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Student Vs Cost Of Living

How easy is it being a student?

Being a student and learning to live independently already proposes its challenges, yet now the factor of a cost of living crisis has entered the equation with most students not knowing the correct steps of budgeting and their opportunity costs. This poses the threat of students finding out the hard way how difficult money management can be, whether that be stretching their time thin with a part-time job or choosing to live a quieter lifestyle and sacrifice their desires (e.g. going out with friends, buying clothes or eating higher quality meals). These choices have become common within student living, however now with a cost of living crisis even keeping warm has become an issue. With students needing to find housing for next year in order to continue their studies, they have been faced with a conundrum as many houses and flats have drastically increased their rent, with an influx of non-inclusive bills as landlords understand the cost threats our country now faces.

Impact of money on mental health

These new worries and problems will hit students hard with little to no experience of this kind of living and can be considered dangerous to mental health. Mental health is already a prominent issue within today's generations and with deadlines to meet, bills to pay and the need for a social life to prevent going insane, students will struggle more than ever. This can spiral students downhill becoming demotivated and lead to depression. As stated previously, the stress of being a student alone can be troublesome, with an increase in anxiety and depression and financial issues will just pile on top. These problems can be tough weights to carry, especially for students living far from home who could end up feeling alone and drown in the multitude of issues they are faced with.

Future of this generation

Furthermore, when students eventually graduate and continue their ambitions in the real-world they will struggle to find stability as not only will they be paying back their student loans, but now the threats of rising tax rates as a result of the impact of covid-19, as well as the pressure of buying a home with current prices being near impossible to reach in comparison to average wages.

Excessive student loan debt may affect students’ career choice, diminish quality of life, negatively impact their ability to give back to society, and delay progress on achieving other financial goals, such as saving for retirement.

With obstacles and barriers faced at every corner it would not be surprising to see our future generations really struggle in become stable in life and having a balanced lifestyle. Will there be success stories or just a seemingly inescapable debt following our students of today?

Financial solutions

Although times can seem tough it is certainly possible to rise above and overcome the challenges we face in this world. This also applies to financial problems, even though it can seem impossible, there are tricks and tips that can offer aid, and in some scenarios a little help goes along way. Part-time jobs can be hard to come by, but if the right one is found then it will help loads towards becoming stable and allow more freedom to living, especially 0 hour contracts that allow for student flexibility. Additionally banking apps such as Zopa can help to store away money for savings with a fair interest rate as well as quick access. Providing options such as separate pots with the boosted rates can make it easier to save for that night out, or rent, or even holiday if it becomes appropriate. These paired with a sensible mind with the knowledge to budget properly, times as a student don't have to be looked at in despair. As these is the realest preparations possible for living in the 'real-world'.

All a part of being a student

In conclusion, this lifestyle comes with being a student. The phase into complete adulthood poses many threats, obstacles and challenges yet it is how we overcome them that sets us up for life in the future. Without these trials and tribulations no knowledge is learnt og sacrifice and hard work, therefore the years as a student be treacherous, however it teaches multiple things about yourself and how to move forward.

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