As a college student, managing financial responsibilities can be stressful.
If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about
your financial future, you’re not alone. In one survey, 78% of college students who reported financial
stress had negative impacts on their mental health, and 59% considered dropping out. While finances
can impact overall stress, taking steps to manage your finances can support your mental, emotional and
physical well-being.
When it comes to money, the sources of stress may look different for each student, but identifying the
underlying causes and setting goals accordingly may help you feel more confident about your financial
future.
Consider these strategies to help improve your financial wellness and reduce stress.
1. Understand what causes financial stress
While everyone’s financial situation is unique, several common sources of stress have the potential to
strain your financial health. These include financial and economic uncertainty, existing debts,
unexpected expenses, and mental or physical health changes. Financial stress may differ from situation
to situation, but understanding the factors contributing to yours may help you begin to craft a plan for
your unique circumstances.
2. Determine your financial priorities
Start by reflecting on your financial priorities. For students this often includes paying for school or
paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying
down credit card debt or buying a car. Name the milestones that are most important to you, and plan
accordingly.
3. Create a plan and stick to it
While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a
plan to follow through. Identifying and committing to a savings plan may give you a greater sense of
control over your finances, which may help reduce your stress. Creating and sticking to a budget allows
you to better track where your money is going so you may spend less and save more.
4. Pay down debt
Many students have some form of debt and want to make progress toward reducing their debt
obligations. One option is the debt avalanche method, which focuses on paying off your debt with the
highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the
debt snowball method, which builds momentum by paying off your smallest debt balance, and then
working your way up to the largest amounts.
5. Build your financial resilience
Some financial stress may be inevitable, but building financial resilience may allow you to overcome
obstacles more easily. The more you learn about managing your money, for instance, the more
prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase

resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living
expenses.
6. Seek help and support
Many colleges have resources to help students experiencing financial stress, like financial literacy
courses or funds that provide some assistance for students in need. Talk to your admissions counselor or
advisor about your concerns, and they can direct you to sources of support. Your school’s counseling
center can also be a great resource for mental health assistance if you’re struggling with financial stress.
The bottom line
Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your
dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your
stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional
support on campus as needed to help keep you on track.

JPMorgan Chase Bank, N.A. Member FDIC
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