Financial Mistakes To Be Avoided By Teenage Students
Costly Education: Youth end up in joining colleges which collect a huge fee. This is done by mistake without analyzing the financial situation of the family. But it proves to be a costly mistake which might force them into debt burden at a very young age.
Credit card addiction: Youth develops reckless credit card swiping habits without thinking about the payment obligation. As a result, they get a bad credit history at a very young age.
Not learning about scholarships: Teenage youth commit the mistake of not taking pains to find out whether any financial assistance is available for paying their educational expenses. Scholarships reduce the burden of loans.
Not taking up part-time jobs during vacation: Youngsters let go of earning opportunity by not showing interest in taking up job opportunities during their idle time. They do not find out more on how to earn and start saving. As a result, they fail to learn about good investing options using apps like Ethereum Code even in their later life.
Eating outside frequently: Youth commit the mistake of spending on lunch and dinner very frequently. Homemade food is much healthy. Eating outside food results in wastage of home food. Payment done for food in the boarding school is done in advance at the beginning of the term. But without availing the food provided, if students develop habits of eating outside they incur double expenditure for food.
Using loan funds for other purposes: If the funds of loan which should be used for educational purposes are used for wasteful purposes it adds up to the financial burden.
Not availing student offers: Not availing student offers and freebies is a serious mistake. Nowadays sellers offer special discounts on their product to students. Most of them think it is inferior to avail the discounts. Youth should remove such thinking from their mind and start availing the offers.
Used books: Instead of buying used books or reference book from libraries youth spend money out of pocket to buy new books. At the end of the term, they commit the mistake of not bothering about reselling the new books at a reasonable price. This mistake will add to the education expense.
Better buying: Not locating cheap sources for things like dresses, sportswear etc. in their teenage life is also a big mistake which teenagers commit. Teenage is that part of one’s life when there would be no earnings but spendings would be high. So, it is important to find out the cheap and best buying sources which youth tend to ignore.