If you are considering becoming an Apprentice but held back by the Apprentice wage, we have a couple of considerations for you and ways to help you make the most of your salary.
The thing is to remember an apprenticeship is more than a job. As an Apprentice, you are gaining a qualification which is a standard set by employers in their sector. So, in the future, when you go for interviews, you will have the skills, knowledge and qualifications that your prospective employer is looking for.
When you consider that University fees and the cost of living while studying can cost you £80,000 over 3-4 years plus your time to study, you might think that Apprentice wage is not so bad, and consider a well-used business term - ROI.
For your Return On Investment, a simple sum could be: -
Your Time + Small Wage = Debt-free Qualification, Skills & Experience
Or you could look at the facts provided by The Sutton Trust, which notes over the longer term: -
We are by no means saying that University is not the way to go; for some careers, a university degree is necessary.
But, if you have decided to think of your career in the longer term and are clear about the value of Apprenticeships, here are some tips for managing the short term:-
Budget - Calculate your outgoings, for example:
Example Apprentice Budget (Weekly)
Travel (bus or rail tickets) £20
Total Wage £161.25
Regular Expenses -£110
Disposable Income £51.25
There are loads of spending apps and online bank accounts to help you manage your money. Money-saving websites that will give you a list of the best options for bank accounts and saving as well as and purchasing and discount tips, we've noted a few below: -
Make the most of rewards and discount cards:
If you're considering an Apprenticeship but have concerns financially, remember that not all employers pay the minimum wage. Depending on your course, in most cases, it's for a shorter time than University, and you will be up to a higher salary quite soon.
When you are 19, if you have served as an Apprentice for one year, you will move the minimum wage according to wage currently: -
23 and over 21 to 22 18 to 20 Under 18 Apprentice until ages 19
£8.91 £8.36 £6.56 £4.62 £4.30
Depending on your circumstances, you may be entitled to certain benefits. Turn to Us has a calculator that can help you know if you can claim. The MAS can also help with questions about managing money.
Aspire to Learn have lots of Apprenticeship vacancies with many great employers right now, ranging from Cyber, Tech, Business, Social, Health and Child care, Sales, Project Management, Social Media, Sales, and Marketing. If you would like to apply for an Apprenticeship, find out more you can do so here, where you can also see some reviews from our Aspiring Apprentices
Information correct as of 18th May 2021
21 May 2021