Students: Stop Overthinking Your Financial Future

Financial Future

The countdown has begun – there’s less than one month until the start of classes! It’s a time when students begin to take inventory for their back-to-school needs, and ensure they’re financially prepped for the upcoming year. But, even though the year has just begun, most can’t help but feel some long-term anxiety – what’s in store for our post-grad careers?

Future financial stability is definitely top of mind for students, according to a recent report by RBC. The report finds students are becoming increasingly more stressed in regards to finding a job (45 per cent) and to be financially independent (38 per cent) upon graduation. You’d think that would make students more inclined to save during the school year.

As I begin my forth year of my program, upon reflection, I’m definitely guilty of over-thinking the “what’s next” after I graduate. Here are a few tips that I’m using to help keep me grounded for the upcoming year!

Don’t Spread Yourself Too Thin

More often than not I’m juggling five different tasks – definitely a source of stress! It’s unavoidable when working part-time and maintaining a full-time course load, which is generally the norm to extend your financial safety blanket as much as possible. Looking back, I wish I had been more focused; while you are in school, the focus should be on doing the best you can. Spend your off time from school saving the best you can in order to seriously get the most out of your education.

Be Financially Disciplined

Seems like a no brainer – but this advice often falls on deaf ears. We are students – we’re supposed to be poor right now. If that means giving up the premium cable package in your dorm, so be it. Try and focus on the necessities when budgeting for the year. Separating the wants from the needs will help to determine if that new phone or tablet is something that will truly help your studies. Not to mention doing so will help you to stay on top of your budgeted financial goals!

Also read; 3 Tips: Avoid Back to School Overspending>

Focus on Now, Rather Than Later

Take a deep breath and slow down – time will pass much faster than you anticipate! Take everything in stride – day after day – and remain focused to prevent mental exhaustion. Whatever you postulate regarding post-graduation will work itself out in due time. Just because your parents may have moved out and started a family at 21, does not mean that you have to be in the same boat financially at that age. A focused work ethic will trump having to work that extra overtime three days a week, especially if it’s just to save a little more for that emergency that may never come.

Don’t be Afraid of Mom and Dad

Seriously, they only want to see you succeed. Make sure that you try and maintain an honest and open line of communication, as this can help prevent the stress on both sides when you speak on the same or similar wavelengths.

Related Topics

Saving for Education / Savings / Savings News

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