How to

grow up

The Cost of a Car

Leases

You have to

• Maintain the flat • Ask permission to

change anything • Be a good neighbor: being loud,

aggressive or dirty can get you evicted. • The leaseholder advice association has

details of all your rights and

responsibilities

Read every bit of your lease. It will

have details of your responsibilities

and it is binding

Top Tips

• Make sure you know what’s included

in the rent and what bills you still

have to pay • Take photos of any damages:

otherwise you could face the blame

for them • If there’s already furniture in the flat

make sure it matches the innovatory

so you’re not held responsible for

missing items

See for more advice http://www.rightmove.co.uk/resources/property-guides/renting-guide.html

Insurance: what type?

• if you couldn’t afford to

replace your car go for

fully comprehensive • sometimes fully

comprehensive is

cheaper, so check

Insurance- lower the cost

• drive safely • drive less • avoid expensive cars or

customizing your car • add a low risk second driver

(e.g. parents) • be someone else’s second

driver • paying it monthly could cost

you more

Check out “pay as you

go” policies.

They fit a box to your car

that monitors how you

drive and charge you

accordingly.

Be aware of fake companies, they target young

drivers check if your company is registered by

the FCA

Tax

Income Tax

• If you earn less than £9400 than

you do not have to pay income

tax - if it’s being taken off your

pay then contact HM Revenue to

stop this.

National

Insurance

• If you earn more than

£149 a week you have to

pay National Insurance.

It will be taken off your

wage

Council Tax

• If only students live in the

house/flat then no council tax

has to be paid. • If even one non student lives in

residence then council tax will

have to be paid

Work

Holidays

• You are entitled to 5.6 x your

normal weekly contract hours in

paid holiday every year.

Pay

• If you are aged 16-18 at

minimum you must be

paid £3.71 an hour • If you are 18-20 you are

entitled to £5.03 an hour • If you are 21 and over

you are entitled to £6.31

an hour • As an apprentice you are

entitled to be paid £2.16

an hour

Working Hours

• If you are under 18 you shouldn’t

be working longer than 8 hours at

once or 40 hours a week.

Student

Loans

How Much?

• you can receive a student loan of

between £4500-£6500 depending

on your situation (see

www.saas.gov.uk to discover

what you’re entitled to)

Paying it back

• You don’t need to pay it back

while you’re still studying only

once you have left college/uni

and are making over £16,365 a

year at a rate of 9% of your

annual pay • Money can be taken off your

wages automatically to repay

your loans or at any time you

can make voluntary direct to

Student Loans Company (SLC)

Cancelation

You no longer have to

pay off the loan if:

• You reach age 65 • You die before it’s paid off • You become permanently

disabled or unfit for work