No Result
View All Result
NEWSLETTER
The Practical Saver
  • Home
  • Save money
    Fun Activity To Do When Bored at Home - Beach Ball Games

    Fun Activity To Do When Bored at Home – 10 Beach Ball Games

    how to get free food with no money

    How To Get Free Food With No Money Fast and Easy

    living on less

    Living on Less: How My Family of 11 Lived on $3/Day

    cash back apps | rebate apps | cashback apps | best coupon app | cashback on groceries | best cash back apps | best receipt app | grocery apps | cash back groceries | money back for grocery shopping | rebates for shopping | shopping rebate | cash back rebate | cash back for shopping | cash back store | shopping rebates | receipt rewards | cash back rebates | app for best prices | rebate sites | get cashback for shopping | save money groceries app | great days out cashback | best app to save on groceries | money back shopping | real grocery coupons | best buy rebates | how to save on groceries with apps | coupon sites grocery | store apps to save money | cash back coupon | 6 rebate | grocery rebate | coupon rebates | cashback best buy | online shopping rebates | coupons on receipts | money back on groceries | cash back at grocery store | top apps store | grocery coupons and rebates | app.receipthog.com Coupons | APPA Coupons | store rebate | rebate money | work incentive apps | shopping to get more cash | coupon rebate | easy cash back | grocery rebates | app that gives you a | shop and get back cash | shopping for cash | Apps that Pay Coupons | Create Supermarket App | store rebates | grocery coupon app | grocery coupon and rebate | food rebate | grocery store purchase | receipt money | shopping to get cash | top grocery coupon sites | rebate cash | money rebate | supermarket app android | apps that save on groceries | checkout 51 coupon | food reciept | food rebates | apps to save on groceries | grocery cash back | online rebate sites | fetch cashback | cash rebate check | just you cashback | earn cashback when you shop | what is cash back at the grocery store | coupon and rebate | rebate shopping | checkout 51 coupons | love the sign cashback | store rebate program | shop and get cash | cash back for groceries | get connected rebate | in store cashback | earn dollars online free easy | earn easy money online for free | rebate shopping | checkout 51 coupons | love the sign cashback | store rebate program | shop and get cash | cash back for groceries | get connected rebate | in store cashback | earn dollars online free easy | earn easy money online for free | free online money earning sites, Best Grocery List App gym accessories on a budget

    9 Best Grocery List Apps To Save and Make Money From

    amazon hacks

    25 No-Brainer Amazon Hacks To Save You Money

    how to stop overspending money

    How To Stop Overspending Money: 14 Tips and Tricks

    Trending Tags

    • Money Saving Tips
    • Frugal Living Ideas
    • Personal Finance
    • Spend less
    • Food Budget
    • Retirement Planning
    • Grocery Shopping
  • Make Money
    free paypal money

    13 Doable Ways to Earn Free PayPal Money Online

    how to make money fast as a kid

    17 Surveys That Pay Cash Instantly

    get paid to watch videos, work from home

    Get Paid To Watch Videos: 15 Easy Ways To Do It In 2020

    how to make money online without paying anything

    Seriously! How To Make Money Online Without Paying Anything

    under the table jobs

    Under The Table Jobs: 14 Paying Jobs To Make Money

    11 Legit, Easy Stay At Home Mom Jobs To Make Money Today

    Make $50 A Day Online: 18 Proven Ways To Make Money

    Trending Tags

    • Earn Money Online
    • make money
    • Passive Income
    • Personal Finance
    • survey sites
    • Investing for Beginners
    • Blog Ideas
  • Budget
    coinstar near me

    Coinstar Near Me: 5+ Money Hacks To Avoid the Fees

    benefits of budgeting

    13 Amazing Benefits of Budgeting Your Money

    get paid to watch videos, budgeting hacks

    Budgeting Hacks: 17 Ways On How To Stick To A Budget

    thanksgiving budget

    Thanksgiving Budget: 13 Easy Ways To Get More For Less

    Christmas tips for Budget shopping

    11 Proven Christmas Tips for Budget Shopping That Work (2019)

    how to create a budget

    How To Make A Budget: 11 Easy Ways To Do It (The Complete Guide)

