Money talks
Whether you are an under-graduate, graduate or looking to finance a gap year or further education, finances are likely to be top of your mind. We've got some good housekeeping tips from totaljobs that would make your Mum proud and should stretch your budget further.
Shop around
You would if you were buying a mobile phone or iPod! Getting finance whether it's a student loan, a 0% overdraft, travel insurance or a savings account is no exception. Don't use a bank or building society just because it's around the corner or because you have an old account with them. Your financial needs will change as your lifestyle changes and it may be that you need to consider changing banks also. Despite what you may be told by those close to home you are a catch not a liability to financial services providers. New customers are always sought after and most organisations will try to keep you for the long-term.
You can compare banks and finance rates without leaving home:For students, under-graduates and general grant and bursary information see:Are you covered?
Many students and first time jobbers are under-insured, so make sure that you're covered. If you are sharing a flat or house check what contents cover you've got. Don't agree to be the only named person on any utility bills, make sure that all of the residents' names are shown and consider setting up standing orders for all of the occupants. It's a good idea to agree who is going to pay for what. If you have a housekeeping kitty check what it's being used for.
Being in it to win it
One of the toughest things to gage when you first start applying for jobs is how much you should be paid. You can estimate how much you can expect to be paid by using the totaljobs salary checker. You could also check rates of pay by comparing graduate jobs advertised.
The second conundrum is figuring out how much your cost of living is likely to be relative to your salary. You might want to draw up a quick budget breakdown for this including cost of travel, rent, bills, eating out and clothes; If your firm stipulates a dress code this can soon add up. Be sure to factor everything into your cost of living. When you're adding up all of the costs remember that careers are a long-term investment and the biggest investment (in terms of time and money) that we all make. Your salary and employability will increase over time, as will the career choices that you have.
For more tips on negotiating pay see Interview best.
Doing it your way
Of course you don't have to be Ms. Corporate to be successful; many students and graduates choose creative, freelance and entrepreneurial careers over traditional ones. As these graduates are not on a pay roll, financing of business ventures where the individual is the business can be daunting. But there is a lot of help at hand; once more UK banks are keen to meet start up business people and there is now a wide choice of financial services available for the self employed. The National Council for Graduate Entrepreneurship government initiative specialises in assisting self-employed and business start-up graduates, offering virtual networking with under-graduate peers and online mentoring, as well as fellowship opportunities. If you do need financial backing for a venture or an adventure, consider asking relatives for funding now, rather than when it's bequeathed to you. Business Angels, Venture Capitalists and Corporate Sponsorship are other forms of investment that you may be able to attract. Speaking to local business people or other freelancers will create opportunities for you, and they should have some good tips on getting started.
For gap year financing and tips visit To gap or not to gap.
