Ways to cope with financial problems as a student
As well as reducing stress, having control over your financial problems can ease financial anxiety and worries around money. As this eases off, you’ll have more energy to focus on your academic studies, social life and it will provide you with greater peace of mind.
We understand that the cost-of-living crisis impacts everyone at varying degrees, and when you’re on a student budget, things can feel extra challenging.
Here are some practical ways you can cope with financial problems as a student and get mental health support to manage it in the long run.
1. Budget for the term
This is especially important if you live on campus or in a student house. See what your ‘starting pot’ is for the academic term and divide it by the number of days to get your daily spending budget. You may even find it more digestible to try weekly or monthly budgeting, depending on your preference.
Next, you’ll want to jot down all of your outgoings such as your rent, utilities (if they’re not already included), phone bill, travel and any other subscriptions. Next, you’ll want to budget what you’ll need for groceries based on the budget you have left. By setting yourself up for success this way, you can ensure you stick to a budget that doesn’t leave you worse off before you even hit the end of term.
2. Seek additional income
It’s not uncommon for students to seek a part-time job. Not only can this add skills to your CV, but it can help supplement income and even off-set some of your outgoings. It’s a great way to build a bit of stability and even build a rainy-day fund.
There are also other ways to supplement your income, such as:
• Freelancing – even whilst building up a portfolio in your field
• Selling items on marketplaces like eBay or Vinted
• Using cashback sites when paying for items online
3. Check if you qualify for grants or bursaries
Universities and colleges may offer bursaries for students from lower-income households. They may also offer subject-specific bursaries if you achieve certain grades. Other types of bursaries include:
• Subject(s) performance
• Estranged student
• Caregiver
• 16-19
• Hardship funds
• Fee waivers
Contact your institution to find out more about accessing these bursaries if they apply.
4. Discover free or cheap things to do in your area
Student culture is synonymous with drinking. But if that’s something you don’t indulge in or can’t afford to do, then there are other ways to make the most of your student life.
Most universities have a student union where they will host free or heavily subsidised activities for students. There may also be societies you could join in your special interest (there really isn’t a shortage of them!) which are free to join.
And if neither of those take your fancy – apps like TikTok are great resources for finding local attractions and hidden gems in your area. You may just discover a secret park or a bargain of an eatery you can enjoy instead.
5. Make the most out of your student discount
Students get a certain amount of discount when shopping in various high street stores or eating out. This means cheaper prices all round! Be sure to have a valid student ID with a date on it wherever you go – as some places won’t accept a generic photo ID card with no valid end-of-course-date. While some of the discounts may be menial, they add up over time.
6. Seek financial advice
Budget miscalculations and unexpected costs happen. If financial worries are impacting your mental health, then professional advice is a must. Your university may be able to connect you with a financial advisor or have in-house resources to support. Alternatively, you can contact the Citizen’s Advice who may have additional support lines that can help, as well as other extra funding options.
Another option is to use your institution’s Student Assistance Programme. They provide a support line for students to get free counselling, financial and even legal advice 24/7, 365 days a year. Speaking of free counselling…
7. Get counselling support if you need it
Speaking to a third party with a professional background in mental health can really help you express your feelings and gain a greater understanding of them. It may feel awkward at first, but verbalising your financial concerns and labelling them is the first step to tackling them head on. Plus, a counsellor can help you reframe your financial worries into more practical ones that can support your mental wellbeing in the long run.
8. Practice self-care
While it’s good to have control of your finances and a strict budget, you need to ensure you are making time for self-care. It doesn’t have to involve spending money on shopping, treatments or other leisure activities – it can look like simple things such as doing stretches, relaxing, taking baths, cancelling a plan you don’t want to commit to, making a nice meal for yourself…the possibilities are endless. Not sure where to start? We have a whole host of self-care ideas for beginners you can try.
9. Confide in others if you feel comfortable doing so
It’s not uncommon for students to go through similar financial journeys. It may help to confide in those closest to you and even help each other be accountable on your budget and spending. If you feel unable to speak to fellow students, it could be useful to speak to friends and family back home who have known you for a lot longer and may be able to offer some words of wisdom.
10. Reframe negative thoughts into practical ones
When it comes to the financial pressures experienced as a student, it can be all too easy to fall into negative cycles of thinking. When you catch yourself thinking a negative or unhelpful thought, it’s a useful exercise to try and reframe it into something more productive and rational. For example:
• “How am I going to survive?” – “Let’s see where I can get the help I need”
• “How could I let myself burn my budget?” – “Everyone makes mistakes, let’s try put things right where I can”.
