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Managing my money for young adults
Managing my money for young adults

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9  No longer a student

This photograph is of two young people wearing suits.
Figure 7

As you complete your studies your status changes once again. This in turn brings changes to some aspects of renting accommodation and the bills you’ll pay.

The date on which you normally cease to be an undergraduate student is 30 June in the academic year that you complete your degree.

If you aim to rent a property the likelihood is that you will need to enter into a 6-month tenancy agreement, with the opportunity to renew the rental at the end of the 6-month period subject to agreement with the landlord. Rent will now normally become payable monthly rather than quarterly.

To secure such a rental you will be asked to supply details of your occupation and salary. Importantly you will need to declare if you’re on a probationary term for the post and whether the post is permanent or has a fixed term, such as a contract of 12 months. Being on a fixed-term contract might make it difficult to secure a tenancy, given the risk that you might end up unemployed before the term of the tenancy finishes.

As a non-student you will become liable to all Council Tax and other property-related charges, including water bills. So you will need to budget for these charges. You might, though, get some relief from Council Tax if you’re the single occupier of a property.

If all this seems daunting then remember that if you’re in full-time employment your income will exceed what you received as a student. Your financial commitments might be increasing but so should your financial resources.