As a college student, you will have to think about a lot of things with regards to your finances. Juggling your financial responsibilities with your classes might take an unnecessary toll on you. Studies showed that most students could not stick to a balanced diet meal because of struggling to pay for utilities. But as early as now, you should learn to manage your finances so your student loans would not take much of your income in the future.
The first step to a more responsible money handling is knowing the common missteps that most college students commit. Here are some of them:
Overpaying For Accommodation
The director of student financial aid at Frost burg State University in Maryland, Angie Hovatter, shared her observations of students who tend to pay unnecessarily high amounts for housing. She said that students tend to be picky and choose the more expensive dorm because of its modern amenities when a regular dorm would work just fine.
Sharing a room with others can help you save a lot so pick your options for housing wisely.
Passing On Free Activities
Several college campuses offer a lot of free entertainment to its students like free movies, plays, and other sporting events. Experts suggest that a college student should take those opportunities because it is free. They also stated that participating in these free activities will help in deepening the college experience of an individual. Different universities offer a lot of free passes to educational establishments like museums.
Check out what your university offers now and seize the opportunity to learn more. After all, it is free.
Keeping Old Textbooks
An average student spends over $1200 annually on college textbooks alone. This is already a considerable amount in itself, but you can get it back by reselling some of your old books. There are avenues for you to resell your textbooks from the previous terms. On the other hand, you can also use the same sites to find old manuals from upperclassmen who are selling them. A brand new book will cost you around $150, but you can see its pre-loved versions for lower prices online in retail store websites.
Not Consulting Anyone About Financial Stress
Most college students do not tell their parents whenever they are in a financial bind. They mostly try to handle matters by themselves, which sometimes lead to more debt and difficulties. If a student decides to seek financial advice early on, the additional financial cost may be avoided.
You don’t have to carry your financial burden alone. Maybe your relatives can lend or give you some money because they are fully aware of how hard it is to be living on a budget.
As early as college, you may already be independent enough to take your financial responsibilities into your own hands. While it may be hard at first, you can always consult a financial advisor. The largest financial planning firms Australia offers the best financial advice that you can rely on.