Financial stress is mounting up at the moment, with a CNBC survey finding that 70% of us are feeling the pinch. This is amplified for students more than many other groups because they have less cash to work with in the first place.
In these uncertain times, financial planning is the only way to roll back the anxiety that comes with making ends meet, so here are a few cornerstone tips to make this possible.
Table of Contents
Leveraging Scholarships and Grants
First up, securing scholarships and grants is a great way to reduce financial stress when you’re studying to work in healthcare and beauty. There’s a wide range of financial aid available for aspiring cosmetology students, which can significantly lighten the burden. This includes:
- Institutional Scholarships: Many schools offer scholarships based on merit or need. Check with your school’s financial aid office.
- Government Grants: Look into federal and state grants like Pell Grants that don’t require repayment.
- Industry-Specific Funds: Organizations like the American Association of Cosmetology Schools provide funds specifically for beauty students.
- Local Community Programs: Local businesses or community organizations often support vocational education through targeted scholarships.
In order to identify and secure the right type of support, take these steps:
- Research all possible options early.
- Complete applications meticulously, as small errors can cost you money!
- Follow up regularly on the status of any application you submit to ensure you’re in the loop.
Crafting a Realistic Budget
Without a well planned budget, you won’t be able to manage your finances efficiently while you’re in full-time education. Whatever subject you’re studying, having a clear plan keeps you focused and reduces financial stress. It’s an example of how making mental health a priority is wise for a multitude of reasons.
Start with these steps:
1. Calculate Monthly Income
Include part-time job earnings, grants, scholarships, and any family support. This is your baseline for what you can afford.
2. List Essential Expenses
This will include:
- Tuition fees
- Books and supplies
- Rent or dorm fees
- Groceries
3. Identify Variable Costs
Not every outgoing is set in stone. Keep tabs on:
- Transportation (gas, public transit)
- Utilities (electricity, internet)
- Personal care items
4. Allocate for Savings
Set aside funds for emergencies, as unexpected costs can derail your budget fast and responding rapidly is better than letting this scenario worsen exponentially. This is a safety net that 53% of people don’t have whatsoever, so don’t fall into this trap.
5. Track Every Expense
Use apps like Mint or YNAB to keep tabs on spending. Also bear in mind that virtually every modern bank has an app which can do this for you. You just need to get over the fear that comes with checking your account balance – which is easier to do once your budget is on track.
6. Adjust as Needed
Your financial situation might change, so stay flexible to adapt quickly rather than sticking to your guns for no good reason.
In short, a structured budget ensures you’re prepared and allows you to focus more on education rather than worrying about money issues constantly.
Final Thoughts
Once your finances are in order you’ll feel so much better about everything, because you will have that fundamental certainty backing up every decision you make.Â
This really is the best way to thrive as a student when you’re studying healthcare and beauty, because there’s a lot to take in, and you want your full attention on the learning experience.
In addition, the habits you form while you study will give you a good grounding for financial stability in the future, which is something we all need.
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Whether she is researching the latest trends in home decor, life-changing destination getaways, or the best way to maintain your finances, Dewey takes pride in leaving no stone unturned. She is passionate about distilling and delivering high-quality information that you can use to upgrade your life.
