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3 ways to avoid money stress as a student



You’re trying to deliver the best at school, find time to catch up with friends, cook dinner for your special someone, get around to work out a couple of times a week, do laundry and remember to call mom to let her know that you’re alive.


When you move out of home and start studying, there is a lot of things to balance. How do you finance your life as a student living away from home? You need money to pay rent, food, insurances, gym membership, books for school - and in general, to live life. Lots of students have a hard time supporting their lifestyle, especially if they don’t have a side job while studying. At the same time, a lot of study programs leave little time for the students to work while studying.


So what do you do if you can’t find enough hours in a day to make money to pay for your lifestyle while studying?


Don’t worry! Here’s some advice on how to manage the situation.


1. Find the loopholes in your finances


Study, study, study, find a job, work, work, work. Students pay a high prize trying to make both studying and working work together in a busy everyday life.


Does your heart start pounding when you think about the red numbers in your online bank? Let’s fix that. Because you’re totally able to live a good life although you’re a student.


If you’re financially stressed, you’re probably not spending all your money on to-go coffee. But even though you think you spend your money wisely, you’ll likely be able to find loopholes in your finances.


  • Scan your finances and consider the following:

  • Are you able to find cheaper insurance than your current one?

  • Is your gym membership the cheapest one available?

  • Are you taking advantage of what’s included in your phone plan?

  • Are you actually using the streaming subscriptions you pay for?

  • Do you tend to buy unnecessary things when you’re grocery shopping?


Finding these loopholes in your finances, you figure out just how much money you’ll be able to save in the long run. Try using Spiir to get a great overview of your money. In this way, you might discover that you’re paying for a subscription every single month that you rarely use.


2. Detect a financial balance


Some students find jobs that are relevant for their studying program. But how are you able to think about your career and maintain a job while studying full time? It’s tricky – you need to prioritize your time.


Do you need an A+ in all subjects? To do volunteer work? To immerse yourself in student networks? Or to work while studying for a good resume?


It’s all about creating a financial balance that works for you. Some people want to spend their energy engaging in student networks. Others feel good working a few hours a week at a cafe. Some spend all their time studying to get great results. Others take pride in a job that looks good on their resume.


Whatever floats your boat, and it’s up to you to figure out what works for you - without comparing yourself to what your peers do. In the end, these priorities need to make up a life that makes you happy.


3. Come to terms with your situation and enjoy the benefits


Some students with jobs are able to make a decent amount of money, but working while studying doesn’t result in a full-time salary. As a part-time employee, you’re most likely not to be paid if you’re sick or you’re not able to work.


With a tight student budget, you’re financially sensitive as your income might change from month to month. If you feel stressed out about working and studying at the same time, the answer is to cut down on studying or working. By making a decision that feels right for you, make sure that you’re accepting this decision and enjoy the benefits that come with that way of prioritizing.


If you cut down your hours at your job, you’re not going to make as much money which means that you have to cut down on your spending habits. On the other side, you’re winning more time that you can spend on something you enjoy.


Money can give you peace of mind, stability and a sense of security. The job will provide you tons of hands-on experience that will help you develop your personal, social and professional skills. Ultimately, working or not working while studying both have their pros and cons.


Do you want to avoid that money stress? The key is to figure out the loopholes in your finances, prioritize your time and enjoy the benefits of the decisions you make. This way, you’re in for a good time studying and possibly even working. And if you choose not to work while studying, that’s fine too!


Source: Magisterbladet.dk: Systemet er ødelagt, når hver tredje studerende er stresset, 29.09.2016



This blog post has been brought to you by Spiir. Spiir is a free money app that has helped more than 300.000 users in the Nordics get a better grip on their finances. With one single click, you can see how you’re spending your money in a smart and fun way. You can easily set up personal spending goals, so you become more aware of your spending habits, and control how much spend on to-go coffee, bus tickets and groceries. Download the app today.

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