It should come as no surprise that living costs are rising rapidly for everyone all over the world, But recently, a study confirmed that one group was feeling the pain. When it comes to student finances or student money worries, college students feel their money isn’t going as far as it once was.
But what does this mean? How are they feeling this way, and why? With an economy boasting that many jobs are available, why are so many people coming forward and stating that they can’t pay the bills?
Let’s look at a few results from the recent survey that indicates why student money worries are at the forefront of most college students.
Why Student Money Worries are Concerning
Over 2,000 college students were surveyed, and the results may be surprising. So many cutbacks were being reported, some at 40% and more!
Cutting back on food
Everyone needs to have access to food, but how is it possible when costs are rising all across the board? 47% of students admitted that they had to change where they grocery shopped to try and find a cheaper option.
This means they may be limiting themselves to healthy food because of rising costs and finding options that aren’t quite as nutritious and filling.
Mental health is suffering
With 43% of students saying they are feeling stressed, this indicates a huge issue with students and money.
The last thing that students need is to feel added stress. From taking tests to navigating living alone and all the growing pains that accompany going to school, having their mental health suffer is not good at all.
When kids feel stressed, the stress tends to snowball. It can be a very hard thought and feeling to navigate, especially when the students may already be in mental anguish.
Adding money issues to their daily stress is another layer that will continue to pile on the stressors repeatedly.
Are there ways to lower the stress caused by money woes?
That is the million-dollar question. Unfortunately, money stresses are the woe of so many people.
One of the biggest ways to lessen the money burdens is to change your mindset.
Start thinking outside the box
It’s not always easy to do, but if you can train your mind to think about money differently, it can be a benefit that is helpful for all.
Money is often viewed negatively, but what if there were a different way to think about it? Students could challenge themselves to think of ways to reduce spending money without limiting themselves to less healthy options or food.
One easy way to be an option is to check with the local grocery stores about when they discount goods. Most stores will discount their fresh products rather than just throw them in the trash.
The results? The fridge gets stocked with healthy and amazing food options for a fraction of the cost! All you have to do is ask and see if this is something that they do.
Some grocery stores mark down daily, while others are on a rotational schedule depending on when the food needs to be changed and moved out.
See where expenses can be cut
When you already feel like you’re cutting down on services and products, it may feel quite depressing to see if there are other things that you can cut back on.
The easiest way to find out if you need to cut expenses is to automatically look at what is being pulled out monthly. Students will be shocked to see how much money they have going out of their accounts that they might not even realize!
The great thing about living in the world we live in now is that there aren’t contracts for many services. This means you can cancel or stop services, pause them as needed, and then start them back up later down the road.
Cutting out a few streaming services for a few months can easily put a few hundred dollars back into your pocket.
That money can then be used for other things and purchases that are needed rather than things that might only be wanted.
Understanding wants vs needs
Students have a delicate balance of understanding what they need to have and what they want to have. Students need to be able to get to work and class, have food and shelter, and extra money for other needed expenses.
If they can find a way to pay their bills and make those money needs happen, the money wants can wait for another day.
College students must find a way to cut costs and still make it out independently. With only 9% of students saying they’re comfortable with their money situation, it’s a problem that needs to be addressed.
One of the biggest things to remember is that money woes can be temporary with patience and planning. Just because the money is feeling low and tight now doesn’t mean that is how it will always be.
The stress of the world and money issues may be present currently, but students can forge their path and try to find a way to get into the green. Getting an extra job, finding ways to sell off some of their items, or seeing if there are grants or scholarships available through the school are just a few options that students can do.
One thing is for sure. This study proved that it’s a very stressful time right now for students to try to find confidence in money. If they’re looking for a way to find peace of mind during this time, they will have to make a few changes and see what gives.
