Paying off student debts
This does not refer to your student loan, this will be paid off in time through deductions from your future salary. What you should be doing is prioritising paying off your final student bills before you leave university or college as unpaid bills could hurt your credit rating.
If you racked up debt on your credit card while at university, you should allocate some of your income to start reducing high-interest debts from student credit cards and bank loans. Make at least the minimum repayment and ensure you don’t miss any other instalments. If you do, it could hurt your credit rating and your ability to borrow in the future for a home or car.
Set up a budget plan
Living to a budget doesn't have to mean scrimping and saving. It just means that you are responsibly allocating your funds so that you know how much money you'll have to spend and save each money. Use the NatWest Budget Calculator to help you plan. You'll need to work out how much you spend on
- household bills
- living costs
- financial products (insurance…)
- family and friends (presents…)
- travel (car costs, public transport…)
- leisure (holidays, sport, restaurants…)
Book a financial health check
Taking a step back and looking at your finances could really help you to feel in control and stay on top of your spending. A free Financial Health Check with one of our Senior Personal Bankers is a great way to do that.