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Your projects are nearing their deadlines, you have two more papers to write, a group presentation AND a Biology final that’s 30% of your final grade. Eek! Were they really thinking when they named this week “dead” week? For most students this week feels anything but dead. (Only because a steady supply of coffee and Red Bull is keeping you alive and functioning). If you’re feeling an increased amount of stress this time of the semester, you’re not the only one. In addition to study woes, you might be worrying about paying another months worth of rent, or if you’ll have enough money to move for your first full time job. We don’t want to add financial stress to the mix, so take these precautionary tips to help financial de-stress your life!

Create a Budget – At first, you might think that budgeting your money is only going to add to your financial stress, but it is actually the opposite. Budgeting is the best tool you can use to get control over your spending and make sure you’re not shorted at the end of the month. Start thinking about what expenses you will need to have covered by next month, and take the steps today to implement some saving strategies into your budget. Instead of going out every weekend, or spending your paycheck on a new summer wardrobe, set aside some money for your upcoming summer events.

Get an Emergency Fund – If you set aside some money for an emergency fund, that will create peace of mind for you and will alleviate any feelings of stress if something unexpected happens. We all know flat tires and last minute medical bills pop up out of nowhere and are never at the right time. With having the emergency fund, you will be prepared to cover that bill instead of relying on credit cards or parent’s help – no sweat! Shoot to have at least $500 – $1,000 saved up in your emergency fund to start with. Investigate an option with your bank to have a portion of your paycheck automatically deposit to your savings account. It’s easy and stress free!

Make an Appointment with us! If you are struggling with creating a budget or developing a savings plan on your own, we can help make the process stress-free. We can walk you through step by step to help you get a handle on your spending, in addition to providing other resources, such as taking a personal finance class here at Iowa State. (HDFS 183 or 283) If you are feeling overwhelmed by your student loan debt, we will make it easy to understand your loans and your repayment options. Contact us via email or phone below!

Check your Credit Report Regularly Identity theft is no joke. This financial stressor can be prevented by regularly checking your own credit report, and monitoring your statements. If you see erroneous activity on your credit card statement, be sure to dispute the charge with your credit card company. If you see an account on your report that is not yours, contact the bureau and the creditor to get it removed. Also – do not fall victim to the many student loan scammers that are out there. They prey on student loan borrowers by promising loan forgiveness and lower payments. If it sounds too good to be true, just hang up the phone!

Strive for Balance Finally, it is importance to find the balance between work, school, saving and enjoying your life. Take time to relax regularly and know that you cannot conquer all of your financial troubles in one day. It takes time to get the hang of budgeting and choosing to save your money over spending it. One month you might be a savvy spender, but the next you decide to ‘treat yo self.’ It’s all about balance!

If you’d like to make an appointment so you can financial de-stress, email us at loaneducation@iastate.edu or call 515-294-0677.