Coping with Financial Stress
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Do not let the burden of financial difficulties hinder your college experience.
There has been a rise of tuition costs and student debt has become normalized in society. Students have to manage the cost of living expenses such as housing, food, transportation, and extracurricular activities. There is often no room left for students to save in case of unexpected expenses such as medical bills or emergencies. Additionally, many students find it difficult to acquire jobs on campus and have to find work off campus which can make it hard to balance work with their academics.
Attending a 4-year university is a large investment that many adolescents make. It is important to consider how to find financial stability for academic success and well-being. Luckily there are ways to mitigate financial stress and strategies to manage it effectively.
First, it is important to create a realistic budget. Track your monthly expenses, identify non-essential spending, then adjust your budget to fit those expenses. There are many budgeting apps and financial tools available such as PocketGuard which is a free budgeting app that connects your checking, credit and savings accounts and detects recurring bills and income. It then shows you how much is available for everyday spending. Once you know your financial circumstances set financial goals, short-term and long-term.
Additionally, take the time to find financial assistance. Do your research! There are many scholarships and grants available that not many students apply to, making your chances much higher. Discover some scholarships on MyPacific under Tiger Scholarships where you can find scholarships that you may be eligible for based on your merits.
It is also important to develop smart money-saving strategies. Find free or low-cost entertainment. Use public transportation or carpool with your friends! Meal plan and grocery shop on a budget. You can find local stores, restaurants, and services that have discounts just for University of the Pacific students. There is a full list available below on the Pacific Card website that tells you where they are located and what they offer. They range from coffee shops, to dining options, to outdoor excursions, boutiques and more!
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Dealing with financial burdens during college can impact mental and emotional well-being. It is important to consider these strategies and opportunities to help cope with the stress and anxiety that comes about from these situations. Do not be afraid to seek help and utilize the resources that are available for you!