WORST COLLEGE MONEY MISTAKES FEATURING EARLY 20'S MONEY
College life is complicated and with so many changes going on in our lives at the time we begin college we often feel lost and confused. We must choose a major, pay for college, learn to do many things on our own that we have never done before and finance it all with very little money and time. If only we had a magic wand or three wishes from a genie to help us through these many obstacles. Well I don’t have a magic wand or wishes to grant, however I have something that can be beneficial to help you through this trying time. I have asked a few great bloggers to help me create some posts to hopefully help you recognize and avoid some errors we all make. This series will provide you with some short stories of times where we made a financial mistake in college, and how we overcame them. I am hopeful that you may be able to learn from our mistakes and that we can help you potentially prevent some of the same mistakes. If you like us have already made some of these same mistakes, I am hopeful that this series may help you to realize that you are not alone. Even with mistakes like these, we can turn our financial situations around and begin to build a brighter future Today’s featured blogger is the owner and blogger at Early20smoney.com
The college money mistakes of early20s money
College is one hell of a learning experience, both inside and outside of the classroom. Not only are you learning whatever it is that you’re studying, but you’re also learning how to “adult” at the same time. One part of “adulting” (yes, I’m using Adult as a verb) is how to be wise with money! I did many things with my money in college that I look back on and shake my head. Thankfully, it was nothing that screwed me over in the long run because I managed to iron out all these bad habits fairly quickly. They also are only really applicable in college; they aren’t work or personal life related. Many of these mistakes were made in freshman year especially.
Money mistake #1
First off, I bought all my textbooks new from the bookstore in my 1st year of college. Most people in the STEM field know how freshman year is like, taking all the generic math and science courses before specializing in your field of study. Turns out those books for Calculus, Algebra, Physics, Chemistry, etc. are hella expensive! Looking back I easily spent over $1100 for the year on first year textbooks. I was SO lucky that I had two books (~$200 each) from 1st semester that were also used in 2nd semester as well! I am aware many people have to spend even more than that for their programs… so crazy. What would I have done differently? Buy used textbooks. In my personal experience from my following years in college, I have seen used textbooks go for 60 to 80% of their ‘new’ price. I bought my books off of 2 places. First I’d look at the Facebook group for my school with the title “ ‘school name here’ textbook marketplace” to find upper year students that were selling textbooks I need. I also bought 1 or 2 books from Kijiji (Canada’s version of Craigslist).Guess what? When YOU are the upper year student, YOU can then sell your books to recoup some of the cost!
Money mistake #2
My 2nd biggest college mistake was not applying for scholarships until basically my senior year. Everywhere online there are differing reports on the amount of unused scholarship money out there that get rolled over into the following academic year. Crazy to think this money is going unused while students are going neck-deep into debt! I had a big misconception about scholarships. I was, and still am, a fairly average person. I’m not an elite athlete, I’m not an elite student with a 4.0 GPA, and I’m not some inspiring community leader. What scholarships could I possibly win? Little to my knowledge, I could win many of them. There are so many scholarships out there that people don’t even know about. Then when people see that the application requires so much work, they get discouraged and don’t do it. I remember thinking, “what do you mean I need to write a 500 word statement of interest? I have enough work on my plate.” That 500-word paper they want you to write could be worth hundreds or more if you win! I don’t have info to back it up, but I’m willing to bet that a large proportion of scholarships are won by a small amount of students… the students that actually apply to them all!
Summing it up, here is what I’d tell to an 18-year-old me, or any college student for that matter:
1. Buy used textbooks whenever possible.
2. Take the time to list and sell your previous textbooks.
3. Apply to any and all scholarships that you’re eligible for!
Try applying to some in the summer or early on in September before school gets too busy for you.
Thank you so much to the blogger behind Early20smoney.com for sharing your story with us today. Please head over to their website and subscribe and let them know that Saving Joyfully sent you. Early 20’s Money is a personal finance blog for young adults in their early 20’s. It is the ultimate resource for all young people out there looking to improve their financial situation. Topics covered include ways to save money, ways to spend more wisely, how to invest, as well as all the other things they should’ve taught you in high school!
