Rosie, student intern with the Advice and Money Team, shares some guidance on managing your money after graduation.
Congratulations on finishing your studies! Your graduation will be one of the most exciting moments of your life so far. You’ve achieved a lot and you’re ready to become an adult! Only problem is, you don’t actually know how to do that. That’s ok, neither do I. Good thing I have another year until I graduate. But for you, we need to catch you up pronto.
Hi, I’m Rosie, an intern here at the Advice and Money team in the Student Support Centre on Park Place. I’ve been tasked with the important duty of alerting all graduating students about some of the changes that graduating (and impending adulthood) brings. Now, I may not know anything about being an adult, but luckily for me the rest of the team here, do. They provide me with the information and I blog about it. So, this is a learning curve for both of us. Bear with, we can get through this together. So, without further ado, here’s a few things that will happen to you once you graduate.
1. Your bank account will begin to change
Try not to worry too much about this. As long as you are in regular contact with your bank and are reasonably familiar with the changes that occur between a student bank account and a graduate bank account, you should be okay. One thing to remember is that your overdraft will start to decrease and you will be expected to start paying it back as well. There are many different types of graduate bank accounts that you can choose from, but picking the right one for you is all about doing your research. It’s okay though, you can read up about this and any other changes to your bank account on the Money Saving Expert website here.
2. You will start paying council tax
The law states that if you are over the age of 18 and you are not in full-time education, you must pay council tax. A full council tax bill is based on at least two adults living in one home. If you live with a partner or a spouse you are jointly responsible for paying your council tax bill. However, if you live alone or you are the only person in the house who counts as a council tax payer, you can get 25% off your council tax bill. You will receive your council tax bill in the mail and this will tell you how much you have to pay for the year and the dates that you have to pay. Usually you can pay in 10 monthly instalments, but if you need to stretch the cost out to 12 monthly instalments, you can contact the council and have that changed for you. It’s not as scary as it sounds, and if you want to find out more about how to pay your council tax, you can find out more on the government website. If you’re staying in Cardiff, you can find out about council tax bands and information on the Cardiff Council website.
3. Your income will change
Many graduates begin their first job within six months of finishing University, but remember that everyone is different. Some people may take longer to find the right job for them and that’s okay. Check out these tips on finding a job after graduation from Cardiff Award Alumni. It’s important to make sure you’re moving in the right direction, and choosing a job that suits you can be difficult, but is ultimately the best decision for your future. Whilst you’re looking around for jobs, it might be a good idea to see if you are eligible for universal credit. Universal credit is a brilliant scheme that offers support towards your living costs if you are either unemployed, or working a low-income job. You can find out more on the government website.
Learn to stay afloat
Becoming an adult can seem daunting, but it’s good to familiarise yourself with the process as soon as possible. Just knowing and understanding about these changes will put you head and shoulders above the raging waters of adulthood, and before you know it, it’ll be plain sailing.
Contact Advice and Money
For more information or advice, don’t hesitate to get in contact with us at the Advice and Money team in the Student Support Centre on 50 Park Place. We’ll be happy to talk to you and guide you through anything that may be troubling you.
Tel: 029 2087 4528
Your feedback and help please
Have you found this blog post useful? Please help us by commenting in the comments bar below, and if there is anything further you’d like to know ask your questions there too.
We’d also be grateful if you can share this information by re-tweeting or sharing with your fellow students who may find this useful – you can do this by using the share buttons or via twitter and facebook.
Good luck everyone ! Pob lwc pawb !
Rosie, Advice and Money student intern.
Your Student Life, Supported.
The Student Support Centre has a range of services dedicated to helping students make the most of their time at University, including: Advice and Money, Careers and Employability, Counselling, Health and Wellbeing, Disability and Dyslexia and International Student Support. The Student Support Centres are located at 50 Park Place, Cathays Campus and Cardigan House, Heath Park Campus.
For further details of services, events, opening times and more find us on the University Intranet.