A few month ago I published a very popular post called “12 Ways To Waste Money In College“. Because of that post’s popularity, I have decided to write a continuation of it. Today, I explain ten more ways that college students often waste money. Avoid these dangerous money drains!
Many people spend more money than they realize “occasionally” renting a DVD from their local movie store. The seemingly small costs add up quickly over time, and many people would be surprised by how much it really costs. If you want to rent DVDs, find some service with a small monthly fee, such as Netflix, or, better yet, get them for free from your local library.
You really don’t want me to get started on the worthlessness, even dangerousness, of television. Besides the hazard of the mind-numbing, morals-destroying stuff that comprises the average TV show, the exorbitant cost should be prohibitive. Do you really want to spend hundreds of of dollars every year to buy something that will keep you from studying? If, however, you do still watch TV, at least don’t pay for cable TV. With the advent of the internet, you can get virtually every TV show you want online.
Buy a New Car
Getting a new car will continue to waste your money for years after the purchase. Unlike most other purchases which take money you have, this purchase takes money you do not even have yet. If you are ever tempted to buy a new car, simply find a few friends who are still paying off expensive car loans and ask them what they think about buying new cars. The almost unanimous regret of most new car “owners” (really the loan companies are the owners) should be enough to deter you.
Not only is smoking an unhealthy and time-stealing habit, but it also is an enormous money sink. When comparing purchasing cigarettes to buying a new car, a new car is actually the better option! With a new car, the loan is eventually payed off, but smokers are forced to pay for the cigarettes plus cigarette-induced health problems.
Many people drink bottled water because the tap water in their area tastes too disgusting. Although strangely-flavored tap water can be a problem, there are less expensive ways to solve the difficulty. If your water does not taste too bad, you can try to get used to it. If, however, the water does taste too bad (as is often the case), you can install a water filter or use a pitcher filter. Compare the costs in money and time and decide which option will be best for you.
With the cost of stamps rising slowly but surely, postage is becoming more expensive than many realize. If you only send three regular sized envelopes each week, you are paying $68.64 cents every year. Try to move most of you communication to email and only send physical messages occasionally.
Simply not realizing how much money is in your bank account can cost a lot of hard earned money. Bounced checks are especially hard to avoid for college students, because students rarely have a large buffer in their bank accounts. To avoid bounced checks, maintain a strictly accurate record and verify the amount of money in your checking account at least once a week.
Throwing Away Leftovers
Amazingly, many students (and other people) actually through away their leftover food after a meal! By saving this food, you can often get two meals out of one, or at least have some food handy for snacks.
The newest fad in the sports field, energy drinks are worst than a waste of money. If you do not really need all that extra energy, where do you think it will go? That’s right, it will be used to help build a “spare tire”. Think about it, you would be actually paying to become fat – not the best choice. If you really do need the energy, but you also need your money, try out some alternative ways to boost your energy.
Instead of paying for expensive razor blades, only to soon throw them away, you would be better off investing in a high-quality electrical razor that will last probably last more than a decade. Although the up-front cost will be higher, the long-term benefits in finances and the immediate benefit in a more comfortable shave will be worth it.
Hopefully, avoiding these ten money drains will help improve the health of your pocketbook. What is the biggest money waste you have noticed?
Note: Don’t forget to enter in the HP Back To School Computer Giveaway! It ends on Friday, September 4th.