Many College Students are Clueless about Money


The list below represents typical quotes from college students on the topic of money matters. The list was put together by http://MoneyManagement101.com  , the website which explains personal finance basics to college students. A basic understanding of money management is a critical part of the daily responsibilities of college and adult life. Although many of the statements seem comical to experienced adults, they illustrate why so many young people get into financial trouble.

-Spending $1,000 using my new credit card is way cheaper than writing a $1,000 check, because I only have to pay back $20 per month.

-The bank must be wrong, my account can’t be overdrawn, I still have 10 checks left in my checkbook.

-I think someone’s ripping me off on my first paycheck, who are these guys FICA and FUTA, and why are they getting part of my paycheck.

-I just got my first credit card, I love it, when this one’s full, I am going to apply for a couple more.

-I am already getting credit card applications in the mail, but my mom is too uptight to let me have one. Once I move out, I’m going to get a bunch of cards, and finally get some cool stuff.

-I am going to work 25 hours a week this summer and will make $8 an hour. I’ll be able to afford that new SUV, and still save tons of cash for college tuition.

-I make $80 a week at my part time job and buy lots of awesome stuff. My parents both work full time, but they’re so cheap, they never buy anything.

-Having a ton of student loans doesn’t really matter; by the time I have to pay them back, I’ll be making the big bucks.

-I don’t worry about filling out my income taxes, my dad always ends up doing it for me, I guess he likes doing it. He’s kind of weird that way.

- I heard that collection agencies can’t bother you until you’re out of college.

- If you never leave college, you never have to pay back your student loans.