Impact of Financial Burden on Student’s Well-being

Rising cost of living impacts students’ engagement and success. A recent NUS survey reported that 80% of the students struggle financially after a pandemic, more than 60% of students have to work during their break hours to afford their studies, which is negatively affecting their studies.

Students are worried about being able to eat food and pay their bills. These students are more likely to encounter stress as the global economic crisis rages. A combination of climate shocks and pandemic-19, triggered a steep increase in food-price inflation. When prices rise faster than wages, students struggle to afford basic necessities while maintaining a certain standard of living.

In most of countries, universities are responsible for ensuring students who need help to meet running costs while completing their studies including their own hardship funds, through bursaries and scholarships. To support students, the government allocates a budget every year which they can draw to reduce their financial hardships. However, limitations on state funding may restrict access to higher education and reduce the quality of the education in future.

How does the cost of living affect students Academic Performance?

The higher cost of living and difficult access to financial help are forcing students to work more hours to make ends meet. Also, inadequate support from the government plays a crucial role in supplementing their incomes. The result is leaving their studies behind. Increased financial stress also jeopardizes their ability to focus on academic performance. They don’t have sufficient time to do well in any sphere of life — academic, social or professional.

Does financial stress affect students’ educational career?

Money is the most common reason for students dropping out from university. Worries about money lead to ongoing stress, anxiety or even depression. The mental health of students is affected by financial burden, along with stress and loneliness. They also felt restless and dreadful. Their ability to focus on mindful situations deteriorated.

Most of the students who are in financial distress are more likely to discontinue their education. Dropping out of schools decreases students’ earning potential and opportunities.

It is clear from the students’ voices that this situation is damaging for their academic progress. They had to stop going out with friends to save money so they could afford their bills. In the long run, this crisis threatens their academic achievement and excellence with the impact of being prevented from performing their best. This situation impacted more on the students from socio-economic backgrounds who might need to drop out because of the inaccessibility of the finances needed to survive university life.

Why is budgeting important for students?

As a student, it is crucial to have financial independence while studying in a university with rising cost of living. This can eliminate financial stress by staying financially fit. Budgeting helps them to make a good financial standing. It is simply an intended spending decision that students make. You track your expenses and lower operating costs to the lowest possible amount.

Students can moderately manage their finances and effectively deal with their academic burden all at once by paying someone to do my assignment available that offer academic assistance at really cheap rates. However, sometimes the overwhelming financial chaos makes students deprived of their decision-making skills, leaving them with no Plan B and just confusion. It also helps to control how much you are setting aside for living and savings. So you can easily stick with your goals which helps you reduce stress and anxiety.

It is important to gain financial education before entering a university. We can understand that with daily activities, assignment deadlines and society meetings they have less time to have a check on budget. But having and staying on an expense tracker is an important part of growing up and being more independent to trail their basic needs.

This is a smart spending habit that will help them throughout their journey when they have their own house or to pay bills. Most universities offer advisory help to students that emphasizes everything finance-related. It’s necessary to have a savings goal i.e. a trip to a Super Bowl match or buying new clothes so you will be able to keep track of expenses. Set realistic goals that will motivate you to stay focused.

A Budgeting Rule — 50 30 20 Method

Budgeting shouldn’t be complicated either, it takes lots of your time. The 50 30 20 rule is a straightforward strategy to use money more efficiently. You have to divide your money into three categories based on your after-tax income. It’s a realistic spending plan that actually works. The rule states that 50% of the net pay is reserved for needs and the other half split into debts or savings.

This method of budgeting can help you feel more reassured and gives you full control of your financial picture. Adhering to this rule can help university students to reduce their financial stress. When students set aside 20% of their income for savings or debt repayment, they make a habit of saving. Building an emergency fund provides students a safety net during unexpected financial constraints, minimizing strain related to financial insecurity.

Financial literacy — A sense of security

Financial literacy equips students with the knowledge to manage their income effectively. Being financially literate also gives them a sense of control over their finances. They understand the priority of expenses and avoid overspending.

They are able to set and work on their financial goals whether it’s saving for tuition fees, retaining an emergency fund or planning for post-graduation expenses. This can lead them to a more stable future and peace of mind.

Assignment Assistance Eases Financial Stress of Students

Balancing a challenging academic workload under financial stress can be extremely difficult for university students. The majority of university students today are struggling with unfamiliar concepts, lack of subject matter expertise or weak research and writing skills. If they seek assignment assistance to reduce deadlines pressure, it provides vital support while managing other responsibilities.