Everyone likes to give college students advice. Sometimes we ask for it and other times we push it aside and pretend that it doesn’t apply to us. I have scoured the internet and clicked on the top six websites that show up when you ask Google to give you financial advice. I’ve summarized them into 4 points that will help you stay away from lots of financial nightmares while you are in college.
- Watch Out for Debt
This was the top one in every website’s top mistakes that college students make. Credit cards are only valuable if they are used wisely. Not paying them off damages your credit score; this can be troublesome in the future if you want to buy a car or get a mortgage.
2. Start a Budget
A budget is just breaking down your expenses and keeping track of where your money is going/being used. Whether that’s using an app, a note on your phone, or the excel spreadsheet on our website, there are lots of ways to start building good habits now.
3. Don’t Misuse Student Loan Money
This means choosing the best loan for you, at the best price and interest rates. The college won’t say no to giving you a loan, but eventually all that money must be paid back. Use the money to pay for classes rather than the pizza on Friday night with your friends. Consider the costs before you take a large loan out.
4. File the FAFSA and Find Scholarships
This is a way to qualify for grants and federal loans in order to pay for your four years of university. Calvin offers hundreds of scholarships to students every year and gives out $78 million in grants, loans, scholarships, and work studies. Head to their website to learn more about saving money. https://calvin.edu/offices-services/financial-aid/types/scholarships/named-scholarships/?dotcmsredir=1
If you want help with any of these topics, head over to our website and schedule a meeting with a NEXUS coach today! https://calvin.edu/offices-services/nexus/
Works Cited:
https://ascentstudentloans.com/blog/8-common-financial-mistakes-to-avoid/
https://www.thebalance.com/top-money-mistakes-college-students-make-1289967
https://www.biblemoneymatters.com/5-money-mistakes-college-students-make/
Calvin NEXUS Financial Coaching 