    Trending Tags

    • Food Budget
    • Holiday Budget
    • Money Saving Tips
    • Personal Budget
    • Frugal Living Ideas
    • Shopping on The Budget
    • Travel Budget
  • Pay Off Debt
    improve credit score

    How to Improve Credit Score: 11 Tips You Need To Know Now

    how to pay off credit card debt

    How To Pay Off Credit Card Debt: 13 Proven Tips That Work

    how to save money, how to pay bills, can't pay bills

    Can’t Pay Bills? 3 Proven Steps To Get It Done

    how to pay off debt fast, student loan debt, pay off student loans, pay student loan education loan save money on back to school supplies Saving you money from insurance, mortgage, gas, parking, registration, and a lot more. financial mistake in college

    How to Avoid These Financial Mistakes in College

    how to pay off debt fast checkout

    How To Get Out Of Debt: $40K Debt to $70K Savings in 2 Years

    how to pay off debt fast, student loan debt, pay off student loans, pay student loan education loan save money on back to school supplies Saving you money from insurance, mortgage, gas, parking, registration, and a lot more. financial mistake in college

    Why College Students Should Consider An Education Loan

    Trending Tags

    • Credit Cards
    • Debt Help
    • Personal Finance
    • Spend less
    • Money Saving Tips
  • Home
  • Save money
    Fun Activity To Do When Bored at Home - Beach Ball Games

    Fun Activity To Do When Bored at Home – 10 Beach Ball Games

    how to get free food with no money

    How To Get Free Food With No Money Fast and Easy

    living on less

    Living on Less: How My Family of 11 Lived on $3/Day

    cash back apps | rebate apps | cashback apps | best coupon app | cashback on groceries | best cash back apps | best receipt app | grocery apps | cash back groceries | money back for grocery shopping | rebates for shopping | shopping rebate | cash back rebate | cash back for shopping | cash back store | shopping rebates | receipt rewards | cash back rebates | app for best prices | rebate sites | get cashback for shopping | save money groceries app | great days out cashback | best app to save on groceries | money back shopping | real grocery coupons | best buy rebates | how to save on groceries with apps | coupon sites grocery | store apps to save money | cash back coupon | 6 rebate | grocery rebate | coupon rebates | cashback best buy | online shopping rebates | coupons on receipts | money back on groceries | cash back at grocery store | top apps store | grocery coupons and rebates | app.receipthog.com Coupons | APPA Coupons | store rebate | rebate money | work incentive apps | shopping to get more cash | coupon rebate | easy cash back | grocery rebates | app that gives you a | shop and get back cash | shopping for cash | Apps that Pay Coupons | Create Supermarket App | store rebates | grocery coupon app | grocery coupon and rebate | food rebate | grocery store purchase | receipt money | shopping to get cash | top grocery coupon sites | rebate cash | money rebate | supermarket app android | apps that save on groceries | checkout 51 coupon | food reciept | food rebates | apps to save on groceries | grocery cash back | online rebate sites | fetch cashback | cash rebate check | just you cashback | earn cashback when you shop | what is cash back at the grocery store | coupon and rebate | rebate shopping | checkout 51 coupons | love the sign cashback | store rebate program | shop and get cash | cash back for groceries | get connected rebate | in store cashback | earn dollars online free easy | earn easy money online for free | rebate shopping | checkout 51 coupons | love the sign cashback | store rebate program | shop and get cash | cash back for groceries | get connected rebate | in store cashback | earn dollars online free easy | earn easy money online for free | free online money earning sites, Best Grocery List App gym accessories on a budget

    9 Best Grocery List Apps To Save and Make Money From

    amazon hacks

    25 No-Brainer Amazon Hacks To Save You Money

    how to stop overspending money

    How To Stop Overspending Money: 14 Tips and Tricks

    Trending Tags

    • Money Saving Tips
    • Frugal Living Ideas
    • Personal Finance
    • Spend less
    • Food Budget
    • Retirement Planning
    • Grocery Shopping
  • Make Money
    free paypal money

