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28 May 2022

Money-saving tips for young graduates

For many young students about to graduate, or graduates just out of university, the “real world” of work, bills and trying to see how you’re ever going to be able to afford a mortgage may be a source of consternation, to say the least.  With debts from student loans going up and the job-market badly hit by the recession, this is not an ideal time to be leaving a life of “studenthood” and looking for a first job.  But that is all the more reason to keep a cool head and take a considered, practical approach to personal finances: by keeping in mind a few basic rules for dealing with money, it’s possible to avoid a lot of stress and keep your head above the water.

Budgeting: Setting up a budget may seem complicated at first, but there’s no reason to be intimidated – it’s just a tool which will relieve you of the stress of being unsure where your money is going and whether you have any left to spend.  The basic steps are to determine your income and your fixed and variable expenses.  You should then compare the two, and track expenses throughout the month (you can look up budgeting software on the internet to do this) and then adjust your budget as needed throughout the month.

Get out of debt: As mentioned before, student loans have shot up in the past few years.  In the UK, you will only have to start paying this back once you are earning over £15,000, and on terms which are set by the student loans company, but many young people have other debts as well, including overdrafts, credit cards, or loans from banks or parents.  If you have such debts, it is very useful and easy to set up a debt repayment programme.

Choosing the right bank account: as a student, you will tend to be offered a bank account the most distinctive feature of which is an interest-free overdraft, but this will be removed within two to three years of graduating (depending on the bank), so it’s a good idea to start gathering information on what else is available.  The Santander website is a great place to compare information on different bank accounts, from ISA saver accounts, to their Premium account which includes a wide range of benefits.

The most important tip, though, is to take matters into your own hands and not push your finances to the back of your mind and hope for the best.  With a little care and application, you will have your money working for you before long.



Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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