Finding financial stability during the holiday season
Saving money and staying grateful during the holidays can be difficult — especially as a student facing finals and busy holiday schedules.
However, there are several ways students can relieve financial stress during the holiday season. Utah State University offers resources for students struggling financially through a variety of different avenues.
USU’s financial resources are all stored under the Student Financial Support team which comprises three sections: the Financial Aid Office, the Scholarship Office and the Student Money Management Center.
Through the Student Money Management Center, students can obtain free finance coaching. Although all students should receive an email from the center at some point throughout the semester, students can schedule an appointment anytime online.
The center advises students on budgeting and creating a financial plan. Coaches meet with students to look over their financial situation and create a spreadsheet outlining a year-long plan including any expenses and income.
This plan allows students to see in detail what their financial situation is, what they need to work on and specific budgeting options.
Coaches also provide information about student loans, investing, credit cards and advice for creating a budgeting system.
According to Darrell Harris, the Student Money Management Center director, creating a year-long plan not only helps students be smarter about their money but helps relieve stress.
Harris said many students who come into the center already looking to apply for a student loan realize they don’t actually need a loan when they see all of their finances laid out. Rather, small changes in budgeting can make the needed difference.
“It’s the ambiguous or not knowing what my future holds or what the plan is,” Harris said. “That’s what creates the stress.”
Harris recommended students create a financial and budgeting plan. This can help students relieve stress especially during a financially stressful time such as the holiday season.
The Financial Aid Office covers federal and state aid for students, including work study and grants available to students. According to Craig Whyte, the executive director of Student Financial Support at USU, there is financial aid available for students enduring difficulties due to the pandemic or other extraneous circumstances.
“The Financial Aid Office is involved in providing grants to students to help them overcome expenses that students have incurred due to COVID,” Whyte said.
The Scholarship Office helps students apply to institutional and third-party scholarships in the community.
However, not all students are aware of their financial aid options. Some grants or scholarships have requirements and applications students have to apply for.
“The student has to take the initiative upfront to look,” Whyte said. “We just can’t disperse money into a student’s account.”
Harris suggested all students take a look at USU’s financial support website to explore the financial resources USU offers. Students can schedule appointments with staff in any of the three offices via the website as well.
Although USU provides a variety of resources such as coaching and grant and scholarship options that can relieve some financial stress, staying financially smart is ultimately up to the student.
Harris recommended students take measures such as budgeting to relieve stress. This can include systems such as opening multiple checking accounts for specific expenditures such as food or fun outings. Depositing a set amount each month in an allotted account ensures a specified budget is met throughout the year.
During the holiday season, both Harris and Whyte suggested students stressed about finances find other ways to celebrate such as giving time rather than gifts.
“Gifts don’t necessarily have to be gifts that are purchased,” Whyte said. “They can be gifts of service, or gifts of time and often service or time will mean a lot more to someone else.”
On a similar note, Whyte encourages serving others as a way to both relieve financial stress and stay grateful during the holiday season. Whyte said developing a wider perspective of the world and one’s own financial situation can help one stay grateful even despite financial difficulty.
“The best way to keep perspective is helping others and to serve them,” Whyte said.” And to get out of our own little world for a short amount of time to recognize what’s happening around us and allow us to refocus and to move forward.”
Visit the financial support website at https://www.usu.edu/financial-support/