Yusra3
VIP Contributor
Despite the best planning, many cash-strapped students scrape by paycheck-to-paycheck and ultimately find themselves in scary situations living beyond their budget at some point during studies. When the money completely runs out, here are 6 constructive strategies to get back on steady financial footing so you can focus on exams rather than finances.
1. Investigate Student Loans and Available Aid
Most universities have avenues to provide need-based grants or expedited student loans for students facing urgent hardships threatening their ability to finish degrees. Ask advisors for help accessing extra support.
2. Call Parents as a Last Resort
While not ideal, parents may help cover gaps if absolutely necessary after maximizing all other options. However unrealistic pride should not jeopardize goals. Be transparent around the full situation and commit to devising a sustainable budget plan that prevents this in the future.
3. Search for Campus Side Gigs Immediately
Check university job boards for openings allowing flexible shifts like tutoring, event setup, lab research assistants and part-time office roles that work around existing course schedules to quickly supplement funds in a pinch.
4. Consider Credit Card Rewards Bonuses
For needs like grocery purchases you won’t realistically avoid with $0, look into credit cards offering promotions like $200 cashback after initial spends over $500 that provide some initial breathing room. Again, solid budgeting afterwards remains essential to avoid debt.
5. Lean on Supports Like Friends and Food Banks
Be humble and honest in asking for temporary help like crashing on buddies’ couches to lower housing costs or accessing campus food banks to ease daily costs as stopgaps on the way back to self-funded stability.
6. Analyze Spending to Prevent Repeat Crises
Once finally financially sound again for the term, carefully audit unnecessary spending categories that aren't an absolute must during studies driving avoidable budget deficits. Establish an emergency fund with savings of at least $1000 for true costs of campus life.
While tap dancing around an empty bank account brings tons of additional stress as a student, know that university finance departments and supports aim to ensure no committed learner abandons educational pursuits solely based on lack of money alone. Support is out there during scary financial times - reach out.
1. Investigate Student Loans and Available Aid
Most universities have avenues to provide need-based grants or expedited student loans for students facing urgent hardships threatening their ability to finish degrees. Ask advisors for help accessing extra support.
2. Call Parents as a Last Resort
While not ideal, parents may help cover gaps if absolutely necessary after maximizing all other options. However unrealistic pride should not jeopardize goals. Be transparent around the full situation and commit to devising a sustainable budget plan that prevents this in the future.
3. Search for Campus Side Gigs Immediately
Check university job boards for openings allowing flexible shifts like tutoring, event setup, lab research assistants and part-time office roles that work around existing course schedules to quickly supplement funds in a pinch.
4. Consider Credit Card Rewards Bonuses
For needs like grocery purchases you won’t realistically avoid with $0, look into credit cards offering promotions like $200 cashback after initial spends over $500 that provide some initial breathing room. Again, solid budgeting afterwards remains essential to avoid debt.
5. Lean on Supports Like Friends and Food Banks
Be humble and honest in asking for temporary help like crashing on buddies’ couches to lower housing costs or accessing campus food banks to ease daily costs as stopgaps on the way back to self-funded stability.
6. Analyze Spending to Prevent Repeat Crises
Once finally financially sound again for the term, carefully audit unnecessary spending categories that aren't an absolute must during studies driving avoidable budget deficits. Establish an emergency fund with savings of at least $1000 for true costs of campus life.
While tap dancing around an empty bank account brings tons of additional stress as a student, know that university finance departments and supports aim to ensure no committed learner abandons educational pursuits solely based on lack of money alone. Support is out there during scary financial times - reach out.
