Top 15 student money mistakes
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Current undergrads are confessing their financial sins. Better not be too harsh on them, though – they’re also offering some good old advice on how you can be better with your money. Whether you want to trust them, though, is a whole other question. The number one tip from the current second, third and fourth year students, who were questioned by Go Compare, is to make a budget and stick to it – which we happen to think is pretty good advice. The students name their top three financial mistakes as spending too much money on nights out (29%) and takeaways/ready meals (28%), as well as failing to resist temptation when clothes shopping (25%). Others named too many impulse purchases (20%), lending money to unreliable friends (18%) and failing to budget (17%) as their biggest regrets. The survey also revealed that only 53% feel that they manage their money well, whilst 23% feel that they have made “a lot of mistakes” financially and 19% say that they are “seriously worried” about their financial situation. Unsurprisingly, undergraduates studying maths, accountancy and finance degrees were most confident about their money management skills, with 65% thinking they had managed their finances well, while language (including English) students were the least confident (43%). The top 15 monetary errors made by students were: I spent too much on nights out I spent too much on take-outs and ready meals I spent too much on clothes I made too many impulse purchases I lent money to friends and didn't get it back I failed to budget properly I didn't choose the right student bank account I didn't shop around for the best deals I paid too much for my accommodation When choosing a student account, I went for the best freebie rather than the best account
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