Close your student bank account and open up a graduate account
As soon as you graduate, you will need to think about closing that student bank account. According to most popular banks, student accounts usually roll over onto graduate ones, but not everyone offers this and sometimes you can encounter some large fines if you do not do the process manually. It’s best to just ring your bank and see what they offer.
Don’t feel like you have to stay with that bank, you can always do some research and see if anyone else is offering better deals! Some banks offer graduate accounts which allow you to pay off your student overdraft slowly in monthly installments which is always handy!
Don’t worry about your loan!
After a new government scheme, you do not have to start paying back your loan until you start earning £25,000 a year. So, it’s nothing really to worry about.
Although the cost of university is staggering and yes, no one really loves the idea of being in a large amount of debt, try not to let all the tuition fees horror stories get to you; it’ll probably be wiped before you can pay it all off.
Find out where you are going to live
If you’ve spent the last three years living away from home then you will either be excited to head back or you might be dreading the thought of it.
Basically, it’s time to make some big decisions. Do you want to stay in your university city? Would you like to move back home? Who would you want to live with? Where are you going to live?
The first thing you need to do is to get your deposit back from your current landlord. Students, of course, are notoriously messy, so it might be a good idea to motivate everyone in the flat to get tidying, cleaning and mopping to get back your deposit because you are going to need it!
In terms of time and money, it’s best to start thinking about your options as soon as you graduate, as many flats become available in July, this would be the best time to put down a deposit and get started.
Make sure that you let your bank, phone provider, electoral registry and local doctors know that you have moved into a new accommodation, you don’t want any important letters going astray.
It’s always handy to start saving as soon as you have your graduation date. After that final loan comes in you won’t really be seeing any money like that again until you start earning. Therefore, it’s always best to have some money saved up for graduation, this way you have more options to choose from with a bit of cash in your pocket.
Just by putting away a few pounds each week, you will really see a difference as you graduate, you can even have a savings pot in your room for any cash left over each week from the food shop or your bills.
If you are choosing your accommodation for after university then it’s probably best to find out what council tax band your chosen area falls into. You can find this information out over on Gov.UK. Whilst students do not pay council tax, it’s a mandatory payment for all homeowners/people who rent.
It’s usually paid in monthly installments and goes towards ensuring your bins are emptied, helping to keep the area tidy, fixing the roads and funding local projects. It’s important to know how much you will have to pay to factor it into your monthly outgoings.
Just tax in general
Yes, you will have to pay tax when you graduate, so that’s definitely something to bear in mind.
It’s always handy to remember that everyone in the UK gets a ‘personal allowance’ of £11,850, if you do not go over this sum then you don’t have to pay any tax, it’s kind of like student loan repayment…
If you do earn anything over £11,850 then the amount of tax you are charged can be a little eye-watering at first so it’s best to have a read over on Gov.UK to soften the blow.
Use price comparison sites
Companies can sniff out a graduate!
Do not let people view you as clueless and take the first offer you see when it comes to sorting out your bills. Head over to price comparison sites and do some digging. Write down combinations of your bills from different companies and see which one comes up trumps!
In terms of finance in general, the Money Advice Service have some brilliant tips for managing your finance as a graduate. You can check it out here.