Is it ok to have savings account?

[gafjo]

Hello all again

I am 8 months into my IVa and am just about getting used to the budget - didnt help with christmas, but am nearly there.

I was wondering if it is ok to have a savings account to put the money allocated for car servicing, dental & opticians, dog injections etc so that the money is there when it is needed and I am not trying to find the money in the month it is due.

Thanks for any advice and all the help you have all provided in the past.



Jo

[Foggy]

Hi Jo. Yes a savings account is a good idea and many IP's will encourage this -- it is, after all, good financial sense.

[Rickne]

Good question. Just included one on my shiny new natwest account. Even mentioned IVA to them and they didnt seem to care. Got a seperate card for it so all my contingency savings can go there and all my allowences so I know what I have each month. The main account could hold ny iva paymentd and other direct debits.

[Kelly O]

Saving small amounts every month is something that we actively encourage, it is a good way to manage your budget and when you need car tax, an MOT or vets bills the money will be available for you.