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.
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.
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