Saving mileage payments

matttye

Just wondering what people do with their mileage payments from work?

I'd like to be sensible and actually save these for services/repairs/etc, but not sure if I need to save all of it or just a portion.

Just after some ideas of what others do.

Thanks!

PasturesNew

I'd give myself a mileage allowance covering the fuel cost, say 15p/mile .... and put the rest into a separate account for repairs/service etc.

arcon5

I'd also put it to one side. Then when repairs fall due you'll feel better that 'your' money hasn't been touched

colino

When I was a wage slave, I put my 65ppm straight into my current account (about 20 years ago). I spent the money on wine and women, the rest I just squandered.

jimjames

At the risk of repeating what I've said elsewhere you could put them into a interest paying current account that gives 5%, way more than a savings account. Work may pay in directly and as it has a debit card you can pay bills from the account if you wanted. Easy way to keep tabs on the payments and income.

matttye

Cheers everyone, going to ask work to pay it directly into my TSB Plus account, then I might move 15p per mile into my normal current account for fuel (good idea!)

[Deleted User]

When I claimed mileage, I had to fill a form in and they would pay it in cash rather than pay it into my bank account with my pay. So it just got spent on beer and women :cool: