Top 6 Financial Mistakes That Students Make

College students universally lack the required financial skills, to manage money, driving many into debt or seeking quick relief in online payday loans. Of course, there’s many ways to economize but it comes with a steep learning curve. Take a look at a typical college student’s budget:

Socializing. Being social shouldn’t mean spending money and students tend to have problems defining what it really means. Getting together with friends and enjoying the moment should be the focus. Be honest; explain your budget and sometimes you must say no.

Clothing. Students place great importance on clothing and it becomes a fundamental part of their social status. There are easier ways to have a killer look on a budget. Bargain hunt, look for sales or shop off-season when prices are lower. Who will actually know where you made your purchase?

Shopping. Using credit should be limited to emergencies. Understandably, the freedom to spend is enticing, but credit card debt is second in line to a student’s financial downfall. Freeze the cards.

Textbooks. You can’t adjust spending in some areas and the costs of higher learning textbooks can set you back hundreds of dollars each semester; however, online websites offer the same books at cheaper prices. Also, check school bulletin boards for students looking to sell used books. Of course, cutting expenses with textbooks doesn’t always work out as expected, and students typically turn to online payday loans when funds run out.

Food. Grocery bills remain high because of pre-mixed and frozen foods. There’s a simple fix – stick to must-need items and always make prepare a shopping list. Also, the simplest methods of slicing grocery bills include:

• Purchasing store-brand products
• Buying fresh vs. frozen
• Buying in bulk
• Buying healthy vs. fat-filled treats

Alcohol. Beer plays a huge role in student spending. Not only are most students underage but it’s the most un-frugal, budget-draining expense you can have. Not needed (at least as much as you think) – enough said.