4 Signs You’re Wasting Your Student Loan
College is undoubtedly exciting – you have the opportunity to make new friends, gain a higher education in a field that attracts you, and live all kinds of experiences. Nonetheless, living independently for the first time in your life also asks of you to become a responsible spender. This brings us to the question: how can you make sure that you’re not wasting your student loan? It’s better to learn from others’ mistakes, right?
1.You spend like there’s no tomorrow
No one denies that it feels good to crash at the coolest party on campus, and drink tequila shots worth half your student loan. However, if you want your student loan to last more than the weekend, this probably isn’t the way to do it.
It’s important to separate your needs from wants and be sensible about your spending habits. For instance, make sure to put money aside for paying the rent, bills, books, food and other essentials, and the money you’ve got left you can spend for your wants.
2.You don’t save
When you’re living on a tight budget, saving might seem to be an impossible mission. However, this is your only chance to maximize your income and manage your finances better. Establish a sum of money to put aside on a monthly basis, and try to stick to the rule, as tempting as it may seem to break it. Remember, this will aid you to develop your self-control and self-discipline, which are both valuable personality traits in life.
Concurrently, you might use your this savings sum in order to boost your income with bank interest. The key is to direct these amounts of money into an account which will, afterward, pay off a decent interest.
3.You don’t shop smart
Many students consider buying retail or second-hand clothes and items as a mere nightmare. However, believe it or not, smart shopping can help you to save significant amounts of money. Instead of paying $200 for a jacket in new arrivals, you can take it for $20 at the end of the season, or even cheaper from a flea-market.
Additionally, try to refrain from shopping impulsively. Wait for a day or two, if you have forgotten about it, it means you didn’t even want it that badly! Try to buy only the things you actually need, and pamper yourself only on rare occasions.
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4.Eating out on a regular basis
Eating out is certainly not cheap – on the contrary, it’s expensive, and it’s not always the healthiest choice for our well-being. On that account, you’d do yourself a big favor if you cut back on eating out, and focus on cooking easy, healthy meals instead. Call your mom or grandma for some cooking advice, and discover your cooking talent.