Achieving financial freedom in life is one of the best feelings in the world because you don’t restrict yourself from doing certain things you otherwise would. Achieving it in college is even better because it helps you focus better on studies and extracurricular activities to get the most out of your college time.
But, achieving financial freedom is not that easy. There are many things you have to take care of because wrong moves or things that seem they won't affect your situation that much actually can impact your ability to become financially independent.
Before you start taking steps for financial freedom, you have to know which things you don't have to do. It will help you achieve financial freedom faster. So, if you're ready, let's start with the blog where we'll tell you about 8 things stopping you from achieving financial freedom.
High Tuition Fees
The college tuition fee is the first thing that comes to mind when we talk about things that block our path to financial freedom. The cost of college education has been rising for years and doesn't seem like it will stop anytime soon. Some can afford this huge amount, but most college students have to take out loans to pay for college and that's where the problem starts.
Student loans are a big burden. They have high interests rates, and you have to start paying them back as soon as you graduate. If you're not able to find a job right away, or if your salary is not enough to cover the monthly expenses, you can really struggle with paying off the loan. Let's not forget the interest rates, which will only increase your loan amount.
So, how can you avoid this huge financial burden?
Choose a college with lower tuition fees. It's as simple as that. We know this also sounds way easier and can be really difficult because colleges often have hidden costs that you'll only know about when you actually get in college. Another option you have is to ask people over the internet about the college you want to take admission into. You can also look for scholarships and grants that can help you cover the college expenses.
Most students don't know that they can easily get scholarships because they never try. So, the first thing such students have to do is search for different scholarships. The time you spend doing it will not be wasted but invested.
Credit Card Debt
If you're not careful, credit card debt can quickly add up to a large amount of money. This type of debt is very dangerous because the interest rates are high and it's very easy to get a credit card.
First off, ask yourself, do you really need a credit card? Honestly, most students don't need a credit card and, if they have one, should cancel it. A lot of college students use their credit cards for unnecessary things such as clothes, food, and going out.
If you can't resist using your credit card, make sure you pay off the balance every month to avoid high-interest rates. Also, try to get a card with a low-interest rate.
Not Working Part-Time Jobs
Tuition fees, books, and other college expenses can add up really quickly. That's why it's important for college students to work part-time jobs. But, a lot of college students don't work part-time jobs because they think it will affect their studies. This is actually not true. College students who work part-time are able to better manage their time.
Moreover, you're allowed to work part-time jobs while you're in college. Most countries allow students to work 20 hours a week. And we feel 20 hours is optimal because that way you can earn a good amount and also focus on your studies. The only thing you have to worry about is the type of job you're working. Make sure it's not a job that will consume all your time and affect your studies.
Spending Lots Of Money On Assignments
We're sure you're familiar with this situation. You get an assignment and, instead of just spending a couple of hours on it, you spend an entire day or two because you want to make sure it's perfect. Then, you realize that the professor is not going to grade it that harshly and you could have saved yourself all that time.
Other times, this is not the case as many students take online assignment help from websites that charge a ton. If you have to take help for assignments, you might as well take it from the best- Grow With Grades (GWG). We're the best in the industry and have helped countless college students get high scores on assignments. We offer our expert assignment help for all subjects.
Buying Things You Can’t Afford
We're sure you've been in this situation before - you see something you want but, when you add up the price, you realize that you can't afford it.
It's very easy to buy things when you have a credit card and, unfortunately for college students, a lot of them don't have jobs that pay well. Most students buy things on impulse. And doing it is dangerous because you can bite in more than you can chew.
The things we're talking about could be expensive watches, smartphones or even cars in some cases. Do you really think you need a car when you can travel using public transport? If the answer is no, then don't buy it. Wait until you have the money to afford it. The same rule goes for expensive food items and drinks. If you can learn to cook, it is even better because then you won't be spending money on food.
Not Having a Savings Account
A lot of college students don't have savings accounts and that's a big mistake. If something happens and you can't afford to pay your college fees, you can always use the money in your savings account. And, if you don't have a savings account, where are you going to store all the money you get from the part-time job.
A savings account is a must for college students. You should always have money saved for a rainy day. And, if you're not good at saving money, you can use an online savings account that offers high-interest rates. Although interest rates for savings accounts are questionable, it is still better than nothing.
Not Learning to Budget
One of the main reasons why college students don't achieve financial freedom is because they don't know how to budget. They can't figure out what's important and what's not.
Budgeting is very important for college students. It helps you stay out of debt and save money. And, if you're good at budgeting, you can even start investing in stocks and other forms of investment.
Learning to budget is not hard but it does take practice. You first need to figure out how much money you earn per month and how much of that goes into necessary things. You can use the 50-30-20 rule. The 50-30-20 rule states that you should spend 50% of your income on necessary things, 30% on things you want and save the remaining 20%.
People who use this rule claim that it is the best way to budget their money. So, if you're not someone who likes to get into calculations, this is a very basic rule you can start following.
Living In An Apartment
If you're living in an apartment that's more than what you need, you're going to have a hard time achieving financial freedom because if it's too big, you'll be spending a lot of money on rent.
Apart from rent, you'll also be spending on maintenance, furnishings, and other things that come with living in an apartment. If you're not careful, your college years will be spent just trying to pay rent.
The best way to avoid this from happening is to live in a place that's just big enough for you. You don't need a lot of space because most of your time won't be spent in the apartment. You'll be out working or attending classes. The only time you'll be in your apartment will be during the night. Ask yourself, "Do you want to spend more than $1500 on a place you'll only sleep at?". The simple answer is no. But, it is the temptation of living alone, freely without anyone to bother you that makes students believe they need to live in an apartment.
Conclusion
Achieving financial freedom in college is not hard. You just need to be aware of the things that are stopping you from achieving it. And, once you know what they are, you can take steps to avoid them. Financial freedom gives you the financial security to do whatever you want in life without having to worry about money. So, follow the advice in this blog so you can start living a comfortable life.
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