College kids are known for being pretty down when it comes to finances. We're often broke when it comes to no-nonsense financial advice, too. Our reputation is stereotypically associated with eating ramen every night for dinner, being behind on bills, being in immense amounts of student loan debt, and wearing the same clothes over and over again. I am a college kid who often wonders why we have this stereotype upon us, and why it's so often. true.
As a college student, I've noticed several patterns in the spending habits of students that may show just why we're so poor. Here are 5 financial mistakes college students make that could be costing you way more than you think.
1. Buying coffee way too often.
I know, I know. I love Starbucks just as much as the next person. But instead of paying $3-$7 every morning for your favorite fancy coffee, what about buying a cheap coffee maker and making it at home? Sure, it takes a little more time and energy, but you'll save at least $8 a week, assuming you only get black coffee. You could save $35 a week or more using this tip, even if it's not as fun or Instagram worthy as your normal guilty pleasure.
2. Overpaying for a dorm room or apartment.
This is a tip many students overlook especially when living on campus. When signing up for classes, it's easy to just accept the fact you'll be placed in a dorm then overpaying for your food plan and room costs. However, many college students don't realize that renting an apartment or even renting a house with several roommates may be worlds cheaper than accepting your school's dorm room rates. Do your research before you get sucked into something that will take you years to pay back.
3. Not taking advantage of free stuff.
One thing you may not know about your college campus is that there are SO MANY chances to get free stuff on campus. These are no longer limited to free but boring activities. Schools now give away free shirts, free food, you name it. Stop ignoring those .edu and campus announcement emails and start scavenging for free stuff.
4. Buying textbooks.
My first semester in college, I bought all of my textbooks from the campus bookstore. To this day, this has been my biggest regret in college (yes, really). I spent nearly $400 on books for one semester and didn't get any money back. Rather than buying your books (or even renting from the campus bookstore), check out local book resellers like a used bookstore. Other sources like Chegg sell books at great prices while giving you the opportunity to sell your other unused books.
Chegg even offers a great extended period in which you can send your books back so, even if you forget about them for a few weeks after classes end, you're still good. Chegg even offers quick help via Twitter and Facebook if you have any questions.
5. Credit cards in college.
While credit cards can be a good way to boost credit and save you when times get tough, they can do more harm than good. Using it more than you can afford to can put you in even more debt than you may have already been in. If you do use credit cards in college, be smart about it an budget out what you can afford to spend on the card while still paying it off each month.
Use these tips and share them with your fellow "poor college kids" to avoid being poor for longer than you have to. Good luck!
