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4 Mistakes You Should Avoid Managing Finances in Your College Life

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Managing Finances College Life
Managing Finances College Life: Common mistakes to avoid. Image via social media.

Managing Finances College Life: While college & university is a rite of passage, it can be a disaster waiting unless one gets a handle of financial pitfalls

When it comes to college life, this is one of the most favorite rites of passage of life. It gives us the opportunity to grow before stepping into professional life. Some of us take it as a great learning opportunity and avail their time wisely, while some of us struggle with the overload of new experiences and sometimes end up making decisions that we might regret. 

During college, there’s one major issue that we must be careful about, it’s taking stock of one’s finances. It’s not surprising that this is one of the main challenges of being a student and going through college.

A recent report via cnbc told of an often un-reported situation of college students often being financially illiterate and prone to making poor decisions. School officials have called for students becoming more aware of their finances, adhering careful budgeting plans and getting a handle of financial plans available to them.

Below we discuss some suggestions, and mistakes you ought to avoid as you go about college life, whether your parent’s or your own hard earned money, or money you might be borrowing and will have to pay back in the future. 

Managing Finances College Life
Managing Finances College Life: Getting a handle of social hangouts and how to rein in costs.

Going Out as Friends

In college life, we all have to face this inevitable situation. We all have classmates who come from different backgrounds. Some of us have wealthy parents, and some are managing study expenses taking on part-time jobs. Friends who have rich parents can spend money where they want, and they might ask you to join them in their hangouts. And that’s where the dilemma arises. 

As friends, one can manage such awkward situations by taking part in some other plans, and thereby politely excusing oneself. Or one can also pick up some extra work, thereby ensuring the necessary cash when the need arises. One of course, can also manage their budget and maintain their social calendar by reminding friends of the many free things one can do as well. 

Missing the Free Stuff

Joining a college opens up a lot of perks. One can enjoy university libraries, gyms and the many campus offerings that offer free or discounted memberships for students.

Instead of dining at restaurants off campus, one can take advantage of normally discounted dining at school, discounted campus gym membership, theater and society groups. One will quickly find they are less expensive compared to the off campus alternatives. Keeping close to campus can go a long way in helping you save a lot of money.

Managing Finances College Life
Managing Finances College Life: Figuring out what you really need vs what you just want.

Your Wants Vs. Your Needs

It’s not surprising, at college age, most students have yet to figure out the difference between their needs and wants. Sometimes you’ll need help for academic course work, which might involve carefully sorting through providers and choose the professional, essay writing service should that be something that you are in necessary need of. 

Other times you’ll find yourself looking for books or course notes, but it’s here one also has to think carefully and consider what alternatives may exist, whether buying used books or simply taking advantage of the school library. Or even better going to the web and researching at your leisure and disposal. 

Apply for Scholarships

One should be on the look out for scholarships that are usually available for college students. Whether it’s based on academic merit, sports or any other skill set, it pays to do some research and find out what scholarships might be available and up for grabs.

One can also take advantage of opportunities with study abroad scholarships and grants offered by many governments, organizations, and specific universities.

Which of course will go a long way in helping you budget through college, and school as you set your sights on your eventual graduation into professional life….

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