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Piggy backing or paying cards?
stackemEvs
Posts: 1 Newbie
Having a quick add up of annual bills, I'm looking at putting money into a seperate account. This would be for Car annual expenses (MOT, Service, Tax, Breakdown), Health (Dentist & Glasses), Big one off's (Christmas, Birthdays & Holidays).
This would be a basic amount of £200 per month for basically annual payouts.
Would it be better putting this into an account or using it towards extra card payments and so reduce the interest I'm paying there each month?
Thanks
This would be a basic amount of £200 per month for basically annual payouts.
Would it be better putting this into an account or using it towards extra card payments and so reduce the interest I'm paying there each month?
Thanks
0
Comments
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Paying off debt is usually better than saving : http://www.moneysavingexpert.com/savings/pay-off-debts0
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You can look at this the other way round. "Borrowing" from your savings is cheaper than borrowing from future income. Use cards to smooth out cash flow, but with a plan to pay off as soon as possible."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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