When you become a college student, you may think that you know everything about living independently—but that thought lasts about as long as it takes for you to realize that some of the “great decisions” you made can spell disaster down the line. So that this won’t happen to you, here are five of the biggest mistakes you can make as a college student.
1. Not shopping around for your own car insurance.
The fact is, you may benefit by doing this rather than just staying with your parents’ insurance. For one thing, the coverage provided by your parents’ insurance may either be too much (although you may have to keep certain types of coverage because of your age or the type car you are driving) or not enough (this may be a problem if you are attending a college somewhere other than your home state).
Even more serious than this one is not having car insurance at all, which is shockingly common with recent high school grads. Not only is it illegal, but you open yourself up to lawsuits and expenses that you may not be able to meet.
2. Responding to every credit card offer you receive.
There are plenty of groups who will try to sucker you into signing up with their credit card, offering you a free t-shirt or discount when you apply. However, the interest rates will quickly deplete your resources, and the availability can lead to binge spending. Additionally, you can cause problems with your credit score. Once you open a credit card account, you begin building your credit history, and each credit card you have is considered an open account. If you have to take out a loan, having many open accounts can go against you.
3. Not taking advantage of free stuff offered on campus.
This can include such things as advertised study sessions. If you take advantage of the study sessions, you can save on tutoring fees, because someone in the group will likely be able to help you. Also, if you are struggling in a class and you don’t take advantage of study sessions, this can hinder college graduation and even get in the way of receiving financial aid.
4. Not applying for every scholarship you can.
Although you might think this is something you should have done before now, the truth is that scholarships will be available all through your college years. Take advantage of each one that you think you even might be eligible for.
5. Not taking advantage of internships.
Sure, you don’t get paid anything, but a price tag can’t be placed on the experience you gain. You’ll more than make up for your unpaid service when you’re able to negotiate for a higher salary simply because you already have experience.
When faced with a financial decision, take a few minutes to really think about it. If you’re not sure it’s a good one, don’t be afraid to ask for help from those who have more life experience than you do.
