! Besides, there are plenty of ways to hang out with your friends for free. (More on this another day)
- Identify those little guilty pleasures that cost you small amounts of money on a regular basis. A 70p chocolate bar here and there may not seem like much, but these little treats soon add up
- Downgrade. Use Colgate toothpaste? Switch to the cheapest alternative you can find. Do this with everything you can think of.
You might also like: 5 Ways To Save Money On Food (plus a FREE £5 voucher off your next supermarket shop)
2. Live somewhere else
If possible, slash your essential living costs by living in the cheapest place you can find. Changing your living situation won’t be a possibility for everyone, particularly if the very reason you need a Fuck Off Fund is to… erm… escape from your living situation.
However, if you are able to move, there are plenty of affordable ways of putting a roof over your head. Move in with your parents if the offer’s there, rent a small bedroom in a shared house, or become a property guardian. Slashing these essential living costs can make a huge difference in a short space of time.
You might also like: I Have A F*ck Off Fund And You Need One Too
3. Increase your income
If you’ve already made sacrifices and you can’t find any other ways to cut costs, look at increasing your income.
If you need more ideas, take a look at this post: 50+ Side Hustle Ideas
4. Make the most of savings interest
Think of your savings account as a place to grow your money rather than just a place to store it. Not only should you find an account that allows you to make regular deposits, you should make sure it offers you a generous interest rate too. By making the most of interest, you’ll essentially benefit from free money that will help build your savings further over time and minimise the impact of inflation.
Look for a savings account that offers you 3, 4, or even 5% interest on your savings but check the terms to ensure the account meets your needs.
5. Pay off your debts first
If you don’t need a Fuck Off Fund right now, it may be worth paying off your debts before saving. If the interest on your debt is larger than the interest you’ll make on savings, it makes more sense to make debt repayment a priority. After all, there’s no point in having a wad of cash saved for a rainy day if you’re losing money to debt.
Do you have your own Eff Off Fund or financial escape plan? If so, let me know in the comments! If you think I’ve missed some valuable emergency fund saving tips, give me a shout.