10 THINGS GRADUATES NEED TO KNOW ABOUT MONEY
This checklist covers 10 things that graduates really need to know about money, from student loan repayments to saving money on weekly shopping bills.
So you’ve graduated with a load of student debt whilst trying to adjust to being weaned off your student loan instalments. Would it be fair to say that money is now one of your biggest worries?
Well, of course, you’re not alone. For many grads the worry stems from the unknown and not knowing where to start in this big new chapter of your life.
The best remedy to this is to get to grips with your finances and understand a few important things you need to know about. In that sense, you’re in the right place!
In this quick guide we’ll share with you 10 things that all graduates should know about money, covering everything from saving on your weekly shop to getting the best deals on your overdraft. Let’s begin…
The Truth About Student Loans
The thought of leaving uni with a whopping amount of student debt can be nerve-racking. But thankfully, it’s probably not as bad as you might think.
You’ll only start paying your loan back once you’re earning over
Repayments will be deducted straight from your pay cheque, so you don’t need to arrange any monthly payments yourself and probably will barely notice the deductions. If it isn’t being taken off and you know it should be, speak to your employer to avoid any shocks
£15,795 (or £21,000 if you start you studies from 2012 onwards) and only a percentage of anything over this threshold.
This repayment system has been designed to make student loans affordable, so you’ll have a reasonable amount coming in to cover it.
later in your career.
Don’t pay your student loan off in a lump sum!
Student loans are the best deal you’ll ever get in terms of a loan (except from maybe your parents), so don’t think that you need to pay it back early. If you do have any spare cash, put it towards a mortgage and getting a foot on the property ladder.
Know Your Credit Rating
If you’re thinking about buying a house or getting finance on a car, you’ll need to consider your credit rating.
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