Money makes the world go round

College students are pushed to grow quickly. Besides dealing with all the changes to college itself, something new comes into the picture: financial stress. College students face important financial decisions. Some receive family help, others pay for their education, often relying on student loans and credit cards. Colleges must address both the psychological and practical aspects of financial stress. This support enables them to aid their students’ mental health. Moreover, it helps students achieve academic success.

College students suffering financial stress have poor physical and mental health. They do not eat properly. They do not sleep enough. This lowers their immune systems. It also leads to mental health symptoms. Irritability, anxiety, depression, and substance abuse are frequent. All this results in subpar academic performance.

Financial stress can affect us regardless of our age. For young adults, money is at the top of the list. Financial worries are impacting their mental health.

To pay for college, young adults apply for scholarships, grants, or ask for student loans. One out of three college students remains living at their parents’ house to avoid the costs of housing. This can strengthen the relationship with parents and siblings. Nonetheless, it can also lead to isolation from peers. Students also miss out on “on-campus” social programs or events.

What can young students do when feeling financial stress?

1. Be aware of the process. Keep goal-oriented. The attitude towards your financial reality is as important as the role reality itself plays in your game.
2. Learn about finances. Ask your school or bank for detailed information. Remember, Information always sets you free. Knowledge will have a considerable influence on your financial behavior.
3. Ask for help. It is important to know when and where you can turn for advice. Talk about your financial concerns with trusted family members. You can also discuss them with friends or even a counselor. This can help you feel less overwhelmed. It can also make you feel less isolated.

Financial problems carry a strong social stigma. Debts and financial stress can cause mental health issues. Society judges financial instability as a personal issue due to irresponsibility, laziness, or lack of intelligence. Even though they might be linked, sometimes, other structural factors take place.

Learn to cope with financial stress.

Try these tips to cope with your financial stress. These tips will not resolve your financial worries (unfortunately). But they help you have a clearer perspective. A better attitude will help you deal with the stress it causes.

• Get enough sleep.
• Move
• Take time off. Relax
• Find your spending triggers.