Most common financial mistakes that UK students make

Students are more prone to making financial mistakes than any other people in the UK

08:44 06 October 2013

If you are a student or have been one, then you can probably write a book about the financial mistakes that you have made over time.

Having a student loan on your hands and being on your own, without parents to guide and teach you, can lead to an immediate financial disaster. And as only the luckiest students will be able to find a job in the first months after graduating, all of these mistakes may lead to direct bankruptcy.

Here are the most common financial mistakes that most students make:

• spending the whole student loan as soon as it kicks in – this is one of the quickest ways to end up getting bankrupt by the time you finish studying;

 

• overusing the bank overdraft – this is something that most students do in order to finance their nights out and other fun social activities;

 

• not using the promotions and offers that you can benefit from as a student – this means that you don't make the most out of the offers on tap;

 

• purchasing all your books at full price – you can save a lot of money and improve your financial situation by purchasing them second-hand from graduate or senior students;

 

• taking on payday loans – you really shouldn't need any payday loan while being a student, and you will soon find out why when you check your financial status in a month;

Of course, even if you know that all of the above are clear financial mistakes, you will still be tempted to and actually make them when you are at college. At least try to reduce the frequency or intensity if you know that you can't avoid them at all, and you will end up with a better financial situation than most graduates in the UK.