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Financial Stress

Newsletters for Mental Health

With the struggling economy and the increasing cost of tuition and other expenses, many students are feeling stressed out about money. Maybe your family’s financial situation has changed, due to a family member losing a job. Perhaps you are worried about being able to pay your bills or finding a job after graduation.

If so, you are certainly not alone. A recent survey by Inceptia, a division of the National Student Loan Program, found that one-third of students said that financial stressors have had a negative impact on their academic performance or progress.

Whatever the reason for your money woes, there are some things that you can do right now to feel more in control of your finances and reduce your stress.

Money management tips
  1. Make a budget and stick to it. Set aside about 30 minutes to list how much money you have coming in monthly and how much you need to spend. That's your budget. Knowing what your expenses are can help you figure out how much money you'll need and when. Then make sure that you are sticking to your budget by keeping track of your spending.
  2. Use technology wisely. Use your bank's website or other free online services to keep your budget on track. Set up text and/or e-mail alerts to remind you to pay bills on time, so you can avoid late fees.
  3. Cut out/reduce costs wherever possible. Ask yourself what things you can reasonably cut from your budget and what things you can spend less on. Can you live without your weekly trip to Starbucks? Are you able to shop around to find the lowest price on textbooks? You don't have to make drastic changes. Even small savings add up in the long-run.
  4. Avoid using credit cards whenever possible. It is easy to go overboard when using credit cards, because you don’t have to face the consequences of your spending until your monthly bill shows up. Try to use your credit card only as a last resort and pay off as much of your monthly bill as possible to avoid racking up interest.
  5. Get a job that is flexible and doesn't stress you out. If you need to work while going to school, try to find a job that offers a relaxed environment and is flexible enough to accommodate your class and study schedule. On-campus jobs can be a good fit, because employers are understanding of students' needs.
  6. Make time to apply for scholarships. Every year, thousands of dollars worth of scholarship money goes unclaimed. Spending even a small amount of time searching and applying for scholarships could help lighten your financial load. It also something concrete that you can do to feel more in control of your situation.

How else can I reduce my financial stress?
  1. Have a plan. Discuss financial concerns and plans with your parents or other family members and work together to identify resources and options. Knowing that you have a plan in place for managing your money can make you feel more in control.
  2. Talk about your concerns. Communication with family members about financial issues can help everyone to feel more secure and reduce tensions about money. Also, talk to friends, campus staff, and faculty as well. Realizing that others also worry about these issues and hearing how they cope with them can be helpful in gaining perspective on your own situation.
  3. Do what you can, then move on. Accept that you only have so much control over your financial situation — you can't change the economy or the costs of getting a college degree. Focus on changing the things that are in your control, and then try to let the rest go.
  4. Change your focus. Distract yourself from your financial worries by focusing on other aspects of your life. Get caught up in your classes, spend time with friends, take up a new hobby, or attend free events on campus.
  5. Take care of yourself. Stress can drag you down both physically and mentally. Make sure that you stay healthy and happy by eating well, exercising, getting plenty of sleep, and talking to someone you trust if you feel overwhelmed.
  6. Make time for activities that you enjoy. Don't let your budget keep you from having fun. There are plenty of free and low-cost activities on campus and in the Milwaukee area that you can take advantage of. Doing things that you enjoy helps you to stay positive and keeps stress from taking over your life.

Where can I go for more information and/or help?
  • MSOE Counseling Services
    • (414) 277-7590, K-230
    • https://inside.msoe.edu/counseling
    • If you are feeling overwhelmed about your financial situation or anything else that is going on in your life, Counseling Services can help. We offer free, confidential appointments where you can talk to a counselor about your financial stress and how to deal with it.
  • MSOE Financial Aid Office
    • (414) 277-7223, CC 3rd Floor
    • http://www.msoe.edu/financial-aid
    • You can walk-in or call to set up an appointment to meet with a financial aid counselor. Get your tuition and financial aid questions answered and find resources on scholarships, loans, work-study, and on-campus jobs.
  • Mint.com
    • www.mint.com
    • A free website that pulls together all of your financial accounts, allows you to set a budget, and helps you track your goals. It is also available as an app for iPhone, iPad, and Android.


MSOE Counseling Services creates monthly newsletters on mental health concerns and psychological issues. You can view the complete list of downloadable Counseling Services Newsletters.

MSOE Counseling Services is located on the second floor of the Kern Center (K-230). To schedule an appointment with a counselor, call (414) 277-7590 or visit the Counseling Services homepage.