Moneyfacts.co.uk offers finance tips for graduates
www.moneynews.co.uk > General finance > Moneyfacts.co.uk offers finance tips for graduates
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Money News |
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Moneyfacts.co.uk offers finance tips for graduates
Tue 22nd Jul 2008
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Graduates are encouraged to devise a monthly budget once they have started work, factoring in their new outgoings from travel and living costs.
They should also work out how much they owe and plan to start repaying their debt, but should not rush repaying the student loan as the interest on it is low.
The most expensive debts should be paid off first and regular savings should be made to help annual bills such as Christmas and car tax.
Graduates are also advised to research interest free overdrafts and authorised overdraft rates and not be lured by incentives into an account that could impose charges to erode any gains.
Students are misjudging their starting salaries by more than £2,000, according to research reported by the Times.
The study, led by PhD student John Jerrim at Southampton University, found new graduates earn an average of £16,000 rather than the £18,600 they expect.
Students also commonly graduate with £30,000 of debt.
Related News : General finance |
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