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70% of drivers are budgeting to keep a car on the road

Published 2 October 2012 by

As the cost of living steadily increases year on year, and there seems to be less money to go around, many of us are finding ways to be smarter with our money by budgeting for the things we need.

It's interesting to see a new survey by MoneySupermarket which shows how widespread budgeting is now, especially among drivers. Most drivers who took part in the survey (70%) say they're making cut-backs in their spending to keep their cars on the road.

A third of drivers (33%) said they couldn't live without their car and a further 31% said their life would be trickier without one. In fact, the survey reveals that owning a car and being able to drive is much more important to drivers than shopping, going to the pub and even taking a holiday - all things that drivers are cutting back on to keep their cars on the road.

If you have a financial goal in mind - like owning a car, taking a holiday, or saving for a deposit on a house - budgeting can be an excellent way to achieve those goals.

Effective budgeting can also help people avoid going into debt, and can be very useful if you're repaying existing debts.

A spokesperson for thinkmoney commented: "If you know that budgeting isn't your strong point, you might find the thinkmoney Personal Account helpful. It keeps the money you need for bills in a separate account, and the rest goes into an account which you can spend."

"Another good way to save money is by shopping around. Drivers could get a better deal by switching insurance provider when their policy is due for renewal. Find out if we could help you to find a better deal on your car insurance.

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