I was in college not too long ago. It was a great experience filled with lots of new people, new places and new activities. I got to learn so many interesting things and finally learned the valuable lesson of not taking myself so seriously because I wasn’t as knowledgeable as I used to think. It was overall an incredible experience but there was always one problem hanging over my head like a raincloud – money. I never had money for anything outside the basics. My parents were more than generous but I really couldn’t handle my finances. I had to even find a part-time job so I could get by and even that wasn’t enough to support my lifestyle. By the end I was making an effort to save but it wasn’t working. My life was like a huge financial black hole and I had no idea where my money was going. Looking at it in retrospect, I realize my mistakes and I find it rather amusing that I was confused about something so obvious, but back then I had no idea what I was doing wrong. So for all of you college students out there who are facing the same difficulties I used to face – here are some of the mistakes you are probably making.
Spending Too Much Money on Junk Foods
Fast foods may seem like a cheap alternative to anything else for receiving questionable nutrients, but when you consider how much you eat and weight in how frequently, you quickly realize that you were spending way too much money on junk. This includes not only fast foods, but also chips, snacks and other absolutely unnecessary and unhealthy products you like to devour. If you stop buying so much garbage your spending will be significantly reduced.
In my case, it was even worse. My parents were supplying me with pretty much three or four days worth of homemade food but since I enjoyed junk so much, I wasn’t eating it and instead it was going bad. I never even told my mom not to send it. I felt terrible about it but that didn’t stop me from doing. To this day my mother thinks I’d been eating well college. Sorry, Mom.
Spending Too Much Money on Coffee and Soft Drinks
A college student pretty much runs on coffee and soft drinks (with tears included in the mixture when the finals come). This is another way of spending a lot of money without even realizing it. Since you’re giving a few buck here and a few buck there, it doesn’t seem like much, but if you think about it and calculate all the drink-related expenses, you will realize it’s a lot. And that’s not even including…
Yay! You can finally drink without anyone telling you can’t do that because you’re a minor. Congratulations! Time to celebrate by spending way too much on liquors not because you need but because you finally can. You’re now all mature and ready to be irresponsible like an adult. It’s not a secret that a huge portion of every college student’s money goes in the party fund. Of course, you can never fully understand the gravity of the situation, because you never actually bothered to…
Make a Budget
If you’re still in college, you probably have no idea what a budget is, so I will try to explain it. Budget is the thing smart people do when they want to be sure they are not spending more than they can handle. Of course, nobody bothers to do in college and that’s why most burn through their finances in the matter of days. If you make a budget (write down all the money you get for the week and subtract all the unavoidable expenses), you will have a pretty good idea how much money you have to spend. If you drop all the unnecessary expenses, you will probably be the richest student on campus. All you need to do is stop making the same mistakes people have been making for generations…