3 Tips For Students Who Face Financial Issues In Academic Life

What an exciting moment it is to get admission to a university or college! You are all hyped up for future studies and engagement with highly professional educators. Students are thrilled to begin their new journey with new people, strangers that will stay with you for the next couple of years. However, the optimism is real until you are not one of the 4 out of 5 students who face financial issues. On the contrary, financial problems for students become stressful and the excitement of the future journey fades away with time.

These financial problems among the students of college take away their charm and develop a feeling of isolation. They are the ones who struggle to get scholarships and relief themselves and family. The matters got worse with the emergence of COVID-19 and its surgency throughout the world. The world experienced a major unemployment rate spike since last noticed in the 1930s. about 17 million people were unemployed because their bosses fired them while about 10 million were unemployed because their boss shut down the business.

Besides, students facing financial constraints, education institutes faced significant financial challenges during the pandemic. The closure of schools and colleges concerned the overall financial stability of their institutes. Students and their parents experienced an increase in the cost of education including tuition fees, resources to take online classes, and others. Despite online learning being flexible it was a bewildering experience for many students. Either they were disinterested because of the distractions around them or they lacked resources to take my online classes effectively.

However, all the blame goes to the financial constraints of students, disabling them to establish a learning environment in a separate room, to have proper resources, or to get online class help. It becomes so depressing to them as they are unable to develop strategies to make the most out of their pockets. Thus, this blog is meant for you with advice for students to manage their financial situation during academic life.

1. Contents hide

   1 Apply for Scholarship or Student Aid

   2 Be Smart, Spend Smart

   3 Buy What You Need, Not What You Wish For

   4 To Sum It Up…

   Apply for Scholarship or Student Aid

Many students oversee the fact they are capable of scholarship while some hesitate to apply for students aid. They are shy because of the pressure of society and think of it as an embarrassment. I must say the thought is illogical and unjustified to students themselves.

Talking about scholarships, you might not be good at studies but motivating yourself to get a scholarship can make you that cream of the classroom. The urge to relieve the parents with financing your education motivates students to work hard and take a deep interest in education in order to perform well.

Moreover, getting student aid that facilitates the financial constraints of you and your family is not an embarrassment. It is a right of every student who faces financial problems and there is no point in feeling ashamed of it. Even if anyone humiliates you for getting financial aid, ignore them because they are not the ones who take care of your finances, your parents do, you do. Care about yourself and your family!

Tip: Apply for scholarships and student aid in advance and ensure you have all the documents required.

2. Be Smart, Spend Smart

When I was a student, my friends were stable, they barely had any financial issues. We used to hang out and go places to visit and eat every other weekend. In the beginning, it was fun, I was able to manage but in no time, things got out of hand. I was shy like most of the students are uncomfortable sharing financial problems with peers. However, I used to stay on the campus while all of them went to enjoy. Some might say it makes you feel isolated or left alone, but, when you accept the fact, you are at comfort. I went from careless to smart, I used to join them when I was capable of it.

Similarly, students should spend their money smartly and avoid being spendthrift. Set a limit to your spending, create a monthly budget accordingly. If you own a scholarship or getting student aid, do not leverage it. Utilize it as if it is your hard-earned money.

In case you own a credit card, do not take it for granted, maintain a good credit card holder reputation. Why? Building a solid credit card helps you qualify for loans like a car loan, mortgage loan, or personal loan. Using credit cards irresponsibly can get you in a deep grave of debt and there is no going back. The depression then is real.

3. Buy What You Need, Not What You Wish For

You all may or may not agree with me that social media platforms such as Instagram are toxic to life. It makes you feel less of yourself by portraying the unrealistic perfect life of others, limited to just pictures and videos. Similarly, the wish to buy things that others have and satisfies you too, to go places where all your friends are going, go out for dining and parties and many other things you wish to have like they have.

The feeling is totally understandable, everyone feels that and people with financial problems feel the most of it. However, be yourself and make others accept you with what you have. Do not spend your limited money on impressing others or satisfying your heart. Think from your mind and not from the heart. Spend wisely, spend on the needs, spend on what you desperately need. It is easy to say such things but how do I stop myself from buying stuff the pleases me? Question yourself every time with:

• What is the point of buying it? 
• Do I really need it?
• Is it beneficial in terms of making life easy?
• How often will you use it?
• Is it worth the limited amount in my pocket?
• What will I do the rest of the month if I spend most here?

Questioning yourself puts a full stop to our desires, makes us bring a second thought while deciding and that certainly vanishes the craving. Besides, it also helps you maintain the plan you created for the monthly budget. Nonetheless, it also motivates you to work even harder to get that thing or to live the life you wish for. It inspires you to set a goal, work on it and plan for a sustainable future. Therefore, spend on the things that are must-need for your academics or life and not for things that are just admirations.

To Sum It Up…

Think twice every time spending your limited money. Limit your desires to your financial situation. Stop being shy and normalize the fact that you and other students are facing financial problems. Save your money for the last time, thus, developing a practice of savings. You never know when you might need help with online exam from experts on the internet.

Moreover, practicing these tips and advice will help students to overcome financial problems. Avoid making mistakes to evade the depressive conditions caused by empty pockets. Make your every penny worth it and plan for long term run. Therefore, developing such strategies and methodologies to save money and spend it wisely will help students with their significant financial constraints!