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Graduates urged to organise finances

New graduates hoping to get their finances in shape once in work should make sure they create a budget and repay all of their debts, it has been advised.

Writing for the Guardian, Isabel Hardman said that graduates may feel the urge to spend their salary on luxury items once they have a job, but they should instead sit down and work out exactly what they have to spend on bills before splashing out on unnecessary goods.

She said that a good budget should include all payments relating to loans, credit cards, overdrafts, council tax, bills and mortgages or rent, as well as expenses such as travel, food and clothes.

Ms Hardman also advised graduates to focus on paying off the most expensive debts first, such as credit cards.

"Once those debts have been cleared, new graduates should concentrate on paying back their overdrafts and any loans they may have accrued during their studies," she commented.

Recent research from Nationwide Building Society found that more than two-thirds of consumers do not know the order in which their credit card repayments are applied to their debts.

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26/06/2007 16:27:39

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