    13 Doable Ways to Earn Free PayPal Money Online

    how to make money fast as a kid

    17 Surveys That Pay Cash Instantly

    get paid to watch videos, work from home

    Get Paid To Watch Videos: 15 Easy Ways To Do It In 2020

    how to make money online without paying anything

    Seriously! How To Make Money Online Without Paying Anything

    under the table jobs

    Under The Table Jobs: 14 Paying Jobs To Make Money

    11 Legit, Easy Stay At Home Mom Jobs To Make Money Today

    Make $50 A Day Online: 18 Proven Ways To Make Money

    Trending Tags

    • Earn Money Online
    • make money
    • Passive Income
    • Personal Finance
    • survey sites
    • Investing for Beginners
    • Blog Ideas
  • Budget
    coinstar near me

    Coinstar Near Me: 5+ Money Hacks To Avoid the Fees

    benefits of budgeting

    13 Amazing Benefits of Budgeting Your Money

    get paid to watch videos, budgeting hacks

    Budgeting Hacks: 17 Ways On How To Stick To A Budget

    thanksgiving budget

    Thanksgiving Budget: 13 Easy Ways To Get More For Less

    Christmas tips for Budget shopping

    11 Proven Christmas Tips for Budget Shopping That Work (2019)

    how to create a budget

    How To Make A Budget: 11 Easy Ways To Do It (The Complete Guide)

    Trending Tags

    • Food Budget
    • Holiday Budget
    • Money Saving Tips
    • Personal Budget
    • Frugal Living Ideas
    • Shopping on The Budget
    • Travel Budget
  • Pay Off Debt
    improve credit score

    How to Improve Credit Score: 11 Tips You Need To Know Now

    how to pay off credit card debt

    How To Pay Off Credit Card Debt: 13 Proven Tips That Work

    how to save money, how to pay bills, can't pay bills

    Can’t Pay Bills? 3 Proven Steps To Get It Done

    how to pay off debt fast, student loan debt, pay off student loans, pay student loan education loan save money on back to school supplies Saving you money from insurance, mortgage, gas, parking, registration, and a lot more. financial mistake in college

    How to Avoid These Financial Mistakes in College

    how to pay off debt fast checkout

    How To Get Out Of Debt: $40K Debt to $70K Savings in 2 Years

    how to pay off debt fast, student loan debt, pay off student loans, pay student loan education loan save money on back to school supplies Saving you money from insurance, mortgage, gas, parking, registration, and a lot more. financial mistake in college

    Why College Students Should Consider An Education Loan

    Trending Tags

    • Credit Cards
    • Debt Help
    • Personal Finance
    • Spend less
    • Money Saving Tips
No Result
View All Result
The Practical Saver
No Result
View All Result

Home » How to Avoid These Financial Mistakes in College

How to Avoid These Financial Mistakes in College

Allan LiwanagbyAllan Liwanag
November 2, 2020
in Debt Management
0

This post contains affiliate links. If you click and buy, I may receive a small commission. Please see my full disclosure policy for details. 

how to pay off debt fast, student loan debt, pay off student loans, pay student loan education loan save money on back to school supplies Saving you money from insurance, mortgage, gas, parking, registration, and a lot more. financial mistake in college
304 shares
  • Share

Your time in college is a memorable one. You don’t want to get swallowed up by debt and get your start into adulthood making the wrong financial decisions.

You want to avoid these financial mistakes in college that you probably don’t even know you’re making.  Keep reading to uncover these 8 financial mistakes that college students are making.

1.Messing Up Your Credit

Going into college I had a small credit line on a starter credit card.  I opened the credit card to build credit because I was moving into an apartment complex and credit was required.  I used the card sparingly and made payments on time to build my credit history.

After transferring to a larger university around my junior year, I saw many more opportunities to open credit cards.  There were offers for free food and other enticing offers in exchange for applying to a credit card and as a starving college student, I took advantage.

