Expired

Keep savings and overdraft or splash out on a car.

Found 25th Dec 2007
I have £1750 saved and due 750 more,

Also have a £2000 overdraft at my bank, and another £1500 in my student account and £500 in another account(another overdraft)

Shall I buy a cheap car and insurance(never had a car before so insurance would be high)

25 Comments

Let me get this straight, you have £2500 saved (or soon will have), but you have £4,000 in debt? If so, then IMHO get rid of the debt unless you are getting it for free. As tempting as it might be, don't be tempted by the car yet, it will cost you more than you think.

Original Poster

No I mean I have that much in overdrafts I can spend(i.e in in credit at the minute and not a penny debt)

You only have £2500 saved. The remaining money is overdrafts. Spending this will send you into debt. Simple really. If you want a car, spend the money you have, not your overdraft.

Original Poster

Well they are interest free student overdrafts plus I also have a £1500 grant coming in 2 weeks of which rent is only about £500 so I have that too.

Banned

If you dont have a car sure go for it! You dont need to spend all your money mind you try and be as cost effective as possible, just enough to have a car that will get from point a to b

Original Poster

Yeah thats why I want to spend say £750-£1250 for a car then insurance but as I only got license and would be first car, even though im 25 it would be expensive.

ryouga;1381677

Well they are interest free student overdrafts plus I also have a £1500 … Well they are interest free student overdrafts plus I also have a £1500 grant coming in 2 weeks of which rent is only about £500 so I have that too.



Man when i was at higher education i got zilch..had to wor my balls off in part time jobs .they seem to be giving it away these days. Maybe i should become a mature student just for the cash then blow it on a new car for me....LOL

Original Poster

Lol my savings are from working before I started uni, and the £1500 is to bast over 3 months for rent, travel(which is about £20 a week) books(another few hundred) and I chose cheap accomidation.

Dunno where you got the idea I was gonna blow my grant on the car when I said the savings and maybe my overdraft.

Can I repectfully suggest that whilst you are spending 'a few hundred pounds' on books, you purchase a dictionary! :giggle:

You seemed like quite a bright person on this site but ...

...are you mad?

Your a student! You don't need a car! Get drunk every night and don't touch that overdraft. Then, when you finish education, buying that car will come alot quicker and easier than most.

highguyuk;1382006

Your a student! You don't need a car! Get drunk every night and don't … Your a student! You don't need a car! Get drunk every night and don't touch that overdraft. Then, when you finish education, buying that car will come alot quicker and easier than most.


Got to agree with this advice. What starts off as a cheap car hardly ever works out that way

Keep your savings and overdraft - public transport will be fine for now and then the money is there should something occur that you really need it for.

Wait until your older and need to the car - stick some of the money into a high interest account and use the rest to pay for necessities and nights/days out.

That's what I would do anyway.

Banned

a grant? dont you still have to pay that back? if so i dont belive it is interest free:thumbsup:

Original Poster

Im 25 so hardly young lol,and dont enjoy drinking much, maybe once or twice a month at £1 a drink so spend about £15 max

Banned

Pay off the overdraft, you have to pay it off within a year or two depending on the bank when you finish uni.

Original Poster

What overdraft lol, I already said I dont owe any money but I have available overdraft funds available

But ryouga, that's just available credit. We all (more or less) have available credit out there for us to spend on whatever.

Realistically, you have £1750 at this exact moment and should have £750. That's your lot. The rest you don't have, so shouldn't spend.

Original Poster

That was why I asked, I was thinking of spending my savings then using the overdraft until I have more savings

lol - bit backward that.

You just save, and then spend what you have. Your "2nd" lots of savings wont be savings, they will be just paying off your debt.

Original Poster

Not really, as when I say live off the overdraft I mean food, as I have rent paid until the 15th of Janurary then I get my next grant installment so its not much im gonna use £200 at most.

dont get the car just yet. im a student too, we can easily do without a car. get out of uni, get into your graduate job, and then get a car which you'll be able to spend a bit more money on ...

It seems like your avoiding stuff people tell you about NOT buying a car which basically means you've got your heart set on a car, so go for it.

"Treat Each Day Like Your Last - One Day Your Be Right" - MF Grimm

Original Poster

Not avoiding it just dont see a huge reason not to get one except it will get rid of my savings.

I mean im not gonna spend it on anything my savings have been going up and up for 2 years so if I buy a car I will use it a lot to go shopping or to visit familys.

Well I say a lot but I mean shopping a few times a week and visiting family maybe once a month which is annoying at minute as I have to go into town get train, change train change again then go to bus station get bus to familys.

Its mainly insurance if it isnt too much I will get one, if insurance is high then I most likely get one as I wont use it much.

And if I get a car I will get a job as right now I cant do anything cept office hours which conflicts with uni as after 6pm theres 2 buses.

And Taxis are £8 to where I am(or £5 during day, rip off)

I have a really good job which I have a great chance of getting just it finishes at 11.30 and theres no buses and its £8 taxi as I say and its a bad area to walk

Then get one, its not our choice really, if you need it get it, if it'll save you money, get it.
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