You aced the interview, adapted to the job and have now earned that precious first pay packet. But before you go on a shopping spree for everything you couldn’t buy as a student, take stock of what you really need the money for! Although you can finally devote most of your time to earning, there are now a few more bills to pay too.

First up are the basics. If you are not back living at home then you will have to foot the usual bills such as rent, heating, water and electricity, along with any extras such as telephone line, television licence and broadband. You will also have to start paying council tax. As a working member of the public, you have to contribute monthly payments. There is also the matter of your student loan: now it becomes a drain on your wallet rather than a boost. Once you earn more than a certain amount, you will have to start paying it back.

Second is the drag of work-related costs. You might be lucky enough to work in a casual office which means you do not have to worry about getting suited and booted. However, many of the high-end professional industries such as law and accounting will demand you make the effort. This means looking the part: remember that one suit cannot last forever and you will need a selection of shirts and ties so you do not look the same everyday. Travel to work is another necessary expenditure. Whether going by train, car or bus it needs to be factored in. Count yourself lucky if you can walk to work as travelling at rush hour is the most expensive time on public transport and the most stressful for drivers.

You have to eat to survive, and getting food when working can add up to a financial headache. Morning coffee with a muffin followed by lunch from the local sandwich shop and a few snacks during the day soon add up. Preparing sandwiches and some other treats from home will save you a small fortune. Try to keep eating out at lunch down to a couple of days a week at most as a treat rather than the daily routine, that way it will be more enjoyable.

Going out with work is another way of having a good time with your money, but be careful you do not overspend. If you go out with senior staff try not to always offer to buy the first, and normally most expensive, round of drinks after work. You are on the lowest wage, let them! Also, if staff events are in the calendar try to plan for them so you do not have to back out at the last minute because of a lack of money. If it all gets a little too much, you could resort to a credit card to cover the odd bill. Ensure you always pay it back as soon as possible and do not become reliant on it though.

Don’t let all this get you down; remember that whatever you have left after all this is yours to spend as you want! Plus, as a starting salary, your pay can only get better so you can look forward to having more to enjoy over the years – especially if you budget well to begin with. Sometime in the future you will be free to cash in on your success, just keep an eye on where your money is going until then!