Top Five Financial Mistakes that College Students Make

Top Five Financial Mistakes that College Students Make
  • Opening Intro -

    In college, time seems to fly.

    One day you are a freshman, and before you know it, you are preparing for graduation.

    It is not until after graduation that the consequences of little things we did or did not do as students start showing up.

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Your time on campus should not be all about books. Crash a party and have some fun.

Earning a degree can open doors to financial stability. However, there are some things that do lead to a financial nightmare after college. Below are some of those things:

1. Wasting every dollar you earn

Most students have part-time jobs, which is a good thing. However, avoid spending more than you make. Buy only the books you need. You can always borrow some from the library and ensure that you return them on time to avoid fines.

You do not have to buy all the latest gadgets. If what you have is working well, then use it.

Make use of the discounts and deals available for students. All you need is your ID, and you will save a lot of money on them.

You do not have to spend every extra dollar you have. Save it for some other time.

2. Not applying for scholarships

Most students miss out on affordable loans and end up going for private ones. These loans have high-interest rates, and they later end up causing financial strain.’

Apply for federal loans and grants whenever they are available. The good thing about donations is that you do not need to pay them back. For federal loans, you pay back at a lower interest.

3. Failure to start making loan payments while still in school

Do not sit back and watch the student loans accumulate. They do not feel real until the bill starts coming after graduation.

You should come up with a budget and start paying them back. Set aside the earnings from your part-time job and use it to make payments. With that, you will ease the burden of debt after graduation.

4. Failing classes

Take every class as an expense. After all, it is inclusive of your fee. Therefore skipping a class, is wasting money. It increases the probability of failure.

If you happen to fail, you get no refund for that. Instead, you end up spending more money booking the class and examination again.

So, attend all classes you can and make sure you pass units.

5. Making wrong career choices

You should aim at formal employment soon after you have graduated. Do not choose a career just because it is easy. Choose a career with many job opportunities.

Work to increase your marketability. Get good grades, network and gain relevant skills. You will have an easier time getting a stable job.

That is your key to the financial stability you desire.

Do not wait until after you have graduated. Start making preparations for financial stability while still a student.

Have a budget, take advantage of cheap student loans, start making early payments and choose a marketable career. You will later have an easier time.

Do not keep this information to yourself. Help a friend by sharing this with your family and friends on Facebook and other social sites. You will all enjoy the financial freedom after college, and that is something that you will be proud of.

Image Credit: Pixabay

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