Managing Financial Stress as You Start a New Semester

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A new semester starting means more textbooks, food, tuition, rent, and so many other expenses that just seem to keep piling up. The financial stress that follows is only natural, but that does not make it any less taxing. Managing this can be very difficult, but everyone needs to combat it somehow. Here are the best tips on managing financial stress as you start a new semester.

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Take Advantage of Free College Resources

As the semester starts, pay attention to upcoming events on your college campus. Many offer free events throughout the semester that only require your student ID. These can often include some kind of free food, which will help you save on groceries or takeout.

There may be many services that your college offers that, while may not be directly free, are included in your tuition. This could be counseling, your meal plan, or other money that you can only spend on campus. Counseling is especially important as financial stress can have negative impacts on your mental and physical health.

Use these to your advantage to help you save! Instead of going to a different therapist, use the ones at your disposal at school, use your meal plan and eat at the dining hall instead of taking out. While the food isn’t exactly a five-star gourmet meal, it will still get you fed and sometimes you can sneak some cookies out to save for later.

Do not look down on on-campus services because they are there for YOU. Use them to save as much as you can!

Cut Off Certain People

You have probably met people who look down on you for your spending or lack thereof, degrade you, or always try and convince you to spend money you do not need to, such as a night out. It is honestly best to distance yourself from these people. You are already facing a financial burden, you do not need to spend time with these people when they only bring you harm! Spend time with like-minded individuals or at the very least, people who respect your limits when it comes to spending. Once you find people who are happy to spend a night in cooking and rewatching old movies, that will help significantly.

Avoid Unnecessary Purchases

Sometimes, things do come up that are unexpected and you need to make a purchase, but there are certain ways to avoid some of the really unnecessary ones to help you cut back on spending. For instance, carry a refillable water bottle around if you get thirsty while out and about, instead of buying a new disposable bottle. While they are not expensive, the cost can add up. When it’s empty, find a sink or water fountain to fill it up. Keep snacks on hand so you don’t have to go out of your way to buy them, and save this way! The cheapest option is going to be what you already have.

Create a Budget

It should go without saying, but you must create a budget when you have limited spending or financial stress. Whether you use an app or a pen and paper, this will let you see where exactly your money is going. In fact, looking at your budget and spending can help you see where you’re overspending and should cut costs!

For example, are you spending too much on renter’s or tuition insurance? It’s time to shop around for a better plan! Luckily for you, GradGuard offers great packages at a fraction of the cost of other companies. They have low deductibles and will protect you in case of theft, fire, and severe or chronic illnesses. They will help save you so much money compared to other insurances and now you do not need to stress about something happening to your valuable belongings.

Look at other services you may be overcharged for and look for cheaper companies, limit your spending, and designate savings each month. Even if it’s a little bit, it will be better than blowing through all your money and having nothing left.

Keep an Emergency Fund

Now that you’ve created a budget and started saving a little more, you should also keep an emergency fund. If you have extra money right now that you could put there, do it. Now, this fund is not something you can dip into unless it’s an emergency. Do not use it to buy concert tickets, takeout, or anything unless you absolutely need to. It might be tempting, especially if you have more money in there than your checking account, but having an emergency fund to use in times of need will lessen the burdens of financial stress. Knowing you have money if you need it can help lift a load off of your shoulders.

Managing this financial stress is not going to be easy, but it is definitely doable, so long as you follow these tips!

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