What should you be ready for when you leave school?

Leaving school is a period of transition, and it can bring a mixture of feelings. A first taste of freedom combined with the apprehension of change can easily lead to feeling overwhelmed.

So what do you need to think about?

Housing

If you’re moving to university, then you might be moving into a new place. Every student hall is different and there are options with shared bathrooms, ensuite rooms or catered by the university. You will have to pay a deposit for the accommodation and rent will be due at the start of each term, to match student loan payments.

Work

If you’re choosing to bypass university and go straight to work, or take a part-time role to top up your income while you study, you will need to know the following: 

You should be getting paid at least the National Minimum Wage, which depends on your age and if you're an apprentice. Check to make sure you’re getting paid correctly. 

If you’ve never seen a payslip before, it can be daunting. We can help you understand what all the different codes and numbers actually mean. 

Managing money

Getting your own money, either through a job or through a student loan payment can be exciting, and give you the flexibility that you want. But it's important that you know how to manage your money and understand how much you need for rent, food and essentials. Budgeting and managing money is necessary so you aren’t overspending when you get your payment or wage, and then living off noodles for the rest of the month. You can use a free budget planner to start organising finances. 

Most student bank accounts offer an interest free overdraft, so you won’t need to pay a charge if you overdraw your account. This will only be free when you are a student and WILL need to be paid back. As it is interest free, you should use this if necessary before borrowing money from other places.

Buy Now Pay Later can seem appealing, the idea that you can buy an outfit for a night out, and then pay it back in instalments when you get your student loan payment. But what if you miss a payment or you are late? Late payments can have additional fees and can damage your credit rating. If you’re having issues with Buy Now Pay Later or you are struggling with making repayments, we can help. 

Universal Credit

If you’re leaving school, and don’t have a plan to go to university or have a job to go to, then you may be able to claim Universal Credit. We can help you check if you can get Universal Credit. 

Taking care of your mental health and wellbeing

You might have heard that university will be “the best years of your life”, but moving across the country and missing your family and friends can be lonely. 

Young minds can help ease some of the pressures that come from university life.