This article will cover some of the most frequently asked questions the Student Finance Centre get from final year students.

If you a specific question about anything money related after you graduate please contact the Student Finance Centre.

Graduate Bank Accounts:

Although your bank will usually automatically change your account once you have finished your course it's important that you shop around to get the best deal you can.

You may still be able to get an interest free overdraft as a graduate; this will normally be available for two to three years while you pay it off. Once you know what you will be earning and where you will be living, set a monthly budget and put aside some money each month to reduce your overdraft gradually.

If your bank offers you a loan to clear your overdraft make sure that you are not paying more interest and that you can make the payments every month.

For the current best deals and some useful advice on choosing an account have a look at Money Saving Expert.

Income tax: 

When you are looking for full-time work it’s important to bear in mind that jobs are normally advertised with a gross annual salary (i.e. before Income Tax and National Insurance). You’ll need to take this into account when thinking about how much you will actually get paid. 

To work out what your take home pay will be from a gross annual salary figure, use the calculator at Money Saving Expert.

Council tax:

If you are planning on staying in Portsmouth once you graduate then you will need to start paying council tax. You will be expected to start payments from the final Friday of your academic year.

The average council tax on a four bedroom house in Portsmouth is around £1,450 per year, and you can pay your council tax in 10 monthly instalments over the year. For more information and ways to pay visit Portsmouth City Council's website.


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