It’s a dream come true. You win a scholarship for college, and you’re about to start your new life in the real world. But how do you make the most of that opportunity? What should a new scholarship winner do with their newfound wealth? Here are three tips from someone who’s been there shares Vincent Camarda:
Save the money.
The next thing you should do is save the money.
You don’t want to spend all of it at once because if something happens, like a car break down or a job loss, you may not have enough to make ends meet until your next paycheck. Some scholarships can be used in the future for college tuition or other educational expenses, so saving them will help out when it comes time for classes and all that studying.
Don’t count on getting another scholarship next year, or the year after that.
As you’re likely aware, winning scholarships is not a common occurrence for most students. You may have worked really hard to get yours, but don’t think that you should expect to get another one in the future. The way scholarship committees operate is by selecting a small number of winners from an ocean of applicants. If they did select more than one winner per category, there would be no point in applying at all. So don’t count on getting another scholarship next year or the year after that—keep working hard and continue saving any money you can so that your finances are secure for years to come!
When you accept your award letter from the organization who awarded it to you, make sure that they know how much excitement this means for YOU (not them).
Don’t spend the money on something frivolous.
The money is intended to help you in the future. Don’t spend it on something frivolous and unimportant, like a new pair of shoes or expensive perfume. Instead, spend it on something that will help you get a job after college (like an internship) or pay for a class that can improve your résumé (like one in math).
Always save and spend wisely
Save and spend wisely
You may have won a scholarship, but it’s not the end of your financial responsibilities. If you’ve received a large sum of money to help cover college tuition, keep an eye on how much goes in and out of your bank account each month. You want to make sure that you’re not spending more than what is necessary so that there will be enough left over when the scholarship runs out. Even if the organization that awarded you with this scholarship says it’s for just one year, don’t count on getting another one next year or even the year after that!
There is no shame in accepting a scholarship. In fact, it can be an excellent way for students to help pay for college. However, it’s important that you do not count on getting another one next year or even the year after that. You also need to save and spend wisely so that when you receive a scholarship you will know how much money came with it and what exactly that means for your finances going forward into future years.