I remember getting a free Subway meal in exchange for a credit card application and I was approved! The bank sent me 2 credit cards and upon graduating, I had over $2K in credit card debt.

Financial mistake #1!

Don’t mess up your credit in college. Now, while having credit card debt doesn’t “mess up” your credit necessarily, it does put you out into the workforce with additional debt that you might not need.

Steer clear of offers like this and be super mindful of your credit while going to school.  If you do get credit, make sure to make payments on time and check in with your creditor periodically for opportunities to lower your interest rate and take advantage of other benefits.

 

2. Borrowing More Than You Need

Student loans are a must for many students today.  It’s just something that is required to fund a college education, for a lot of people.

Don’t get trapped in the student loan game, borrowing more than you need.

It can be tempting to take a student loan overage or get extra loans for living expenses, room and board when you can just get a job or live at home to save money on college expenses.

When I was in college, in my senior year I felt trapped. I was working a full-time job and going to school full time and I had been doing this for years (I was a 5-year graduate).  My senior year was tough, and it was getting more burdensome to map out my work schedule around my crazy school schedule, so I took that year off and took out a five-figure student loan for living expenses.

Financial mistake #2!

It felt great at the time, having the burden of work lifted off my shoulders and not having to worry about juggling any more but 10 years later, I’m still paying on that student loan!

Avoid this if you can.

 

3. Choosing the Wrong Degree

This is a big one. The problem with picking the wrong degree is realizing it halfway through the degree plan and switching. This lengthens the time you are in college and adds to your school debt.

Financial mistake #3!

It can difficult, straight out of high school to figure out what you want to do with your life, but you have to think about this like a job. If you’re unsure of your future career, take some time to talk to professionals in industries you have interest in. You can also shadow jobs, interview people, look at “a day in the life of” videos on YouTube, and more.

Choosing in the wrong degree can result in attending college past 4 years, which will be more expensive and cost you your most important asset, time.

 

4. Stopping the Scholarship Hunt Once You’ve Started School

Searching for scholarships and student aid is not a one and done deal. The search should be ongoing, while you are attending school.

Financial mistake #4!

There is so much money available to students that is going unawarded, in part because students aren’t searching for it!

Pro Tips for College Aid:

  • Complete your FAFSA every year
  • Reach out to your network
  • Search scholarships online
  • Talk to your academic advisor

Completing Your FAFSA
This is a must-do if you want to get college aid. Do this every single year like clockwork.

Reach out to your Network

This is often overlooked. Your network is the people around you, like family, friends, your church, organization’s you are a member of, your parents’ workplace, etc.

Other examples:

  • Kiwanis club
  • Health insurance
  • Auto insurance
  • PTA
  • Chamber of Commerce

Searching Online

The internet is a hub for student scholarships. You have to dig down and search. Be consistent and you might find some golden opportunities.

Talking to Your Advisor

Use your counselor at your disposal. This is their industry. They will be in the know about scholarships and financial aid opportunities to fund your college education.

 

5. Spending Out of Control

This is a financial mistake #5. If you don’t have a budget, you are at risk for your spending going out of control. This is one way I grew my credit card debt to over $2,000 while in college!

There are many ways a college lifestyle can lure you into spending more money:

  • College parties and events
  • Spring break and school breaks/vacation
  • Indulging in eating out and drinks with friends

Check out personal finance tools like Mint, which can help you manage your entire financial picture right from your cell phone.

 

6. Attending College Beyond 4 Years

Most experts are saying that today, a typical college student will not graduate in 4 years.

Why?

This wasn’t the case 20 years ago.

Financial mistake #6.

If you take longer than 4 years to graduate, you are adding tons of debt to your financial picture:

  • College tuition, room and board
  • Other college-related expenses (parking, meal pass, travel)
  • More interest on student loans

Not to mention, you are delaying your entry into the work force for your career you are studying for.

