How to survive on an apprentice wage and keep your finanaces healthy.
So, you’ve taken the plunge, made the commitment and been accepted onto an apprenticeship.
But now you have to figure out how to survive on as little as £3.70 an hour.
Just paying to travel to your new job might pose some obstacles. Check out some of our top tips to help you survive…
You can get support:
Did you know that Apprentices working more than 33 hours a week are entitled to the same benefits as everyone else in the workplace? These include:
- Tax Credits
- sick pay entitlement
- at least 20 days paid holiday a year
- Statutory Maternity/Paternity Pay and maternity/paternity leave.
So, you could be entitled to universal credit and other benefits to supplement your income depending on your circumstances.
There is an NUS card available for discounts:
https://www.apprenticeextra.co.uk/ Save money in-store and online with apprentice extra card, for only £11 for 12 months you can discount’s on food and travel amongst other essentials and treats.
Put your new skills to use and log your budget on an excel spread sheet:
By logging your pay dates, incoming wages and outgoing expenses you can identify savings and keep track of what needs to be covered and when.
Pay bills by Direct debit
If you have regular bills like utilities or phones bills, set up a direct debit for the day after you get paid. That way you won’t default on payments and get late fees landing you in debt.
You may be eligible for a loan
If you’re on a low income and struggling to make ends meet then you may be able to apply for a government loan. A budgeting loan can be used to cover various expenses with no interest. To find out more and if you’re eligible visit: https://www.gov.uk/budgeting-help-benefits
To find out more about student and apprentice finance visit .gov.uk