College is often seen as a way to prevent future financial stress. Get a degree, a good job, start saving for retirement, and everything will work itself out. But paying for college in the first place can be a major source of stress for students.
Seven out of 10 college students feel stressed about their personal finances, and nearly 60% said they worry about having enough money to pay for school, according to the National Student Financial Wellness Study. But though college itself may pose monetary issues, over 75% of students see it as a worthwhile investment and expect to be able to support themselves once they graduate.
The university offers several resources to students who want to implement better financial habits. Review the ones listed below as a starting point.
Center for Financial Wellness
Take advantage of UT’s Center for Financial Wellness as it celebrates Financial Literacy Month during the month of April. Workshops that address things like credit, loan repayment and the psychology of money are great resources for college students looking to gain some insight into money management. Registration is found on their website.
Additional CFW opportunities
This generation faces more financial choices than any previously. To supplement this, use your UT email to sign up for CashCourse, an interactive website that walks you through topics related to budgeting and good credit. You’ll also learn the key characteristics of student-oriented scams and how to protect yourself against identity theft.
A secondary resource offered through CFW is an interactive spending plan. It shows you how to prioritize different wants versus needs and introduces the fundamentals of saving for an emergency while simultaneously meeting financial goals.
Have some affordable fun
For most students, the peer pressure to have high spending habits and stay up to date on the latest trends can eat holes into their pockets. Why not spend a few weeks switching out expensive habits for affordable ones that are just as fun?
On-campus opportunities include UT Athletics, the Clarence Brown Theatre and the UT Gardens. If you’re into running, the Neyland Greenway might offer a great change of pace (pun intended) and scenery. Touring the Sunsphere downtown is only $5, while the Knoxville Museum of Art offers free admission and is conveniently located downtown.
Talk to someone
CFW also offers individual appointments with peer guides to go over finances, goals and work out a plan. These can be scheduled through MyUTK and Vol Academic Connect. Check their website beforehand to see what you should bring.
Money doesn’t have to be scary. Remember that part of college is learning how to handle personal habits, not just academic ones.
