Saving while BR - possible? advisable?

missblue1480

Well tomorrow is the big court day. It feels kind of weird and I haven't been able to settle into anything all day. I keep changing from thinking of today as my last day of indebtedness to my last day as a non-bankrupt and whether this is really the right choice (it definitely is, but last minute jitters/doubts).

So, my question...

If I wanted to live very frugally whilst BR (no IPA as only student income) to save £10 a week to be able to buy a very cheap £500 car once discharged, would I be able to open another Barclay's basic account to save in each week? Or would the OR want to lay claim to my little savings pot as an asset if they see that I'm saving? Would I be better off taking the money out in cash and saving under the mattress instead?

I'm a full time student and my SOA leaves me way below what would be considered 'reasonable domestic expenditure' so it is going to be a real trial to save anything, but I really need transport in place once I graduate to find work in the profession I am training towards so some way or another I need to have a vehicle in a year's time.

Thoughts?

egrescrimp

The OR is unlikely to touch your income or be bothered by it due to it being in the form of a student grant/loan, if you manage to live a frugal life to save up for things then all the better

You can save up money even if you have an IPA, for example you can put your emergency fund in a savings account for whenever that emergency purchase happens