We are getting close to the end of oursweepstakes contest where you can win up to $150 (competition closes Monday September 16, 2019). But giving away this money made us think about the top financial mistakes student’s make. Let’s face it, we aren’t all financial guru’s like Warren Buffett, but we can still avoid making some financial mistakes that could cost us a lot of money.
Not taking advantage of free financial advice
If you’re reading this, we hope it’s not too late. There are a lot of free financial literacy services for post-secondary students (this blog being one of them). Most post-secondary institutions offer financial literacy workshops for free or at a discounted rate. Some are offered by the post-secondary institutions, while some are offered by clubs at the post-secondary institution. Some banking institutions offer similar services for post-secondary students too. If you have the time, reach out to them and see what they can do for you.
Not understanding student loans and bursaries
There are quite a few loans and bursaries available to students. Most post-secondary institutions have an office and website dedicated to this. Make sure you review what’s available or at least reach out to someone in that office, so you know what’s available. You may be surprised at what you are eligible for.
Not budgeting and planning
If you fail to plan, you plan to fail. As cliché as that may sound, you must admit it’s true. Understanding how much money you have available for a certain period of time, helps you make the best decisions when making purchases. We know you don’t have a crystal ball to see the future but thinking about what you have compared to what you will need will help you avoid. making costly financial mistakes.
Not saving and investing
It may be difficult to save or invest if you are barely making ends meet. But, it’s a good idea to always keep this in mind. Some students set up an auto-deposit in their bank account, so a small portion of their paycheck goes directly into their savings account, that way it decreases the likelihood that they’ll ever spend that money since they rarely see it. We know this does not apply to everyone, but it’s worth keeping in mind since saving a little bit of money can go a long way over a long period of time.
Not taking advantage of student discounts and deals
In one of our previous blogs, we discussedhandy student deals and discounts. There are quite a few options out there that will make sure you don’t spend more than you need to, so take the time to read that blog and make the most of those deals and discounts.
Buying things brand new
Yes, we know there are some things that you should probably buy brand new. But there are things like textbooks that you can buy second hand or at a discounted rate. If you know you are only going to use something for one term, one year or only while you’re in school, then consider buying the item second hand or even renting it if these options are available.
In next week's blog, we would like to give all the first-year students some sound advice. So, the topic for next week's blog is, “The Most Important Advice for My First-Year Self”. If there was one piece of advice you could give to your first-year self, what would it be?Please fill in this form and we will add it to our blog. If you would like your response to remain anonymous, we can do that for you.
If you have any other ideas, please comment below, contact us or comment on our social media.
