AIB’s Simple Guide for Students Starting Their First Job
30 Jun 2015
Posted in: Everyday Banking
We all know that for the most part, your time as a student is a time of strict budgeting and carefully planning your purchases. Rent, books, travel, food and even a bit of a social life all add up.
When it’s time to venture out into the ‘real world’ and your first job, you still have to be tactical financially and there may be a few expenses that catch you off guard. Fear not though, AIB brings you a quick and simple guide to help you prepare for the costs and finances associated with starting your first job.
Follow our simple guide below to make your transition from the classroom to the office that much easier:
For the most part, the employer will pay for any additional training you require but it’s always worth checking to see if you will be compensated for this further education, particularly if these courses will be held outside of working hours.
Companies may not always pay for you to relocate. The cost of this relocation depends on your personal situation and if you are moving from a student apartment or your family home. If you’re moving to a more expensive locale with higher costs in terms of transport, groceries and entertainment, it’s always worth taking a look to see if this option is the best choice for you, taking into account both professional and financial factors.
The commute is easily the most common cost change associated with a new job. In addition to the costs associated with mileage, it’s important you consider how many hours you’ll be travelling and in what form of transport. By considering not just the distance but how many hours you’ll be commuting each day, it’s easier for you to calculate the potential costs such as fuel, parking, wear and tear, all associated with travelling from your home to your job.
If there are a few options to how you could make this journey, look at the cost and convenience of each and make the best informed decision from here.
While many of us are brilliant at pre-planning our meals and having everything ready the night before, for others this may not be as easy or a priority. If you’ve just spent an hour in traffic, cooking may not always be the most attractive option in the evening and you may take the convenient option of ordering something. This can really add up both in terms of your waistline and your food bill.
Depending on the dress code for your new role and your current wardrobe, you may need to buy some new clobber. If you have to upgrade your wardrobe from business casual to super formal, it’s important to budget for this. A good idea is to put a plan in place, purchase ‘centre piece’ items around which you can build your outfits and buy with a ‘cost per wear’ mentality. Again, this is a cost you should consider when evaluating your future financial situation after taking this new job.
If you need financial assistance in getting set up for your new job, AIB has personal finance options tailored to help you make the smooth transition from college to working life. To learn more about our range financial solutions and personal loans for graduates, visit the AIB Graduate Finance section on our website today.
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