Tips for MOT & Christmas savings

MissyRedleaf

Hello,
I just wondered how everyone else managed on an IVA with payments that aren't by monthly Direct Debit e.g MOT on your car. My MOT is due next month and money has been very tight this year. I have enough for the MOT test and a little aside as I know I need new brake pads. Anything other than that needed and I'll be eating sawdust for the month! What does everyone else do to save for an MOT especially as there is no way of knowing how much it will be?

I thought I'd mention Christmas too. My wages get paid on the last working day of each month. In December because of the bank holidays, we get paid before Christmas. Does anyone else have this too? Any tips on how to budget when paid early?

Thanks.

cheesedoffwithdebt

I would ask how you budget generally anyway? JUst because money doesn't go out on a direct debit doesn't mean you should not save it?
Forgive me because I don't know how you organise your finances but despite my IVA budget the real one is very different. I have a number of savings accounts each earmarked for different expenses eg new glasses, car, household appliances. Even if only a small amount goes in every month you are building something.
I suspect you may need to do some homework on how to budget generally not just on an early pay month so if my reply doesn't seem to patronising- I am in an IVA as well- I'll try and help!

mcjordi

Pop By the Debt free wannabe board so great people on there can show you how to do a good budget

MissyRedleaf

Thanks. Having different accounts for different savings sounds like a great idea but as I have an IVA, I don't think I can open up any new accounts as I think they run credit checks beforehand? I could be wrong though. At the moment I budget for everything by withdrawing cash for everything that isn't paid by monthly direcebt debit. That is how I have some money saved over the year for my MOT. I literally have a purse for each fund. It's just interesting to see how others save too.

cheesedoffwithdebt

you don't need credit checks for savings accounts Missyredleaf- using a purse is ok, some people use envelopes, but in an account you may get a little interest- and its not so easy to get hold of.
Good luck!