College years are among the best of your life. When it comes to studying, there is very little bad about it. You’re given an opportunity to learn new things, make vital connections, and advance in your career. However, a huge downside is that it costs a lot of money. Without an income or student loan, anyone studying would find it difficult to stay afloat, especially when wasting what little money they have. Although college is a time when mistakes are made, financial blunders can affect you greatly. With that in mind, here are eight money mistakes students must avoid.
Buying Textbooks Brand New
Starting college, whether you’re a school leaver or a mature student, means entering a new chapter of life. For this reason, most new students want to start school with all new supplies. Unfortunately, these brand new supplies typically cost much more, especially textbooks. That is why, unless you absolutely need new copies, you should purchase used versions. You can buy used textbooks from various online marketplaces like Amazon and eBay, along with bookstores.
Missing Out On Scholarships
Unlike student loans, a college scholarship is essentially free money. No student needs to pay their scholarships back, and you can usually spend the money on whatever you like. There are millions waiting to be given to students, so don’t overlook opportunities. To avoid missing out on any cash, you should apply for any scholarships you’re eligible for. Even smaller amounts add up if you’re granted a few of them. Don’t assume you’re not eligible until you read the requirements.
Forgetting That Student ID
Attending college offers various perks, with one being student discounts. Everyone knows that students are usually strapped for cash, which is why countless businesses give discounts to them. The trouble is, many students don’t carry their student ID around with them. Without this ID, you have no way of proving that you’re a student, so you won’t be eligible for any sort of discount. Along with discounts, your ID might grant you free entry to campus theatres, libraries, and gym.
Choosing The Wrong School
Students often dream of moving far away to attend a prestigious school. Sadly, depending on your financial situation, this might not be a realistic option. While many people assume it does, the name of your school rarely matters to employers. Most companies also don’t care whether you studied online or on-campus, which means that an online program, like those available at Bradley University, is an option. On average, studying online works out much cheaper overall.
Going Out Every Night
Partying is a part of student life that many school leavers look forward to. Nonetheless, it would be best if you didn’t go out every single night. Partying will not only risk your health and grades but your finances too. After all, a new outfit, drinks, and entry fees add up incredibly quickly. That is why you should learn to say no when friends invite you out. Explain that you’re trying to save money, cut back on drinking, and focus on your grades, so you’ll go out another time instead.
Ignoring Your Overall Health
Poor health can be very expensive. Although many people assume that a healthy lifestyle costs too much, allowing yourself to become unhealthy is much worse. Pizza and other takeout food are both pricey and incredibly harmful. Nutritious, home-cooked foods might take longer to prepare, but they’re definitely the better option. When you feel under the weather or get injured, make sure you seek help right away. Waiting until you feel worse will make the issue worse and more costly.
Misusing Student Loan Money
The cost of education has risen significantly over the past few years. It’s because of this that many students now rely on loans to cover living expenses and school costs. Unfortunately, many students don’t use their borrowed money for these essential reasons. Instead, they purchase new clothes, book vacations abroad, and pay for nights out. These expenses aren’t what your loan is for. If you want to make additional purchases, then find yourself a part-time job too.
Taking Longer To Graduate
Education is a brilliant opportunity, but it’s also an incredibly expensive one. The longer you stay in school, the larger your debt will be. That doesn’t mean you can’t earn additional degrees, but you shouldn’t spend any longer on them than necessary. You’re more likely to graduate on time if you attend every class, study hard in your own time, and look after your health. Once you’ve graduated, you can look for a job and begin your new career.
Everyone makes mistakes, especially in college. To protect your financial health, avoid making any of the mistakes listed above while studying.