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Thursday, 19 August 2010
Going to Uni is an exciting time, with lots of new experiences, and maybe the first time you’re in command of your own money. The world is your oyster – so make sure you get the most from your cash.
Are you getting paid enough? Your employer will probably sort out your pay, but it's up to you to check you have been paid the right amount. If you are a young person, student or graduate in your first job, don’t assume mistakes won’t be made! If you're earning your first real money, make a point of understanding how your payslips and tax work.
The articles linked to below will help you:
Quick intro
Your payslip
Your payslip shows the money you have earned, including your gross salary and any overtime or bonus payments. It will also list any deductions. You will almost certainly pay Income Tax and National Insurance and you may make contributions to a pension scheme too. Finally it says what's left over - your net salary, or take-home pay. If you can identify the various amounts on your payslip, then you can check it thoroughly, and take control of your finances.
Paying too much tax
Your payslip will include your tax code. When you start a new job your employer may have to use an emergency tax code. This means you may pay more tax than you need to until your tax code is sorted. But you can claim this back, or you may find it refunded to you automatically.
Climbing the career ladder
Even if you have just started your first job, you may already be looking to the future. Understanding how to have useful conversations with your employer about your salary and career progression will help you climb the ladder and maybe get a pay rise. The top people were all young people, students or graduates once!
Continuing to study for a qualification while you are working is one way of progressing your career. An apprenticeship allows you to earn money while you continue to learn.
If the pay is correct, but you're struggling to cope on the money you're earning, have a look at Budgeting tools.
Find out more
We've put together a short list of resources you might find useful. This is a cross-section to start you off, but you may want to do some more research. Some of these resources are on other websites, so you need to be aware that that CFEB is not responsible for content you find on these websites.
Users can rate articles with between one and five stars; this is not a CFEB rating. But we have marked the articles 1-3, based on how detailed they are. If you are looking for a very quick introduction, look for level 1; if you are ready to find out more, go for a 3.
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