College News
4 Big Mistakes College Students Make
credit cards. Remember to check credit history often. Look
for a credit card that offers perks like cash back rewards and
a low APR.
Overdoing It
College is about earning a degree. However, it’s also about
making lifelong friends and exploring interests. Keep this in
mind when choosing courses for the semester.
For example, it may not be the best idea to stack five of the
most challenging courses offered by the school into one
semester. Not only will it be hard to devote the attention
needed for each class, you may leave yourself little time to
take on other projects and internships that could also benefit
your future.
Bad Money Management
College is expensive, and beyond the expenses you already
know about -- tuition, books, and housing -- you will incur
many other expenses along the way, from lab fees to gas to
cell phone bills.
“Setting up a budget is crucial, particularly if your spending
money is drawn from a loan or grant,” says John Rasmussen,
head of Education Financial Services at Wells Fargo. “You’ll
need that money to last if you don’t have another stream of
revenue.”
(StatePoint) College is when many young people first get a
taste of independence. Unfortunately, this newfound freedom
can lead to decisions that may impact life well beyond
graduation.
How can you avoid the pitfalls plaguing fellow scholars? Here
are strategies for dodging common mistakes made by college
students:
Don’t form bad financial habits now, as do so many college
students. Take advantage of free resources, such as Wells
Fargo’s Get College Ready site, to learn more about
banking, building good credit and paying for college. The site
features tips, and tools such as My Money Map, which offers
a way to track spending, set budgeting goals and monitor
savings. It also offers advice on topics like renters insurance
and student loans. Visit
mrm.wellsfargobank.com/getcollegeready/ to learn more.
Hurting Your Credit
Not Sleeping
You may be presented with credit card offers for the first time;
and building good credit can help lay the groundwork for future
financial options -- but proceed wisely. College seniors owed
$4,100 in credit card debt by graduation, according to recent
research from Debt.org.
Don’t let credit cards be an excuse to spend beyond your
means. Start with a line of credit you can handle. If you
manage that well, later on you’ll be able to borrow more.
Between cramming and socializing, shuteye may be in short
supply. However, quality sleep is fundamental to quality
learning. If you’re a night owl, avoid early morning classes.
Also, avoid procrastination, which can lead to all-nighters.
College lasts just a few years but what you do there can
affect your life for years to come. Use your independence to
make smart decisions that are good for your future.
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