Top tips for handling financial anxiety as a university student
Many students are feeling anxious and concerned about the cost of living. Here are some tips and resources that can help manage any financial anxiety you might have
网曝门>
Share
As a university student, you might have some concerns about money and how you鈥檒l be able to fund your studies and the wider university experience 鈥 especially in today鈥檚 climate.
High levels of money worries can affect both your physical and mental health; and studying for a degree can be stressful enough without the added panic of how you鈥檙e going to afford university supplies, accommodation and food.
What is financial psychology?
Understanding the psychology behind your financial management could help keep your head above water as you navigate university life 鈥 and you don鈥檛 necessarily need to be a psychology undergraduate to comprehend this. Simply put, while much of finance is seen from a numeric value, this concept explores and analyses the human element behind the decisions we make.
Financial psychology explores social, cognitive, emotional and cultural factors, and the role they play when it comes to how we manage and spend our money. As well as your own psychological influences, you should be open to the advice and guidance that鈥檚 out there for students in your exact situation. Here are some of our top tips.
Talk to a professional
Thankfully, there are various charities and support networks that have been set up with the sole purpose of helping students understand and navigate their money issues. If you want guidance on how to pay for university or cope with financial challenges while studying, talk to a professional.
especially dedicated to helping you access financial support. Discover scholarships, bursaries and grants that can help you pay for tuition fees, accommodation, resources and more. You could also explore , a national charity that offers help to students who are struggling financially.
Being burdened with economic anxiety as a university student can have a negative impact on your mental health, especially with the ongoing cost-of-living crisis, but remember, as clich茅 as it sounds, you鈥檙e not alone.
Stop comparing yourself to others
During your time at university, you鈥檒l likely come across people from all walks of life鈥nd from all financial brackets. It鈥檚 really important you resist the urge to compare your lifestyle and your spending habits to those of others.
It鈥檚 not a competition, and constantly weighing up your situation with somebody else鈥檚 is likely to cause even more economic anxiety and upset. You may meet fellow students who seem unfazed by the increasing prices, and that鈥檚 quite simply because their situation is different to yours for whatever reason. Keep your focus on yourself and your own finances, because that鈥檚 all that matters right now.
Keep track of everything you spend and budget your money
鈥淏udgeting鈥 may sound like obvious advice, but you鈥檇 be surprised by how many people don鈥檛 do it. Get into the habit of keeping track of what you鈥檙e spending and where.
Firstly, sit down with your bank statements (spanning six months to a year) and look for areas where you could be saving money. From there, cancel direct debits that no longer serve any purpose and make a note of any habits that you would like to change.
This could be a membership to a gym you鈥檝e only visited a handful of times, takeaway meals that could have been at-home meals or clothes you didn鈥檛 really need.
If you need help with budgeting, try the 鈥50/30/20鈥&苍产蝉辫;rule. When you receive your student loan or monthly wage from your part-time job, split it into three categories: 50 per cent for needs, 30 per cent for wants, and 20 per cent for savings or debt payments. This process is simple to grasp and could help you tackle your money worries and prevent any issues from arising during your university experience.
Be kind to yourself
Through difficult times, it鈥檚 crucial you remember to be kind to yourself. The worries you may be feeling are understandable and valid, and it鈥檚 not your fault that the cost of living is spiralling. All you can do is your best to make your own situation a little bit lighter.
If you feel your anxiety is constant, overwhelming, or negatively impacting your studies and general day-to-day life, seek the help of a It鈥檚 important to address these feelings as soon as possible.
These next three years are to be enjoyed!
Financial anxiety can be brutal, but there are steps you can take to reduce worries and stop financial challenges from rearing their ugly head. Many adults will tell you that their time at university was the best years of their lives, and you deserve a chance to undertake that same thrilling experience.
There鈥檚 help available to you, even if it doesn鈥檛 feel that way right now. Stay optimistic and work hard for that degree 鈥 you鈥檙e going to do brilliantly.