Finally got a DMP

kv11x

Not what I wanted but if it helps my partner realise we need to deal with it now I'm all for it. Our payments started recently so all good I assume. Our remortgage will be around same time this plan ends in 5 years.

Anyway could I get some advice. I've always been one for saving to buy unless like when I saved for a mattress I got the payments for 9 months interest free and we paid off the mattress in that time. Anyway like my partner I would like to go on a cheap holiday (sun holiday deal) or pay for vet bills, glasses or a tyre that might get damaged. Id like to save like £600 them put £300 towards debt then save another£600 then pay another£300 off debt. My partner says why do I like saving. Well we have no credit cards we can use, I can only emergency go to my parents for a couple of hundred but would need to be paid with a coupl of months.


Any advice? Am I wrong to say saving is good and she is right to worry at the time where to get say £100 for a tyre.

sourcrates

An emergency fund is an essential part of any DMP.
It should be funded from your budget, as a starting point, most people delay the start of there arrangement in order to fund there emergency pot using payments that would normally go to creditors.