It’ll soon be the start of the University year (well, more like 9 months), and for those thousands of freshers heading off to their Halls of Residence or student houses without a simple grasp of how to keep hold of their money (I’m not suggesting all students are like this – in my experience there are as many who are careful with their money as those who don’t have a clue), it’s worth taking a glimpse at this post over at FreeFromBroke, which looks at 4 debt traps that students can easily fall into:
- Keeping up with trends – there’s likely to be peer pressure to have the latest gadgets and to dress in designer labels (although hopefully the recession is making this less prevalent).
- Maintaining an unrealistic lifestyle – expensive hobbies are probably going to have to take a backseat whilst you pay your way through University.
- Going out more than you should – this is probably still the biggest trap students can fall into – especially for freshers who are encouraged to go out to meet new friends and get settled into their new surroundings. Whilst in many Universities there will be opportunities to go out every night, it will soon become a big drain on your monetary resources. Even at student prices, going out drinking a couple of nights a week is probably the most that many students can afford.
- Thinking you will be rich one day – have you seen the stats on University graduates getting a job at the moment? Doesn’t make for great reading, and although things should pick up in a few years, perhaps when you graduate, a University degree won’t guarantee you a high paying job.
photo credit: Yoshimai
- Budgeting Apps “Lead To Overspending” (January 13, 2021)
- Young People “Most Likely To Be Victims Of Online Fraud” (November 11, 2018)
- NatWest “Mimo” – New Personal Finance App Trialled (March 31, 2019)
- Ten Covid-19 Scams To Avoid (July 29, 2020)
- Monzo Killing Off Its Prepaid Cards (January 23, 2018)