“I need money for college.”
Does that sound like you?
There’s plenty of ways to help pay for college for those that need money for college. The only problem is that students make far too many financial mistakes that prevent them from getting more money.
Some non-financial mistakes include:
- Drunk calling the wrong people.
- Coming to class drunk and embarrassing yourself.
- Puking at a party in front of everyone.
These are probably some of the typical mistakes that most young people make. However, arguably they’re not the worst mistakes that a young student will make. Yes, there are 3 major financial mistakes that many young people make that will put you in debt for many years to come.
How can you save money for college? What mistakes should you avoid as a student?
Receiving more money for college than you need.
There have been too many times where a friend will brag to me because the student loan they applied for turned out to be more money than they expected. Obviously instead of using this money wisely it was spent carelessly. If you’re in a position where you absolutely require funding to obtain an education then make sure you only receive roughly the exact amount.
I don’t want you to use your student credit card, but it also makes no sense to receive money you don’t need. It will be spent. We all suck at saving money in college.
Living like a rock star instead of saving money.
You worry about what to do after college, thinking that you’re going to be stuck in the rat race. You feel that college is a huge party. You live like a rock star.
I know first hard that it is good to reward yourself with a night out of drinking after a long serious of exams or assignments. I highly recommend this.
On the flip side, it’s not good if you feel the need to reward yourself with a night out a couple of times a week.
Many young people’s sense of fun is highly influenced by pop culture, and therefore instead of hanging out with friends at a bar, many people will decide to do the whole bottle service and VIP thing.
Another aspect of living like a rock star refers to constantly purchasing all the newest or trendiest clothing and gadgets. Just remember that you’re in school and probably making little money.
Not living at home, where you can save money.
I chose to live at home. It was lame. At the end of the day so much money is saved that it doesn’t matter.
When I last wrote about this topic, long time reader Stephanie wrote in with some insightful thoughts:
“I live at home now after having lived on campus for a few years – both in the dorms (expensive) and the on-campus apartments (cheap). Even though I’m home now to save money, I actually don’t recommend it. I feel that living in the dorms and with apartment-mates were two of the most important experiences of my currently-short life. Most of the really good friends I have are from my first-year dorm, and I’ve noticed that my commuter friends didn’t form the same strong friendships. It’s also much harder for me to connect with new people now that I’m living off campus.
My conclusion is that you should get in at least one year of dormitory living. It’s worth the price! Then seek out a cheap apartment or, if you feel you should, move home. In my opinion, it’s an experience that you can’t put a price on.”
You can save money in college. You just have to do your best to avoid certain financial mistakes. The good news is that we all make these mistakes. You don’t have to feel too bad if you’e struggling with them.