Saving for a car?

YORKSHIRELASS

Hi

Like everyone else here I have debts and I know that these need to be cleared before I start saving. What about bigger expenditure though? Our vehicles are 9 and 11 years old respectively and I feel that we should be putting something aside for when one of these needs replacing.

I am not going to be able to save much, probably only £50 a month. What does everyone else do about this? What happens if you are on a DMP?

Would just be interested to know how other people manage this.

lvm

It would be cheaper to put that extra £50 towards your debts then use a credit card (on 0% purchases of course) to buy your car if you got to the point where you definitely needed a new one. That's if your current cards are charging you interest and you have a decent credit rating to be able to get a 0% card when you need it.

If your creditors have stopped interest and you are on a DMP and you have an extra £50 to save then it would be worthwhile...but may be worth checking out how much quicker your DMP would end if you put that extra £50 to your monthly payment.