3 Money Traps to Avoid in College

11:56 AM

One of the biggest responsibilities you have in college is being able to manage your expenses. This is when your credit starts and everyone wants a piece of your wallet. There will be a lot of temptation while in college, but here are the three biggest things you'll have watch out for while in college.

Credit cards

You probably started getting these as soon as you turned 18, but these little plastic cards can cause you to end up in big debt. If you know you're not ready for a card just yet but still get pesky offers in the mail, contact the credit card company and ask them they remove you from their list. If you do have a credit card, the easiest thing to remember is to never go over your limit. You know what you can realistically pay for a month and you should keep that number in mind before you swipe your card. Also, be sure to make your payments on time and never go over your spending limit.

Loans



This is the most evil and most unavoidable one of them all. Most college students today can't attend college without getting a loan, and will have a wall of debt waiting for them when they graduate. Only take out what you need to pay for school, and be sure to keep up with your interest rates and who your lender is. If you ha e a federal loan, remember you can signify how much of your loan you need want to take put if what you have been awarded exceeds cost.

Not Saving


One problem with money is not saving it,which can be hard for those of us with more month at the end of our money. Making small changes now with little income will help you along the way in the long run. For Instance, cutting out a weekly habit like going to the club or buying a drink for lunch could save you a few dollars a week you can put towards saving.  Setting up an automatic monthly transfer from your checking account to your savings account will also help you save overtime. Other options are to bring back the piggy bank from childhood and dump your spare change in everyday. My husband did this and ended up saving a few hundred dollars this way.  Savings are great to have,because they'll  always be there for a rainy day or when your car breaks down. It will also help you reach some goals like traveling for a vacation, or building up to a deposit on a new home or car.


These money traps can sometimes be easy to fall into,but can be easily avoided with the proper precautions. What other money downfalls have you been faced with in college? 

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