For many students, the college is in control of most of its finances for the first time. You can now suddenly be responsible for paying your own bills, working at a job that needs to be completed, and / or earning scholarships from March last year to December. Unfortunately, these new financial responsibilities fall into a context where money is often extremely limited. So how to reduce do you avoid stress about your financial situation while in college?
Get a job that doesn’t bother you
If your job responsibilities force you to emphasize, it’s time to look for another job. Of course, make sure that an hourly wage is enough to help you meet your financial obligations. However, on the same note, your work should not provide a salary and cause serious stress. Look for a good job on campus or near campus that offers a relaxed work environment that supports and understands your life (and responsibilities) as a college student.
Make a budget
The terribly plan of a budget usually makes individuals consider having to take a seat down with a calculator, keep track of each penny they pay, and go while not the items they need most. Of course. This is only true if that’s what you want your budget to look like. At the beginning of each semester, set aside 30 minutes to list your expenses. Then find out how much you need each month to cover these costs and what sources of income you will have (work at the university, money from parents, money for scholarships, etc.). And then … voila! You have a budget. Knowing what your expenses will be ahead of time, you will be able to understand how much money you need and when. And knowing this information will greatly reduce the financial stress in your life (not to mention the need to give up your friends when yours becomes low).
Stick to your budget
An extraordinary budget means nothing if you don’t stick to it. So check with your financial authority every week for information on what your expenses look like. Do you have enough money in your account to cover the expenses you will have for the rest of the semester? Your travel expenses? If not, what should be reduced, and where can you find additional funds while studying at school?
Understand the difference between desires and needs
Do you need a winter jacket while studying in college? Of course. Do I need to have a brand new, expensive winter jacket at university every year? Definitely not. You may want to have a brand new, expensive winter jacket every year, but you definitely don’t need it. When it comes to how you spend your money, make sure you distinguish between desires and needs. For example: Do you need coffee? Fair enough! Need money for a cup of coffee at a coffee shop on campus? No! Think about that cook a little at home and bring it to campus in a travel mug that will keep you warm during the first lesson of the day. (Bonus added: You will save your budget and environment at the same time!)
Cut costs where possible
See how much time you can spend without spending money, either in cash or by debit and credit card. What could you live without? What things can you cut from your budget so you don’t miss them too much, but would it save you money? What things could you do without? What things are expensive but not really worth paying for? Saving money in college can be easier than you initially thought.
Keep track of where your money is going
Your bank may offer something online, or you can choose a website, to help you understand where your money is going each month. Even if you think you know where and how you spend your money, actually seeing it as crossed out can be an impressive experience – and key for you to reduce your financial stress while in school.
Avoid using your credit cards
Of course, there are times when you use your credit card in college, but these times should be short. If you think the situation is tense and tense right now, imagine what it would be like if you accumulated a lot of credit card debt, failed to make minimum payments, and creditors urged you to pursue all day. While credit cards can be good, they definitely need to be a last resort.
Talk to the Financial Aid Office
If your financial situation in college causes you a lot of stress, it may be due to the fact that you are in a situation that is financially unstable. Although most students face a limited budget, they do not have to be so severe that the stress they cause is extraordinary. Make an appointment with a financial aid officer to discuss your financial aid package. Even if your school can’t make any changes to your package, they may offer some external resources that can help you with your finances – and therefore with your stress levels.
Know where to get money in emergencies
Part of your financial stress may be related to not answering the question “What will I do if something important happens?” question. For example, you may know that you do not have the money to fly home if there is a family emergency, or you do not have the money to repair the car you need to drive to school if you have an accident or need major repairs. . Spending a little time now to figure out where to get money in emergencies can help alleviate the stress that comes from feeling like you’re walking on thin financial ice all the time.
Be honest with your parents or sources of financial support
Your parents may think that they are sending you enough money, or that working at a university will distract you from scientists, but the reality can sometimes be a little different. If you need to change something in your financial situation, be honest with those who contribute (or depend on) your college finances. Asking for help can scare you, but it can also be a great way to alleviate the factors that cause you stress on a daily basis.
Take the time to apply for new scholarships
It is impossible to miss the headlines every year, which report how much money on scholarships remains unclaimed. No matter how limited your time is, you can always find here and there a few minutes to find and apply for new scholarships. Think about it: