Financial Mistakes to Avoid in College

By Avery Mills | Aug 27, 2019, 8:11:00 AM

Financial Mistakes to Avoid in CollegeMaking smart financial decisions while you're attending college can help set you up for a better future once you graduate. Here are some financial mistakes that you should try to avoid while attending college. 

DROPPING CREDIT SCORE

As easy as it is for your credit score to drop, it’s that difficult to bring it back up again. Some of the factors that can make your score drop include; missed payments, increased credit utilization, closed old account, applied for new loan, and more.

NOT TAKING ADVANTAGE OF SCHOLARSHIPS

When it comes to financial aid, there are billions of dollars available out there. You should constantly be researching scholarship and grant opportunities both before and while you’re in college. The best part is that this money doesn’t need to repaid, which saves you money after you graduate. Do your research and you might be surprised at how many options are out there.

RACKING UP UNNECESSARY DEBT

While there’s some debt you can’t avoid in college, you can be smart about it.When using a credit card, select one that features a low interest rate. While you may not be able to get a ton of rewards, you'll be able to start building credit.

NOT BUDGETING

The less money you have coming in, the more important it becomes to budget. This is especially true when you’re a student. By knowing exactly where all of your money needs to go each month, you can maximize your spending and also learn a skill that will benefit the rest of your life. 

Topics: budget, college, college student

Author: Avery Mills