Where Did All My Money Go? Life After University


Three or four years have passed and you’ve managed to somehow stay afloat with the money you used to get by during term time.

Now you’ve finally graduated (or you’re about to), it’s time for you to earn some money after years of sitting through lectures and taking tests.

Jobs with a starting salary of £22,000 and up may sound appealing to you and you think of all the ways you can spend all that money. However there are a few things to remember when you receive your first payslip.

Let’s say you start on £2000 a month and when you check your bank balance you only see £1400/£1500. Where did the rest go? 

Its gone to a few places. The first place is to HM Revenue & Customs. Now you make money like everyone else you will be taxed. What do they use my tax money on? It goes towards running the government, towards our free health care (NHS), education, environment and many other things. Don’t forget National Insurance contributions and repayments to student loans.

If you’re lucky enough to move back home count your blessings because rent, phone bills, high speed internet & utility bills are no joke.

So what’s the good news then? The good news is that hopefully with time your salary will grow, you’ll improve your money management and you’ll realise what’s important and what’s not. Give yourself a head start by questioning if you really need that new BMW series, those £600 shoes on your £1400 salary or anything else that may result in you cutting out meals involuntarily.

It can take some time to get to where you want to go, but you will get there soon, as long as you do not hurt yourself financially by trying to borrow and overspend too much too early. You have a fresh beginning so use that to create a solid financial foundation.

Let us know what you enjoy about having your own money or what you look forward to when you’ll start to make your own money.

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