Graduating from university marks a significant milestone in your life. It’s a time of excitement and anticipation as you transition from student life to the working world. However, this new chapter also comes with financial challenges—student loans, entry-level salaries, and the need to manage money responsibly. The good news is that by implementing a few smart financial strategies, you can set yourself up for long-term success. Let’s dive into some essential hacks every graduate should know to master their money.
1. Automate Your Savings
One of the most effective financial habits you can adopt after graduation is automating your savings. You’ve probably heard the saying, “Pay yourself first.” This means that before you spend on anything else, prioritise putting money into savings. But instead of relying on discipline to set money aside each month, automate the process.
Most banks allow you to set up automatic transfers from your checking account to a savings account. When you automate your savings, you take the guesswork out of building your financial safety net. Even small amounts, like £50 each month, will add up over time and create a cushion for emergencies, future investments, or big goals like buying a house.
2. Look for Entry-Level Jobs with Benefits
When you’re fresh out of university, landing your first full-time job is an exciting milestone. However, don’t focus solely on salary—benefits matter too. Entry-level positions often come with perks that can make a big difference in your financial health. Some of the most valuable benefits to look for include: Healthcare Insurance, Pension and Sick Pay.
3. Earn Extra Income Through Freelance Work
For recent graduates, entering the job market can sometimes mean starting with a modest entry-level salary. A smart way to boost your income is through freelance work. Freelancing gives you the opportunity to increase your earnings beyond your salary. Whether it's graphic design, writing, web development, or social media management, you can leverage your existing skills to generate extra income, without committing to a second full-time job. It’s an excellent way to diversify your income streams and develop valuable skills at the same time.
4. Take Advantage of Student Discounts While You Still Can
Even after you graduate, many companies and services offer student discounts to recent graduates. Some require a valid student ID or email address, while others may extend discounts to alumni. Don’t miss the chance to save money on everyday expenses by using these discounts while they last.
From tech subscriptions to clothing retailers, restaurants, and public transportation, student discounts can shave off a significant amount from your budget. For instance, services like Spotify, Amazon Prime, and Apple offer discounted rates to students, allowing you to enjoy entertainment and essential tools for less.
5. Consider Remote Jobs
The rise of remote work has transformed the job market, offering a wide array of opportunities that don’t require you to be physically tied to an office. If you're looking for flexibility and cost-saving opportunities, remote jobs could be a perfect fit.
Benefits of remote work for graduates include:
Reduced commuting costs: No more spending on public transport or gas to get to the office. This can significantly lower your monthly expenses.
Work from anywhere: Remote jobs offer the freedom to live in a location that suits your lifestyle and budget. You might choose to live in a more affordable city or even work while travelling.
Improved work-life balance: Remote work often allows for more flexible hours, making it easier to balance your personal and professional life.
6. Use Cashback and Rewards Apps
One of the simplest ways to save money on everyday purchases is by using cashback and rewards apps. These apps offer rebates or points that you can redeem for cash, gift cards, or discounts, effectively giving you back a portion of what you spend.
Popular cashback apps include:
TopCashback: TopCashback partners with thousands of retailers and offers cashback when you shop online through their platform. This can add up quickly if you regularly shop online for essentials like clothing, electronics, or household goods.
Quidco: Like TopCashback, Quidco gives you money back on purchases you’d make anyway, from groceries to travel bookings.
Money Saving Expert: Money Saving Expert is a go-to resource for finding deals, comparing prices, and learning how to manage your money effectively. The site offers tips on everything from reducing your bills to finding the best bank accounts and credit cards for cashback rewards.
For graduates on a budget, these apps can help reduce your expenses, whether you’re shopping for groceries, booking travel, or buying clothes. They’re easy to use and integrate seamlessly into your normal shopping habits.
As a recent graduate, mastering your money is one of the most important steps toward building a secure financial future. By automating your savings, maximising the benefits of your first job, exploring freelancing opportunities, and using smart financial tools like cashback apps, you can take control of your finances and set yourself up for long-term success.
With a little planning and discipline, these financial hacks will empower you to make the most of your post-university life and help you build a solid foundation for years to come.
