Graduate Money and First Salary
Graduate Money is the eighteen-month window where what you thought you would earn, what you actually earn, tax, student loan repayment, rent and pension auto-enrolment all meet for the first time. Most graduates underestimate how much of their gross salary they never see. This pillar fixes that.
What this pillar covers
First Job Salary Breakdown converts gross to net for every typical graduate salary band, showing exactly where each pound goes. Budgeting a Graduate Salary explains why your first pay packet feels richer than it is. Student Loan Repayment Plans covers Plan 2 and Plan 5 thresholds in 2026 and what "paid off early" actually means (almost nobody does, and that is fine). Pension NI Tax Basics explains auto-enrolment: opt in, not out, and why the company match is a 100 percent return.
The first payslip
Check the tax code. Most grads start on 1257L; anything else and you are being taxed wrongly. Check the student loan deduction, it should only start in the April after you graduate, and only on the slice of pay above the threshold. Check the pension contribution (usually 5 percent employee + 3 percent employer minimum). If any of these are missing or wrong, HR fixes them in one email.
What to do with the first surplus
In order: a three-month emergency fund in an easy-access savings account, then a pension top-up to capture any extra employer match, then an ISA for anything you want to spend in three to five years, then overpaying consumer debt (NOT the student loan, a graduate salary rarely earns enough to pay it off before write-off, so extra payments usually go to waste).
Your first payslip
First Job Salary Breakdown
What actually happens to your salary before it hits your bank account, explained clearly.
Salary Calculator Graduates
Discover exactly what lands in your bank account after tax, NI and student loans.
PAYE Tax NI Explained
Confused by the deductions on your payslip? Get your PAYE tax and NI explained to understand the 1257L tax code and calculate your true take-home pay.
Tax Code Checker
Millions of UK adults overpay income tax every year due to incorrect or emergency tax codes. Learn how to check your payslip and reclaim up to four years of overpaid tax from HMRC.
Understanding Your Payslip
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Budgeting on a Graduate Salary
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Credit, savings and debt
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Credit Cards for Graduates
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Savings Accounts and ISAs
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Personal Loans Explained
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Student Loan Repayment Plans
Let us be honest. Opening that annual statement from the Student Loans Company (SLC) can feel overwhelming. The numbers are large, the interest seems confusing, and the rules...
