7 Terrific Money Blunders In College-Regret For Entire Life

If you have made these money mistakes in your college life, you will not regret it immediately, but you will regret it in the future or your entire life.

We all want to be successful and have the best possible life. But if you don't take control of your money habits, you may regret it for the rest of your life.

Your 20s are the decade where you discover what you are GOOD at, and what makes you HAPPY. And you also make a lot of mistakes in this phase, like staying in your comfort zone, making money mistakes, spending your free time on social media, and

many more.

At the end of this article, you can tackle the money mistakes you might be making right now.

7 Terrific Money Blunders In College-Regret For Entire Life are as follows:

1. Don’t Invest Your Free Time

Don’t Invest Your Free Time

In college, time is the only thing you have to spend, and instead of investing it, you spend your time watching movies, web series, hanging out with friends, etc.

It is the biggest Money Mistake because you can earn money by using it.

If you have skills like writing, designing, teaching, digital marketing, etc. You can do freelancing in that free time and earn enough money through it.

You also open your YouTube channel and create content by only using that free time.

If any of these works and you get successful, then you are in luck, and you can earn a lot of money from it. Make it your passive income.

If somehow none of this works for you, then you will have a whole new experience, and because of this, you will know that it is of no use to me. After that, find a new way to go. Don't waste your time again.

Earn money because how long will you be dependent on your parents for money?

If you don't have free time, you are doing something wrong.

Read it Now HOW TO MANAGE TIME WISELY?

2. Don't Save Money

When it comes to spending money, we are always ready, and when it comes to saving money, we go back. Why so?

It's easy to feel like saving is boring and unimportant, but that's not true at all! Saving money can be fun, and it's essential to building your emergency fund.

If it continues like this, you will never be able to save money, and thus you will never be able to become financially independent.

Don’t go with your emotions-think before spending. Learning to save.

Taking unnecessary subscriptions, spending on luxuries, and traveling you cannot afford, ordering food online. That is the best way not to save money in your college life.

Don't Save Money

Now, you think, "how to save money?"

The answer is simple spend less on your desires-like premium shoes, watches, clothes, etc., and then you will see that you have a lot of money in your pocket.

It is the best phase of your life to learn how to spend money. With this, you will be able to use money in a good way in the future.

Don’t save if you save to buy something, save because there is no specific reason to save.

3. Not Investing Your Money

Now you have saved money. What next? Will it grow by keeping it?

If you've got some extra cash lying around, invest it. It is one of the best ways to grow your assets over time and earn interest.

If you're not investing your money, then it's going to be hard to get ahead once you graduate

from college.

Investing means putting money into something that gives back more money into your pocket each month, like stocks or bonds, or mutual funds.

Warren Buffett started investing at age 11. And become a millionaire at 30. So the sooner you invest, the sooner you become a millionaire.

Keep in mind, to invest where the risk is low and only as much as you can bear because there is a chance of having a loss.

If it grows, you have a lot of money, or If it loses, you have a lesson for your future because we learn more from our failures in comparison to wins.

4. Spending Less Money On Necessities

Yes, you read right. If you don't spend money on necessities, it is also a money mistake.

For example- If you have to take a course to grow in your life and you think I have to save this money for the future, it is the wrong way to save money. Investing in oneself is a great way to save money in the long run.

Spending on essential things to grow in life is a good spend because that type of spend helps you achieve a definite goal in your life.

Spending money is an art-it will benefit you when you spend it properly, and if you waste it like a hand scum, it will harm you.

Spend money on what you need, not on your extreme desires.

Spend at least 40-50% on necessities of your entire income. But don’t buy unplanned products only by seeing discount ads on them.

Purchasing products without need is your desire, not your necessity.

Saving is a great way to make sure you have enough money when you need it—and that's great! But saving too much money can lead to problems later down the road. Figure out how much money you need to save for your future every month rather than saving more than necessary.

5. Misuse Of Credit Card

Credit cards are a great way to buy and pay for things online. Yet, they can also be a source of financial trouble if not used responsibly.

Credit card abuse is the most common money mistake college students make.

Must know 'how to use them properly to avoid financial troubles.'

Misuse Of Credit Card

When you have a credit card, you spend a lot even though your income is not that much, still you spend more than the limit.

Yes, you get a discount when you buy with a credit card. So does this mean that you can afford to spend more than your monthly income?

Then at the end of the month, you see that your expenses are more than your income.

And when you don’t pay the credit card bill on time, you have to bear interest rates, and the rate of interest rates are also very high-it depending on bank to bank.

6. Never Prepare A Financial Budget

Never Prepare A Financial Budget

Preparing a budget plays a crucial role in our life, and because of this, you can keep track of your money flow.

So far, our mothers used to keep all the accounts, but now you will have to keep the accounts of the money because you are paying for your expenses.

The government also makes its financial budget, so why can't you make it?

First of all, you have to fix a limit on your monthly expenses, and then you have to move the month forward by staying within that limit.

If your expenses increase, you have to control your expenses to stay in that range.

Write every expense you make on the notebook, excel, doc, or anywhere you want but write them. It will always remind you that there is a spending limit and that you have spent so much this month.

7. Think Taking Health Insurance-Waste Of Money

It is the best time to save money by taking health insurance. The sooner you understand, the better for your future.

There are many reasons to take health insurance at a young age-two of them are as follows:

• If you take insurance at a young age, you have to pay a lower premium for it. The longer you delay, the higher the premium.

• At an early age, there is less chance of any health problems, so the insurance companies will not reject your policy.

There are many types of insurance and different companies provide it, so be careful while taking them.

And also read their terms and conditions carefully. For example, - Ask your agent, "what is covered and what is not covered in my insurance policy."

Conclusion

• Taking control of your spending habits is very essential to learn how to spend money properly.

• Doing something in college is very important to make money, only you have to learn a skill and do freelancing.

• By savings, you will able to create an emergency fund for your family and yours.

• Invest as early as you can because of compounding. Compounding helps very much in the long run.

• Spend 50%, invest 30%, and save 20% of your monthly income.

• Buying something which helps you in the future is not the worst spending, it is good spending. Spending on necessities is necessary.

• Having a credit card is not the main problem, but buying more than your income from it-Is a big money mistake. Whatever you spend with your credit card pays bills on time.

• Budgeting in college plays a significant role in tracking your money spending. It shows you how much money you spend until now.

• Having health insurance at a young age reduces the stress of not having money in the future in case of an emergency.