Choices have consequences, either good or bad and every choice that is made or not made in life will result in a bigger outcome later in the future.
During college, people develop into more responsible adults, and learn skills required for the competitive job market.
However besides being the centre for knowledge acquisition, college can also be the right place or environment for the “soon to be” job candidates to adopt some financial habits that will have an impact in their post college lives.
Here are some lifestyle choices that all campusers and college students should watch out for.
1. Not saving money
In college spending is always preferred to saving, however one need to be smart about this.
Saving some money on the side can be quite easy if you practice self-control. Try to cut all unnecessary expenses, and the money you didn’t spend should be put away in a savings account.
Deliberately taking stock of things you don’t need and eliminating them from your expense list is a huge step toward inculcating proper financial skills in your daily life.
Opting to buy old used textbooks rather than the new and more expensive ones would do you some financial good.
What about re-selling the same text books once you are done with them rather than lighting the legendary finalist’s bonfire.
If you travel to college, using public transport might sound financially prudent intead of using an Uber.
Packing your own lunch is cheaper and gives you the opportunity to eat healthier instead of rushing to the fast food joint during the lunch break. And better still learning to cook will endow you with a skill any responsible adult should have.
Decide what are the essentials you can’t do without, and try to cut back on everything else.
Transitioning into the career world, this habits will turn out to be very useful if practiced early.
2. Careless spending
No place offers enjoyment like college. Students have great social lives, go out a lot and start dating.
They are living in the moment, sometimes with the false hope that the future will take care of itself if it ever comes.
College is not a cheap ride, you must pay for your tuition, textbooks, transportation, food and supplies. Can you afford the lavish lifestyle of going out every day and spending carelessly?
Think about what your priorities are and make a spending plan.See how big your budget is, stick to it strictly and spend accordingly.
Many students fall into unnecessary debt during college, try not to make the same mistake. Learn how to be financially responsible right on time.
3. Accommodation choice
In college you can choose to stay alone in some posh apartment or you could decide to share a room in a relatively affordable neighborhood.
Living in private accommodations will allow you to live on your own terms. It gives you a sense of freedom and a glimpse of what it is to live by yourself and be a responsible adult. However this will cost you an arm and a leg.
On the other hand, if you are a social person and enjoy having a roommate or two then shared accommodation is the way to go.
Living in student dorms is affordable, tends to be more fun and is much more affordable than living by yourself.
Early in your career yo may also have to stick to the cheap and affordable accomodation as you work your way into a better financial situation.
Upon graduating, the government will be on your case demanding you start repaying your student loan. Using credit cards irresponsibly while in college can worsen this situation.
Student loans are there for your education, don’t spend them on going out or buying unnecessary things. Use that money on your priorities, this means textbooks, college education and a place to live.
Credit cards shouldn’t be used on everyday expenditures. This can turn into a bad habit, which can stick with you as an adult into your career and financial life.
Developing a sense of financial responsibility as a college student is a smart and futuristic idea.
Learn how to be a responsible adult on time. Do not wait to fall into a stinking financial pit before you embrace this wise financial habits while still in college.