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Money Tips for Graduates: Navigating Life After University
Graduation is an incredible milestone and now, an exciting new chapter begins as you look ahead to what’s next. These 10 essential tips will help you to navigate post-university finances with confidence
Starting your professional journey
1. Considering your career options
Your final year is the perfect time to start thinking seriously about your career options and what you’re truly passionate about. What do you enjoy? What motivates you? Whether you’re drawn to creative industries, corporate roles, start-ups or something completely different, it’s time to start researching what’s out there. Make the most of career advisors at your university, attend job fairs and explore grad schemes.
Talking to people already working in roles that you’re interested in can provide valuable insights as you start planning your next steps.
2. Ease into your financial independence
It’s a great time to start thinking about what financial independence means to you. Before you begin negotiating job offers or planning your post-uni spending, consider your personal goals. That might be moving out, saving for travelling or building a safety net. Everyone’s priorities are different but taking the time to reflect can make you feel more in control and confident when it comes to making financial decisions after graduation.
3. Interview prep
Interviews can often feel daunting and nerve wracking, but good preparation will make all the difference. Begin by researching the company and specifics around the role you’re applying for. Think about how your experiences and skillset can demonstrate what they’re looking for but also prepare thoughtful questions to ask, this is a great way to show your research and interest in the role.
Remember to present yourself professionally, punctually and in a positive, engaged way. Interviewers are often looking for enthusiasm, communication skills and a good team fit, as well as skillset.
4. Salary negotiation
It’s a good idea to research industry salary ranges using sites like Glassdoor or PayScale so you’re broadly aware of the salary you might expect to be paid. Practice your negotiation approach with friends and family to build confidence and prepare to discuss your value by highlighting relevant experience, skills and academic achievements.
Remember, employers often expect negotiation, so their first offer may have room for improvement – you can also discuss benefits beyond salary, such as flexible working or development opportunities, which can enhance your overall package.
Exploring self employment
5. Considering going freelance or self employed?
You ll need to start by registering as self-employed with HMRC within three months of beginning freelance work. Creating separate bank accounts for business and personal finances is a good idea to simplify your record-keeping and when you re ready to put yourself out there, build a portfolio showcasing your skills, even if it includes university projects initially. If you followed our tips in our other university articles, then you might already have some ideas to highlight to potential clients. registering as self-employed with HMRC business personal
6. Master freelance financial management
Research, research and research some more! Set your rates based on industry standards, your experience level and the time each project takes (including admin and revisions). Make sure you keep a note of all business expenses, as many can be deducted from your taxable income. Perhaps try accounting software designed for freelancers to streamline your financial admin and ensure you meet tax obligations.
7. Plan for income fluctuations
Self employment often means irregular income, so it s a good idea to have an emergency fund to cover at least a month of expenses. Create a budget based on your lowest expected monthly income rather than your average or highest months and consider setting aside a percentage of each payment for taxes, emergency savings and business development.
During busy times why not save any extra income to create a safety net for when work s quieter.
Managing financial responsibilities
8. Don’t leave money on the table
Workplace benefits can add value to your financial wellbeing. Take full advantage of pension matching from your employer, and explore share purchase schemes, professional development funds, and commuter programs that offer tax advantages.
9. Navigate essential insurance options
Contents insurance can protect your possessions against theft or damage, particularly important for expensive items like laptops and phones. This is very important if you re moving out and starting to rent. Consider excess amounts carefully when comparing policies, as the cheapest monthly premium might cost more if you need to claim.
Check out our home and contents and life insurance options here.
10. Harness the power of time
It's never too late - or too early - to start investing in your financial future. Starting pension contributions in your first job gives your money decades to grow through ongoing interest. Even £5 per month invested consistently now, can significantly outperform larger amounts started later. If a pension feels overwhelming, prioritise a savings account or your credit score.
Combined with the rest of the tips in this article, you should hopefully see that lots of small contributions really can add up.
Looking for more money tips?
Found this graduate finance guide helpful? Check out the other articles in our student money guide series here.
Our dedicated team is happy to support you on each step of your financial journey. If you have any questions, you can reach out to us, Monday-Friday 8am-5.30pm.
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