Saving money on a DMP: is it possible?

When you’re on a DMP, your number one financial priority is probably to pay off your debts as soon as you can. But that doesn’t mean you should write off the idea of saving money. Putting aside a little at a time makes it easier to deal with financial shocks, such as the car failing its MOT, or needing to buy a new cooker. This will help you avoid falling back into problem debt in the future. We encourage customers to build some savings into their DMP budget – this is allowed within the Standard Financial Statement guidelines.

We know many people find saving a struggle. But we also know some of our customers are experts in finding ways to save during their DMP. Whatever your situation, we’ve got some tips for you – and we’d love to hear your experiences. We’ve included a survey link below. Look out for our next newsletter to find out what other customers said.

If you struggle to save

Think small. In the last few years we’ve seen more and more apps that work with your budget to help you save a little at a time. This often means saving such a small amount at a time that you won’t even miss it. But it all adds up, especially if you’re able to earn a bonus through the Help To Save scheme (see below). And getting into the habit of saving can make a huge difference.

Start making a plan for Christmas. It’s never too early to start thinking about how you’re going to afford what for most of us is the most expensive time of the year. The sooner you make a savings plan and start sticking to it, the easier it will be to get through the Christmas season without going over budget. What’s more, many supermarkets, credit unions and so on offer Christmas-specific ways to save. There’s a useful round-up of what’s available here.

Tell us how we can help. Is there more we could do to help you save during your DMP? Take our quick survey to let us know..

If you’re saving-savvy

Boost your savings with Help To Save. If you get either Working Tax Credits or Universal Credit, and your monthly household income is above a certain level, you could get a 50p bonus from the government for every single pound you save. This is a scheme to help low-paid workers save money, but millions of people have been slow to take it up - and are missing out on a bonus of up to £1,200 as a result. It’s definitely worth doing if you’re eligible. Visit the government’s website for more information and to apply.

Stretch your skills with a savings challenge. Back in January it seemed like Facebook was wall-to-wall full of the ‘1p savings challenge’ and the ‘52-week challenge’. It takes dedication to keep saving once those New Year good intentions have dried up – but you can do it! Check out some ideas here.

Share your know-how. What’s your secret to saving success? We want to share your tips in our next newsletter – pass on your wisdom by taking our short survey here.

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