Personal money management is a hard financial decision for most college students. Just as it is with every young adult, you need to figure out how to pay for college, earn spending money, and still bag yourself a good education. To be true, that is a tall order for anybody.

It is rather ill-fated that certain financial missteps you make can ruin your stay in college or future. Read on for insight into the common money decisions to steer off as a college student in an attempt to help you learn how to get your finances in order for a good start soon as you graduate.

4 Common Money Mistakes to Avoid in College

For most young adults, college life presents them with their first-hand experience in money management. Unfortunately, most of these students aren’t adequately prepped to manage their finances; it’s unsurprising that most college students end up making horrible financial mistakes that linger around for decades.

Here are some typical money mistakes you might want to avoid in college:

Losing out on Financial Aids, Grants, and Scholarships

st January. You can be eligible for federal loans (money that you have to pay back, but at a lesser interest rate in comparison to private loans) or grants (money that you don’t have to pay back). Most college students fail to timely submit applications for financial aid and ultimately fail to meet the deadline. It might interest you to fill in the FAFSA immediately after 1January. You can be eligible for federal loans () or grants (). FinAid.org has more detailed info on financial aids.

It’s also wise to seek out and apply for college scholarships. It might interest you to know that scholarships aren’t only available to top-of-the-class students. In fact, there are numerous scholarships for students of different abilities, based on an array of criteria. Take a moment to look into Fastweb.com – a handy site to help you locate scholarships matching your criteria. You might want to keep in mind the prevalence of financial aid scams – so, watch out!

Here are a couple of other ways you can use to find scholarships:

Ask your Family. You can land scholarships through your parents’, or even grandparents’, employers or through the organizations, they are affiliated to.

Check your College . You can make inquiries on scholarships with your school’s finance department. You can be eligible for exclusive scholarships based on your GPA, major, or other factors.

Locally Search. Have a look at your town, city, and state website to check out the scholarships on offer.

Approach Professional Organizations. Most professional organizations offer scholarships to college students. Case in point – if you are a female journalism major, you might want to check the Association of Women Journalists for scholarship offers.

Check Special Interest Groups. Keep in mind that there are specific scholarships for every ethnicity, race, and physical attribute.

Deferring Debt Payments

There’s nothing close to worse than taking on loans in college that will not feel real to you. Imagine watching as the sum amount grows every other semester only for it all to sink in after you graduate – with the bills at your throat that is when you realize you actually have to pay all this money back.

Here are a few tips on how to pay for college and lessen student loan debt:

Set a Budget Plan. Come up with a realistic monthly spending plan – stick to it! Watch what you spend and where you spend it. If you’re conscious of where your money goes, you can easily trim down needless expenses to lessen your financial burden after you are done with college.

Work Part-time. Aside from budgeting, attempts to squeeze in a part-time job can help you condense an overwhelming student debt. Luckily, the flexibility of the on-campus jobs for scholars is ideal for your schedule. Better yet, you might want to seek out a job in your field of specialty to complement your resume.

Make Interest Payments. You might want to consider coming up with interest payments for loans while you are still in college; this can help you ease your debt burden after your graduation.

Not Watching your Wallet

Keep an eye on where you spend every dollar! You might want to keep track of your spending habits to find it less of a hassle sticking to your monthly budget. Here are a couple of common spending missteps to steer off:

Purchasing Contemporary, Expensive Tech-gadgets. Do you think it will be detrimental to your college experience if you ever set foot in one without a laptop? You probably do. It might surprise you to know that you can get by just fine without one. Most schools have computers in the library, in the dorm lobbies, in almost all academic buildings – not to mention the on-campus computer labs. Given, your school may ask of every freshman to be set with a laptop and some majors need one but still, there are various gadgets (MP3 players, tablets, and more) that you can opt to live without.

Buying Textbooks from your College Bookstore. Before you begin your classes, you might want to check with the professor to be certain if it is mandatory to have each book. Then, make a reference to your syllabus to look over the outline of the assigned readings. If they are listed, borrow a book from one of your classmates and have it scanned on your computer. You might also consider borrowing books from the college library. However, if you have to purchase a book – Half.com, Amazon.com, or any other used bookstores online are good search sites. Remember, it is wise to keep your books in impeccable shape – you can actually sell the used college textbooks soon as you graduate.

Failure to Use Your Student ID. Did you know that there are vast deals and discounts opportunities for college students? Well, you might want to use your student ID to score discounts on shopping, restaurants, memberships to organizations, and tickets to movies, plays, concerts, as well as sporting events. Always carry your student ID with you and never shy to ask if you’re entitled to a student discount.

Failing to Plan Ahead

College life is certainly fun and intriguing. Nevertheless, it will be a waste of your time and money if you fail to come up with a proper plan for it. In fact, you might want to take the time to first think about your future and be certain of what you are hoping to gain from being educated.

Here are a couple of the typical blunders made by those who fail to plan ahead:

Jumping into Any Major. Right before you make a declaration of a major, take time to make considerations of the field you’re getting into. You might want to consult with your school’s career counselor, advisors, and professors if you can actually have a sit-in on a class, or two, prior to making your choice. You can also make attempts to reach professionals in your field of specialty to pick their brain on this. More so, be willing to shadow the people in your profession, if possible, to have a feel of their day to day work. You might also want to look up career opportunities via the U.S. Bureau of Labor – get a sneak peek at the outlook of employment, work environment, and the average salary.

Indulging in Too Much Fun to Network with Professionals . College is a great platform to make new friends and have fun while doing it. That being said, you might want to reserve time to broaden your professional network. Always keep an eye on your future career plans and a keen intent to see it through. Networking with your teachers may land you a much-needed recommendation, advice, internships, freelance work, and even a job. Make the effort to create healthy relations with students who are part of your major classes. Also, you might want to keep in mind that active participation in organizations and clubs will beef up your resume and help you meet new people who have their professional networks.

Being Disorganized. Granted, independence in college has a nice feel to it – but it’s imperative for you to be organized and responsible. If you have your finances in disarray, you are an inch away from accruing late payments as well as overdraft fees from your bank – all of which are bad for your credit. You might want to keep your syllabi, outstanding work from each class, and professor contact information – to save your money in case you ever transfer from the school. What’s more, such records might help you waive some graduate school classes. Keeping a perfect rundown of records helps you build an impeccable portfolio and allows you to keep in touch with your professors for the much-needed assistance and recommendations.

Final Word

Attending college to land that career gig you’ve always eyed? Or, are you simply looking for personal growth and new experiences?

The idea and intention behind it all should be to enrich your life. Overwhelming debts and constant money worries can shatter what should be an intriguing time of your life and ultimately keep you from seizing the most out of college education.

So, seek out scholarships, submit applications for financial aids, and come up with a fool-proof plan. Once school begins, budget every other month and make well thought out financial decisions to minimize your debt – or make it non-existent!