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7 Worst Ways to Blow that Excess Student Loan Money

moneyMany students, throughout history, have experienced the moment when their eyes turn into dollar signs, when it comes to the spending of excess student loan money. The world is their oyster, although you should never forget that you are building the foundations of your future. Spend wisely young grasshopper. Here are seven worst ways to throw your dough.

Fast Food Frenzy

Many students, having just left their parental nest, turn to a fast food binge. It makes sense, the freedom, added with the ease that the food is served to you, makes for a student-friendly excursion. This is wrong, financially and health wise. The fast food chains might be lovin’ it, although it is in your interest to invest in cheaper, easy to prepare, nutritionally fulfilling foods, such as instant noodles and anything pasta-based, seeing as uncooked pasta will never go old.

Gambling Gold

You are now at the age where it is legal to gamble. This idea of something that once was illegal, now being the norm, gives man a rather exciting thrill. Be warned though, with the endless brand of online casinos at your disposal, this seemingly harmless activity is a slippery slope, where you’ll be left looking back thinking, boy, that escalated quickly.

Alcohol and Cigarettes

It is part of the student life to enjoy the freedom of clubbing, and the joys that are attached. No one is telling you to stop what you are doing, although with this excess money, prevent the spending sprees that leave you hurting the next morning.

Impulse Buying

If you have the money, spend it. This is probably the worst thought process around. Be savvy with your funds. Same goes for the urge to buy round after round for your acquaintances at the pubs. I’m pretty sure they’ll still love you if you don’t.

Name-branding it up

Your identity plays a massive role in your student life. Although, thinking that you need to be wearing the latest name-brand items to fit in, is a complete misconception. I know that you want to have the perfect pair of heels for your night on the town, but unless you are an heiress, no one is going to worry if you happen to wear the same shoes on more than one occasion.

Pimp that Ride

You’re a student, you finally have your own car, and you want to make it the best that it can be. This is understandable; just never forget that it is always easier to spend money than to make it. Go ahead, upgrade the sound system, just try refrain from going all Xzibit on your ride.

Fuel-Guzzling Monsters

The price of fuel is far from a laughing matter. Forking out bucket loads to keep yourself moving is rather disconcerting. For students staying nearby campus, think about going au naturel. Invest in something like a bicycle, which will not only leave you with more spending money, but the exercise will help burn off all that fast food.

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One Response to “7 Worst Ways to Blow that Excess Student Loan Money”

  1. David says:

    Well written article! You have to be a student to understand the lures you mention. The challenge is that parents or guardians often put themselves at risk for the student loan in the event you as a student do not pay it back. All in all, becoming financially savvy at an early age, will always hold you in good stead.

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