You may be a final year student, or nowhere near graduating, but it is always a good idea to think about your future after you finish your studies. Graduating from university marks a significant milestone, but it also brings new challenges including financial responsibilities. Take a look at this guide to understanding your finances after graduating here: 

Understand your financial responsibilities after graduation 

• Student loan repayments: Graduates usually start repaying their student loans once they begin earning above a certain income threshold. The repayment is a percentage of their income, so as earnings increase, so do the repayments. The Student Loans Company offers detailed guidance on repayment schedules based on your income. 

• Rent/mortgage payments: You may have already been renting privately, but if not, this may be your first time after leaving university accommodation or home. Many graduates move into rented properties or begin the process of purchasing a home, which adds rent or mortgage payments to their monthly expenses. 

• Council tax: Graduates are no longer exempt from paying council tax, which is charged by local authorities to cover local services. The amount varies depending on the property and location. You stop being a student for council tax purposes on your course end date. You will be able to find this date on your confirmation of study letter, located in Student Records. You will be liable for council tax from this date. 

• Utilities and living costs: Graduates are responsible for paying their own utility bills (electricity, gas, water, internet) and managing day-to-day living costs, including groceries, transportation, and insurance. King’s Money Advice Team have created a guide to cost of living. While focused on current students, many of their advice is useful for graduates too. 

• Deductions from your pay: If you have had a part-time job throughout your studies, you may be well aware of payslips. When you secure your first full time job, you may start to notice some additional deductions you had not seen before. This will be income tax, national insurance (NIC) and pension contributions as well as student loan payments. Find out more about how payslips are broken down here. You can also take a look at this guide to tax and NIC here. 

• Professional expenses: Depending on the career path, graduates may face additional costs such as professional memberships, certifications, and work-related travel expenses. 

• Credit and debt management: With access to credit cards, personal loans, student loans and overdrafts, managing and repaying debt responsibly becomes a critical financial responsibility. This can seem overwhelming at first, but Which and Money Helper have a great guides on repaying debts. 

  Note: If you have a student bank account, it may automatically change to a graduate account. This will let you keep most of the benefits of your student account including your 0% interest overdraft, for up to three years after graduation. If you aren’t sure, make sure you contact your bank. If you are extending your studies, you can contact your bank and ask if you can keep your student account. It's also worth thinking about the best app-based bank accounts for a bit more control over your finances. (Monzo, Starling and Revolut are all great examples!) 

• Health and dental costs: Graduates may need to pay for prescriptions, dental care, and other healthcare costs. You can apply for an exemption on paying for prescriptions or set up a monthly payment to reduce the overall cost. You can also apply for help with healthcare costs here if you are eligible. 

• Savings and Investments: Financial planning for the future, including saving for emergencies, large purchases, or investing, becomes an important responsibility as income increases. Consider opening a savings account, or if you have surplus funds, you could explore investment options such as stocks, bonds or mutual funds. 

• Further education tuition fees: If you plan to continue your studies, you will have further tuition fees to pay. You should research funding options and how this might affect your financial situation. Look into postgraduate loans and other scholarships or grants available, as well as this guide on funding your postgraduate study. 

Building a post-graduation budget 

Creating a realistic budget is a key step in managing your finances after graduation: 

• Income forecasting: If you have secured a job, base your budget on your expected salary and if you’re still job hunting, consider taking a part-time job or side hustle to manage your expenses while you search. If you are reading this well before your graduation, you could put some money aside each month to help bridge the gap between finishing your studies and finding a job. And if you are struggling financially, you may be entitled to claim an unemployment benefit, or Universal Credit. Universal Credit works differently across the UK, so it is worth reading to find out more. The King’s Money Mentors have created a guide to different types of government support for after graduation as well. 

• Prioritise expenses: Distinguish between essential and non-essential expenses. Prioritise any debts you may have (including student loan debt) by budgeting to pay off a bit each month. It is also crucial to put aside money as an emergency fund and cover necessary living costs. Make sure you cover all of the essentials above, and then you can set aside money for optional expenses. Take a look at this Money Helper guide to budgeting from students and graduates. 

Resources for financial planning 

Several UK-based resources offer guidance and tools to help you with your post-graduation financial planning: 

• KCL Careers & Employability: Provides career advice, including help with job searching, salary negotiation, and financial planning. King’s alumni are entitled to two years of continued support after graduating. 

• Money Advice Service: Offers free, impartial advice on all aspects of personal finance, including budgeting, saving, and debt management. You can find answers to frequently asked questions here, or you can contact an advisor. King’s alumni are entitled to support from their service for up to four months after your course ends. 

• King’s Money Mentors: Within the Money Advice Service, there are the Money Mentors; current students who can offer peer support on budgeting and making the most of your money. They have a range of useful blog posts and a great Instagram page 

• Citizens Advice: Provides guidance on managing debt, understanding benefits, and financial planning. 

• StepChange: A charity offering free debt advice and support. 

• Money Helper: Provide a guide on graduate money, with a budget planner and a number of useful articles. 

• Financial Times: Here you can find a comprehensive guide to starting on your finances after graduating, all in one place. 

• The Money Charity: Answers to everyday money questions, put in a way that is easy and simple to understand. 

• Save The Student: Their guides don’t just finish when you graduate, in fact Save The Student have a whole webpage with a variety of articles for when you graduate. 

• Blackbullion: From budgeting basics to getting started with investing, Blackbullion have engaging video lessons, tools and articles to help you grow your knowledge and confidence. 

Financial planning after graduation is about more than just managing debt—it’s about building a foundation for your future. By creating a budget, understanding your repayment obligations, and planning for long-term goals like saving and retirement, you can set yourself up for financial success as you embark on your post-university life.