In a recent survey, 90% of students said that the rising cost-of-living has negatively affected their mental health.
Achieving financial wellbeing as a student can be a daunting task. With tuition fees, books, and other living expenses piling up, it can be hard to keep up with the costs. However, there are steps that students can take to ensure their financial wellbeing and help make it through school with a little more extra money in their pocket.
This article will highlight five essential tips to help students achieve financial wellbeing. From budgeting to finding other sources of income, these tips will help students stay financially responsible and even save for the future. With the knowledge and preparation, students can make the most of their experience and set themselves up for success.
What is financial wellbeing?
Financial wellbeing is the ability to manage your finances responsibly and sustainably. It is about having enough money to take care of your essential expenses, such as rent and food, as well as being able to save for the future. Achieving financial wellbeing is not just about having enough money, it is also about developing the skills to manage it and make smart decisions with it.
Benefits of Financial Wellbeing
The benefits of financial wellbeing are vast, but most importantly, it can help give you peace of mind. Knowing that you are in control of your finances can be a huge relief and allow you to focus on other aspects of your life. For more information see our article What is Financial Wellbeing?
Tip 1: Budgeting
Creating a budget is the first step to achieving financial wellbeing as a student. It can be hard to keep track of all your expenses, so having a budget can help you stay on top of your finances. Start by tracking your income and expenses for a month to get an idea of where your money is going. Once you better understand your finances, create a budget that outlines your essential expenses and any discretionary spending. Sticking to a budget can be difficult, but it is the best way to ensure that you are staying on track with your finances.
Tip 2: Setting Financial Goals
Creating financial goals is a great way to stay motivated and keep on track with your budget. Setting realistic goals can help you stay focused and progress towards achieving financial wellbeing. Start by setting short-term goals that can be easily achieved, such as saving a certain amount of money per month or paying off a specific debt. As you progress, you can set bigger goals that help you reach your long-term financial objectives.
Tip 3: Finding another source of income
Finding other sources of income is a great way to supplement your income as a student. Whether it’s tutoring, freelancing, or dog walking, this can be a great way to make extra money and stay financially responsible. Additionally, it can help you gain valuable skills and experience that can be valuable for your future. Before taking on such work, it is important to make sure that you have the time to dedicate to it and that it will not interfere with your studies.
Tip 4: Taking Advantage of Student Discounts
There are a variety of student discounts available that can help you save money. From discounts on textbooks to discounted movie tickets, taking advantage of student discounts can be a great way to save money. Additionally, many companies offer student discounts on their services, such as phone plans and streaming services.
Tip 5: Don’t bottle things up
If you are worried about paying your bills or not being able to afford rent or travel costs – don’t keep it to yourself. When left unspoken, financial worries can build up, leaving you in a worse position than you started.
Related article: Student life: Financial anxiety
If you don’t feel comfortable opening up to someone you know, you can speak to your university or college’s wellbeing team. Most will have support advisors or counsellors in place so you can talk to someone confidentially about your worries and get these feelings off your chest.
