Car tax savings

Chaddee

Just thought I'd share a tip my mum gave me for my car tax payments which I always used to forget about until the last minute and then have to scramble to find the money for! Divide amount by £12 and on payday each month take that amount out and put it in a piggy bank. For me it's about £10 per month which I love seeing growing in my pig, and it's a relief to know I won't have to find £120 in December!

Chaddee

I just like the satisfaction of seeing it growing on my bookshelf, and as it's only a small amount I figure the satisfaction is worth more than the interest woudl be! But you're right that I could make some interest off it in a savings account, worth thinking about.

bwgames

Thats an idea I really should do that, and for car insurance too (although £350/12 is a little harder to swallow each month than £10)

System

i prefer to get the stamps from the post office then theres no temptation to spend what you have saved.

Chaddee

albertross wrote: »

You should be able to get a similar (or higher) sense of satisfaction watching your savings total grow, and getting that interest payment at the end of the year. Saving in pots or buying stamps is really wasting money, especially if you have debts accruing interest at the same time, inflation is eating away at it. A piggy bank is more likely to get nicked, if you are ever unfortunate enough to have an unwelcome visitor.

Thanks, and I know you're right, but I only have one debt left which is interest free and being paid off pretty easily so I'm not worrying nearly as much as I was a few years ago. I also have significant savings mounting up now and am not really likely to get robbed as I live (work) in a boarding school which has pretty high security. For me it's a good system, I should've thought about recommending it to other people for whom it might not be so good though, apologies.

Chaddee

Definitely not!!