4 Ways to Deal With Financial Stress as a Part Time Student

The rising costs of living have undoubtedly presented new challenges for the general population, but as a part time student, the issue can often take a toll on your mental health in the form of financial stress. Financial stress among college and university students is nothing new, especially since not everyone comes from the same financial background. Some of the typical causes of financial stress for college and university students include, but are not limited to: 

• Tuition and course fees
• Student loans
• Living expenses
• Unexpected expenses (medical bills, sudden repairs to vehicle, emergency travel plans) 
• Lack of stable income (unstable part time job opportunities, temporary jobs)
• Lack of financial education

Unmanaged financial stress is a complex issue that can have significant long-term consequences on a student’s mental health and financial standing in life. Seeking higher education is always a great investment, but due to the rising costs of attending college or university over the years, the goal of holding that degree or diploma may be starting to look more and more like just another daydream for aspiring students. However, don’t give up on your goals just yet. With proper financial planning and quality education as well as good stress management techniques, you can certainly overcome the effects of monetary stress. Now that you know what the top few causes of financial stress among college and university students are, here are 4 ways on how to deal with them: 

1. Strategise a budget plan

Having a good budget plan is half the battle won, so start by creating a budget that lists out your total income and expenses to help you keep track of your money and identify the areas in which you can cut back on spending. Consider cutting out unnecessary expenses such as eating out and reducing your entertainment and shopping budget as well. Meal prepping, cooking at home and taking public transportation may also be able to help you save more money.

While we’re on the subject of strategising and budgeting, keep in mind that while it can be tempting to rely on credit cards to make ends meet, taking on more debt can lead to more long-term financial stress and is therefore not advisable. Instead, it might be better to stay on top of your bill payments and deadlines to avoid late fees and extra charges.

2. Seek financial advice and financial assistance

It’s important to know what your options are when it comes to getting financial assistance for your studies. Consider talking to UNITAR’s education counsellors for more advice and support. Don’t forget to also look for financial aid options such as scholarships and government loans to help. 

Getting financial advice on how to manage your money will be helpful too. If you’re not sure where to start looking for free financial advice as well as how to go about getting a proper financial education, governmental bodies such as Agensi Kaunseling dan Pengurusan Kredit (AKPK) may be able to nudge you in the right direction as they offer services such as financial counselling and educational materials on how to manage your money. 

3. Look for an additional source of income

Studying part time while working at the same time might sound tough, but if you can manage your time well, do consider doing so as it will help supplement your income and reduce your financial burden too. You can always opt to take on a part-time job, freelance or even start a side hustle by utilising your talents and skills. Who knows, you might even discover a passion for managing your own business!

4. Set aside emergency funds

It can sound contradictory to set aside money for emergencies when you’re already strapped for cash, but putting aside a sum of money no matter how small will help tide you over in the event you encounter any unexpected expenses. 

The knowledge that you have a financial safety net can also help significantly with overcoming financial stress and contribute to better financial stress management. Having an emergency fund will also mean you can maintain financial stability in the event of job loss or a sudden decrease in income. Experts recommend that you try to save up to at least 3 to 6 months’ worth of living expenses to help alleviate your money worries.

Financial stress is a common point of anxiety among college and university students, and it’s no different even if you’re a part-time student. The good news is you don’t have to go through it alone. There are plenty of financial literacy courses and financial assistance programmes available out there, so keep your chin up, check out our list of financial aid and scholarships and reach out to us at enquiries@unitar.my to find out more today! UNITAR not only offers competitive pricing when it comes to our university programmes and courses, but we also have millions available in financial aid and scholarships no matter what mode of learning you choose. Don’t just take our word for it though, see for yourself how UNITAR is making education affordable for everyone right here.