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Graduate Financial Advice

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  • 09-08-2005 11:23am
    #1
    cavanlad1982
    Closed Accounts Posts: 21 ✭


    Hi,
    I've recently graduated from college and am now in a full time career job earning 28K. I don't know much about managing money as I've never had to do it before. I'm with Bank of Ireland. A few people have advised me to change banks. i was wondering what other graduates thought. I am also thinking of getting a bank of ireland credit card. Am grateful for any advice...


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    #2
    boa-constrictor
    Closed Accounts Posts: 109 ✭✭boa-constrictor


    What exactly do you want to know.

    If you have debt from your college days you should try to pay it off as quickly as you can comfortably manage say 2 to 3 years. The bank will give you a term loan at a reasonable rate of about 6% or so.

    A credit card would be a good idea, but pay it off every month - you can set up the direct debit to clear the full balance automatically once a month from your current account.

    Start saving. Even if its only a small weekly amount - its a good habit and it will help you to achieve your first financial goal - to buy a house (unless you need a car first). Its a matter of opinion but alot of commentators reckon that if you haven't bought yet, you should wait a couple of years until the arse falls out of the market and I would agree. Mind you their will probably be loads of posts saying that the arse won't fall out of the housing market but thats my opinion anyway.

    And lastly, take the job that pays the most. Its probably the one with the most potential, and if someone offers you more (and you think you'd like the job), leave. There's no such thing as a job for life anymore so you might as well use this to your advantage.


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    #3
    kluivert
    Registered Users Posts: 2,399 ✭✭✭kluivert


    You no what they say about cavan lads dont you.


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    #4
    cavanlad1982
    Closed Accounts Posts: 21 ✭cavanlad1982


    Thanks. That is exactly the sort of advice i wanted. do u think having the correct bank at this stage is very important. I'm with Bank of Ireland but permanant TSB seems to be getting very popular with free banking and the switch account. what do u reckon?


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    #5
    mikemac
    Closed Accounts Posts: 19,986 ✭✭✭✭mikemac


    You don't need to switch to Permanent TSB as BOI gives grduates free banking for 18 months after college.


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