The Influence of Financial Stress on Student Mental Health: Strategies for Financial Well-Being

Students have always had a complicated relationship with finances. Sometimes, it can be hard to pinpoint the moment when the cost of all things around you starts to add up. You must purchase textbooks, pay for your tuition, and buy groceries. If your grades are not that brilliant, you can add the cost of essay writing services to the never-ending list of expenses. By the time you figure out how to manage your finances and read a few articles on how unreliable essay writing services operate, with OxbridgeEssays review by John Milovich being one of the best, you’ve already spent too much.

students travel to get away from it all

Top stress factors for students related to the financial sector also include the struggle to pay back student loans, utility bills, and rent. When you are torn between the desire to live a fulfilling life as a college student and the need to pay monthly bills, this may lead to emotional burnout. Many things can happen: anxiety, constant stress, apathy, and panic attacks.

There are many ways you can improve your well-being, which include taking a course in financial wellness and attending seminars on financial management. If you cannot afford to enroll in special classes about spending your money wisely, you can always use the tried and tested methods that have been developed by financial gurus around the world. We have pulled together a few strategies for your financial stability to help you make good investments while in college and take care of your budget consistently.

Tips for Financial Stability in College

If you feel like your mental health is declining and you cannot pay your bills because of financial exhaustion, chances are that you are too stressed about college grades to care about anything else. This leads to forgetfulness and lack of concentration when it comes to organizing your budget. To improve the way you feel about your finances and help you leave your mental issues behind, we offer a financial plan that you can follow:

Create a Budget Spreadsheet

Creating a budget spreadsheet should not be a problem if you know how to use Microsoft Excel. You will track your expenses, break them down into simple categories, and see the money flow and where it goes at the end of the month. If committing to an Excel table seems too stressful, you can alleviate some of your financial worries by downloading specific apps to track your budget (Goodbudget, Honeydue, Snoop, Plum, and Moneyhub are all good).

This will help you assess your expenses objectively and with a cool head. Put all your expenses in a spreadsheet and leave a little column for emergencies. Every time you want to buy something recklessly, do a budget check to make sure you can really afford it. We recommend calculating your income first, including money that comes from your parents, relatives, scholarships, and temporary employment. The second column should be devoted to mandatory college spending: books, rent, tuition, etc.

Save On Everything

We know that college is a time for partying and having the time of your life, but your future self will be grateful if you start saving today. If you receive your allowance regularly, set up your bank account to transfer some of your funds to the savings section every month. You can also save on clothes by finding coupon deals and visiting thrift shops for used items.

The money you save will help you during emergencies. If you trust fake ads and pay money for an essay writing service without knowing the answer to the question “Is OxbridgeEssays good or is it just a scam?”, you might find yourself looking for money to buy another essay from a reputable company. Here is the moment when your savings pay off, and you can afford the services that can actually make your college life easy.

Find a Job

College is hard, but nothing can compare to the boost in self-esteem you will get by finding a job and paying your bills. Besides, you will gain experience that will stay with you for the rest of your life. As obvious as that sounds, you will be making money and finding ways to keep that money once you graduate from college, so start early.

If you don’t have a work-study schedule that allows you to work on weekends, you can try working summers as an alternative. Of course, the payments will not be that huge, but your duties will most likely not be very hard, either. You can apply for customer service positions or work at the local facilities, such as helping sort the books in the local library or answering phone calls.

Protect Your Funds

We recommend staying away from people who always know how you need to spend your money and are always borrowing yours, even when you tell them that you have none to spare. Remember that some people are naturally manipulative and want you to prove your “coolness" by spending large amounts of money on them and their friends. Spending money whenever you are out on a date or partying with fellow students is natural, but don’t forget that college is meant for studying.

Be careful with online purchases, and don’t leave your money lying around in your dorm room, even when you are 100% sure no outsiders are allowed in the dorm. Beware of people who propose seemingly great business ideas yet insist you invest all your savings as startup capital. Always ask questions about how the startup will operate.

Educate Yourself on Finances

Another way to improve your financial literacy is to learn about financial plans and budgets yourself. You should also start talking openly about your financial challenges, struggles, and problems whenever you are with friends and relatives. This will reduce the stress related to your financial situation. Additionally, it allows you to admit if you don’t understand how budgeting works openly. It will also give you possible insights into your financial situation, as there is always someone who knows more about finances than you do. Sometimes, it is an older friend who has more experience in the financial area or a relative who has worked in a bank. They might give you a ton of helpful advice on improving your financial condition without paying for an expensive chat session with a budgeting expert.