Petersons shares 5 tips to graduate in 4 years or less:

  1. Decide on a major
  2. Take a full course load
  3. Understand your university’s requirements
  4. Check in with an advisor
  5. Fill in gaps as needed

Aim for completing your college education in 4 years.

 

7.Work While Attending College

If you really want to stay on top of your finances you should be working, even if it’s part time.  Working will produce income to offset a lot of your college expenses so they don’t pile up and overwhelm you after graduation.

You can even work non-traditional jobs like:

  • Completing online surveys for money
  • Starting a side business
  • Tutoring
  • Make money with these Fiverr alternatives
  • Deliver food for UberEats earning around $11/hour

This is financial mistake #7. If you’re in college, get a job.

 

8. Not Taking Advantage of Money-Saving Opportunities

There are tons of ways to save money in life. Busy college students can forget this or be too busy with school to execute these money hacks.

Financial mistake #8!

Take a look at these money-saving opportunities:

  • Saving on groceries with grocery apps
  • Carpooling
  • Use gas apps to save on gas
  • Negotiating down monthly bills like cell phone, subscriptions, etc.
  • Exploring cheap or free entertainment (no-spend weekends, etc.)
  • Avoid paying full price for everything

Final Thoughts

There you go! Are you making these financial mistakes in college? Comment down below to share your thoughts and learn more about saving money in college.

Jason from Frugal for Less believes it doesn’t take living in a box to build your wealth or be able to save $13,000 in just 10 months. In today’s age, there’s a ton of ways to save money, but there’s another million that can take your money away and he’s here to sort the two by compiling all the ins-and-outs of how to save your money to the maximum by living on the frugal side.

 

 

sa-captivate-placeholder
304 shares
  • Share

Related Posts

Fun Activity To Do When Bored at Home - Beach Ball Games
How To Save Money

Fun Activity To Do When Bored at Home – 10 Beach Ball Games

July 12, 2020
free paypal money
Make Money

13 Doable Ways to Earn Free PayPal Money Online

June 28, 2020
how to make money fast as a kid
Make Money

17 Surveys That Pay Cash Instantly

June 29, 2020
Tags: Debt HelpMoney Saving TipsPersonal BudgetPersonal Finance
Allan Liwanag

Allan Liwanag

Allan is a recognized personal finance expert, a Level II Certified Cost Estimator, and founder of The Practical Saver. His expertise has been featured in Business Insider, MSN, U.S. News and World Report, Yahoo Finance, NerdWallet, GoBankingRates, AOL Finance, CreditCards.com, HuffPost, Debt.com, Zillow, and Mass Mutual. He was indebted for $40K but paid it all off and saved $70K, at the same time, in 2.5 years under one low income of $39K/year. Now, he enjoys sharing his thoughts and experience on saving money, making money, paying off debt, and budgeting. Read more

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

The Practical Saver

About Allan Liwanag

Allan is a recognized personal finance expert and founder of The Practical Saver. He paid off his $40K and saved $70K, at the same, in 2.5 years under $39K/year salary.

His expertise has been featured in Business Insider, MSN, U.S. News and World Report, Yahoo Finance, NerdWallet, GoBankingRates, AOL Finance, CreditCards.com, HuffPost, Debt.com, Zillow, Mass Mutual, and various local media outlets. Read more

Next Post
budget templates

Budget Templates: 10 Free Budget Planners To Fix Your Finances

NEWSLETTER

Don’t miss any new posts ever again! Subscribe to my mailing list to receive updates direct to your inbox! 

Click here

SITE LINKS

  • Contact me
  • About me
  • Careers
  • Advertise
  • Start here
  • Privacy
  • Sitemap

ABOUT ME

I am Allan Liwanag – The Master of Practicality. 
My family was indebted for $40K in 2013. Five years forward, we have saved more than $400K. We did that with trick-less, simple, effective money management that most people tend to overlook.

The Practical Saver Copyright © 2019.

No Result
View All Result
  • Home
  • Save money
  • Make Money
  • Budget
  • Pay Off Debt

The Practical Saver Copyright © 2019.