Saving during your DMP - what you told us

In our last newsletter we asked for your thoughts on saving money during your Debt Management Plan. Here’s what you told us.

Struggling to save? You’re not alone

Of the customers who responded to our survey, almost half (47%) said that they had tried to save, but not succeeded. This was either because something crops up every month and they end up spending it, or because they have so little money to spare that it doesn’t seem worth saving.

What works

One in eight of you (12%) told us that you’ve managed to save money whilst on your DMP. Well done to you! The secret of success for these customers seems to be that they make regular payments into a savings account as soon as they get paid. This is a great habit to get into, even if you can only save a tiny amount. Check out the Money Advice Service’s guide to regular saving. And don’t forget about the government’s Help To Save scheme! If you’re eligible, you could get a free 50p bonus for every pound you save, up to £2400.

41% of customers told us that they’re putting off saving money altogether until they are out of debt. That’s totally up to you! But don’t forget that we can make an allowance for saving in your DMP budget. Starting to build up that savings buffer could make it easier to avoid problem debt in the future.

If you didn’t get chance to respond to our survey but you’d still like to share your experiences, you can do so here.

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