How graduates can keep afloat after uni

LIFE after university can be a daunting prospect for students, especially when it comes to managing their finances. Here, Principality Building Society’s senior savings products manager Morgan Miles gives some tips on how graduates can make a head start on keeping their finances in check.

Tie up any loose ends when you leave university Moving out of your university house for the final time can feel like the start of a new chapter – but the last thing you want to be leaving with is a stack of unpaid bills.

Take a final reading on your electricity meter. Then let your provider know you’re leaving, ensuring any outstanding bills have been paid.

Resolve your deposit. When the final person has moved out, your landlord may inspect the property, running through any inventory that was completed at the start of the tenancy. This is your opportunity to obtain the refund of your deposit.

If the landlord charges for wear and tear in the house, ask to see a copy of the inventory and costs incurred so you can check they’re fair.

Since 2007, landlords have been required to put your deposit in a government-backed Tenancy Deposit Scheme (TDS). If you’re in dispute with your landlord, the deposit remains safe in the TDS while you resolve it. Once you’ve agreed how much you’ll get back, you must receive it within 10 days.

Double-check your overdraft limit and avoid hefty charges With no more student loan instalments and often no permanent job, graduates’ bank balances can creep worryingly close to the overdraft limit.

If you exceed your limit, you could incur charges, which can become very costly.

If you’re struggling or have any concerns, talk to your bank – but far better to budget where possible to avoid this happening.

Switch to a graduate account Once you finish university, review your student account to see if there is a more suitable account for your needs. There are often many perks for graduates who switch bank accounts, so search around.

Set a budget and keep to it Setting a budget for the first few months post-university will help avoid any unwanted debt.

Consider everything from household bills or rent and living costs to travel expenses, leisure expenses and any additional costs.

Life can be unpredictable, so be prepared to be flexible with your budget every now and then.

Ditch unnecessary expenses Cutting back on your luxuries can be somewhat disheartening, but you’ll appreciate the extra cash in your back pocket for all of life’s necassities.

These are just some of the extra monthly outgoings you might want to give up in the short term:

Music and film subscriptions – they can cost up to £14.99 a month

Gym memberships – they can sometimes exceed £30 a month

Your car – it can sometimes cost hundreds of pounds a month to run

Settling debts and bills, as well as creating a budget for yourself, will help keep your finances in check for the foreseeable future before a permanent job comes along, allowing you to pay off any overdraft and start saving for things like travelling, a new home or anything else you have planned.