Financial Stress

Quite possibly there is nothing more stressful than finances.  As a college student, these stresses can sneak up on you or can be with your from the very beginning.  Either way, it is important to put things into perspective and manage the stress.  

First things First

Identify what's in your control: So many things are out of our control in college when it comes to finances.  Whether we have to take out loans, keep grades up for scholarships, how much financial aid we qualify for, how much parents can or can't contribute. On top of that, we have the regular stresses that come with going to school.  When you are feeling limited or like you have no control over things, take a breath and identify those things you do have control over.  Attitude, work ethic, how you use the money you have, etc. When you understand what is in your control, you have a better chance of feeling more calm and will make better choices. 

Know your money: Know what is coming in and what is going out.  Know how much things cost and plan ahead.  Think about how much you can afford to live off of, where you might need to cut back and where or when you can splurge a little.  When you know about your money, it is easier to figure out what you have control over and how make a plan to control it. 

Tap into your healthy coping skills: What are the things you can do that will help alleviate your stress and won't cause more problems down the road?  Sometimes we can have some "not-so-healthy" coping skills such as alcohol/drugs, retail therapy, etc. Try to stay focused on what really helps and doesn't have negative consequences after and do those things.  

Know and use your resources: Husson has many resources to help with all types of situations.  If you are concerned about your finances or student loans, check with the Office of Financial Aid.  If you want some leads on jobs check with Career Services or Student Employment. If you are finding it difficult to relieve your stress, you can always come to the Counseling Services Center (Peabody 214). 

Next Steps

Budget:  When you know your money you can build a budget.  This doesn't mean you can't have any fun, it does mean that you are more mindful of what is a priority and what isn't.  Thinking about "budgeting" can often make people stressed, but once you create it and FOLLOW it, it can actually free you up and reduce your stress.  You know longer have to guess if you can afford something or not, you know.  You are less likely to experience overdraft issues and pay fees. 

Live according to your means: When you have a budget you are following it is easier to live within your means.  It is also easier to plan ahead for something that you really want or want to do.  Some people can get carried away by the variety of things their friends are doing or getting and they join in, even when they can't afford it.  Living within your means does not have to mean your bored.  Get creative and be more open to do things that cost less money or even better, FREE!

Be open and honest: Talk to your support system about money and budgets.  Be honest with yourself and your friends when you don't have money to do something.  Chances are, though we can assume that friends have money to burn, they actually need to stop and think about what they can actually afford as well.  If you are open and honest, there is less stress about making excuses for why you can't do something or stress about how you're going to pay for it later. 

Seek out deals: Check out other options for buying books.  Use coupons for things.  Need clothes?  Hit the used clothing stores or swap clothes with friends.  If you live off campus, cook your own food instead of eating out.  If you live on campus, use the cafeteria instead of getting food off campus.  Ride the bus to the mall instead of driving (students ride free).  

More Tips

How to Reduce Your Financial Stress in College - Article found on About Education website. 

Financial Advice for College Freshman- Article found on Wall Street Journal website.

Personal Finance for College Students - Articel found on thesimpledollar.com.