The Financial Faux Pas of College Life
The Reality Check
College students often find themselves navigating a tight budget, but that doesn’t mean they’re immune to poor spending habits. To get a better understanding of where college students are going wrong, we asked our readers to share their own stories of financial missteps. The results were eye-opening, to say the least.
The Commuter Conundrum
Taylor, a commuter student, confessed to regularly spending $10-15 on meals when she could pack lunches instead. She also admitted to buying snack food out of laziness and going clothes shopping on a whim. While she’s debt-free, Taylor knows she could be doing more to save and invest for her future.
The Siren Song of Convenience
Emma fell prey to the ease of Uber rides, often ending up with a lighter wallet after a night out with friends. And then there’s Charlotte, who can’t resist the allure of vending machines, leading to a 300% markup on water she could have gotten for free.
The Sunk Costs of Higher Education
Becca, a senior at Boston University, reflected on her decision to attend a pricey school, resulting in $100,000 of debt. Her advice to incoming freshmen? Choose a school that offers the most financial aid, as a bachelor’s degree is a bachelor’s degree, regardless of the institution.
The Little Things Add Up
Rakhee wasted money on printer ink after losing her student ID, while Jessica spent $45 on beef jerky in a single month. Amanda’s forgetfulness led to a small fortune spent on pens and pencils, and Olivia’s weekend pizza binges added up quickly.
The Big-Ticket Items
Karen took a $2,000 road trip to prove her spontaneity, while Betsy K spent a small fortune on university apparel and scented candles. Sasha’s $30 gel manicures may seem luxurious, but they only last two weeks.
The Long-Distance Love Blues
Emily’s visit to her long-distance boyfriend led to a shoe-buying spree after leaving her bag at home. Maria, on the other hand, drove from Boston to Tennessee multiple times to visit her ex-boyfriend, only to be dumped when he went abroad.
The Branding Trap
Anna fell victim to Diptyque’s upscale branding, spending $60 on candles that made her feel like Gwyneth Paltrow. Katie chose NYU over her state school, blaming Jay-Z’s “Empire State of Mind” for her decision.
The Takeaway
College students, it seems, are prone to making financial mistakes, from convenience-driven purchases to big-ticket items and branding traps. By recognizing these patterns, we can take steps to correct our spending habits and set ourselves up for a more secure financial future.
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