When you finish uni, there’s a lot of change. One of the biggest, and most daunting, changes is that you’ll be financially independent.
Graduating is an exciting time, with endless possibilities ahead. Initially your finances might be fragile after a few years of student life, so here are some ways to help you avoid getting into financial difficulties.
With the advent of Student Loans, it's perhaps become more usual for students to leave university with debt. In some cases, this can be more than £10,000. This is normal, so don't panic!
Your spending will be different than it's been for a few years now that you're no longer a student. Try to pre-empt what it will be and start putting money aside to chip away at your dearest debts (the ones with the highest interest). Also, plan your budget for everyday things such as travel, work clothes and rent.
Try to work out how much debt you can pay off each month. Based on this figure, plan how much the debt will reduce over the months or years. Apart from helping you organise your finances, this will mentally give you a tangible goal to work towards.
Just because you've been with a certain bank while you were student, doesn't mean you have to stay with them. And although they may have given you the best deal as a student, the deal may not be as good for graduates. Shop around.
As long as you've got a good banking history, can pay off any overdraft, and can prove that you've graduated, you can shop around to find the best account for you. But remember to look beyond the freebies and introductory rates - think long term. Also, weigh up the pros and cons of a graduate loan.
Once you know where you are with your debt repayments, you can think about saving. Even if you just start saving a small amount, it will get you into a good habit.
See more finance guides for students and graduates.
See if our Graduate Account is right for you.
See the latest rates and charges for all Lloyds Bank products.
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