After university

Graduates – life after study

  • Make a list of all your debts and start paying them off in order of priority.
  • Plan a weekly budget taking into account how much you’re earning and how much you need to set aside for things like rent, travel, work clothes etc.
  • Open a good graduate account and find out whether you could save money on overdraft fees by taking out a graduate loan.
  • Once you’ve paid off your debt, start putting any money you save in a cash ISA, which will let you build uptax-free interest.

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.

Make a debt list

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!

  • The first step to getting rid of any debt you might have accrued is to take stock by making a full list of what you owe and to whom.
  • Put them in order of priority for repayment, with the ones with the highest interest at the top.
  • Next, have a look at how much money you'll need to get you through the first few months in work.

Budgeting and loan repayments

Create a budget

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.

Plan your student debt repayment

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.

Your money after university

Hunt for the best graduate account

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.

Start saving

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.

Useful guides

Further guides

See more finance guides for students and graduates.

Useful guides

Graduate account

See if our Graduate Account is right for you.

Useful guides

Rates and charges

See the latest rates and charges for all Lloyds Bank products.

Important legal information

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