Starting work
Starting your first job is a big move for everyone, not least because it means you’ll be earning for the first time. If you’re about to start employment, it’s important to think about what you’re going to do with your money when the first payslip comes in. Have a look at the tips and resources below that will help you understand everything from the best savings accounts to open, taxes, pension schemes and much more!
Top Tips
- It may be easier to go to a local café or shop everyday to get your lunch, but you can save those few pounds you spend on a meal by preparing a packed lunch the night before. A £3.50 meal deal every day builds up to £17.50 per week, that’s £70 per month! It’s cheaper to invest in lunch boxes and prepare a simple pasta salad or filled baguette the evening before or in the morning. If you simply can’t give up café lunches completely, treat yourself to a bought lunch once a week – you’ll appreciate it more.
- Whether you have a job or you’re looking for one, go to charity shops for your business wear. There’s no point is splurging £35 on a plain black skirt from a high street shop when you could get a skirt from a similar brand in a charity shop for a fraction of the price. Try shops you wouldn’t normally shop in too – you may not want jeans from a supermarket, but a suit from there may look just as good as a high street branded one.
- Set up text alerts for your bank account. It’s a great way of keeping track of how much you’re spending
- Open two bank accounts: one for wages, direct debit and payments; a second one for spending money. Try to treat savings as a monthly commitment, in the same way you would a bill – that way you will always have money put away for the unexpected.
- If your new job means increased travel costs think about the best way to budget for this. Although it’s a higher up-front cost it may work out cheaper to buy travel tickets on a monthly basis rather than daily or weekly. However, remember to think ahead; if you have a week off for a holiday this isn’t the best plan.
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