Managing Financial Stress

Why It Matters

Financial stress is a common experience in college, impacting not only your finances but also your mental health and academic performance. Developing financial awareness and proactive money management skills can make a significant difference, helping you feel more in control and reducing financial-related anxiety.

How to Manage Financial Stress

The following framework focuses on practical actions that can help you take control of your finances and connect you with additional resources:

1. Budget wisely and plan ahead by tracking expenses and setting financial goals. Use a budgeting app or a simple spreadsheet to keep track of every expense, from rent to small purchases, and identify both short and long-term financial goals. These goals will help you prioritize spending and give you something positive to work toward. Make sure to reflect on your financial habits on a weekly or monthly basis to ensure your spending aligns with your financial goals and obligations.
2. Utilize financial aid and scholarships. Visit the financial aid office to check out options for financial support, including scholarships, grants, and work-study programs. Many scholarships are available beyond academic or athletic achievements, so take time to research options. Explore other campus resources by using ASU tools to find scholarships that match your background and goals. Even a small amount of financial aid can help reduce stress and ease your budget.
3. Reach out for additional resources through the Pitchfork Pantry if you need food. You can also contact the Student Success Center, where you can connect with a peer coach who can help you find additional opportunities and support.

When to Use These Steps

When you feel anxious about your finances or notice that money concerns affect other areas of your life. Whether you are just starting college or want to improve your financial habits, these steps can help you reduce your stress and increase financial security.

Action Steps

This week, review and download a reliable budgeting app or spreadsheet to start tracking your expenses. Over the next month, identify and apply for potential scholarships that align with your interests and needs. Keep in mind that every little bit counts. ASU has a variety of surveys and research studies you can participate in for money.