Student Overdraft Repayments

Options
JoshRBooth
JoshRBooth Posts: 1 Newbie
in Student MoneySaving
I have recently started a new role as a paid intern with a professional football team. I am looking at consistently paying into my overdraft which is still maxed out! Although the pay will bring in less than £1K a month. I was wondering if anyone had any advice as to how I can continue to manage my overdraft repayments and live?! I'm so stuck on this! Thanks ahead.

Comments

  • ducchung2108
    ducchung2108 Posts: 8 Forumite
    Options
    Should stop
  • flashg67
    flashg67 Posts: 4,004 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Options
    Not sure if I've missed something, but if you have the salary paid in every month, it will reduce the overdraft temporarily, and as long as you can live on the salary (or less!) you'll be fine. Unless your bank have specific requirements bout payments? If you need more than your salary to live on, you need to look at cutting some expenses, or getting a 2nd job!
  • Dobbibill
    Dobbibill Posts: 4,136 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Options
    Get yourself a separate spending account. Leave all your bills come out of the student account. If your bills come to £200 per month, leave £300 in there so you are using less and less each month. With your spending money in a different account, the temptation is one step further away from instant access.

    Oh and leave the student account/bills account debit card at home - don't use it ever.
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.5K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.7K Work, Benefits & Business
  • 608.7K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards