Navigating finances in college can feel daunting, especially as a first-generation university student. Surmounting increasing university tuitions and costs, managing your own finances for the first time, and understanding how to prepare for emergencies are all things that weigh heavy on students’ minds as they begin their journey into university. We are sharing some financial literacy tips and how to find resources to support you.
Money Management Made Simple
Just as important as covering tuition is learning how to manage your personal finances. You may be doing this for the first time! Although this may seem daunting at first, there are a few key points to keep in mind:
- Build a budget: Knowing what your expenses are going to be from transportation to food to miscellaneous expenses and matching that to any income you may have is the first step to maintaining financial soundness as you complete your undergraduate degree. Not spending excessively and being mindful of your necessities will ensure a smooth financial journey.
- Emergency Fund: Having an emergency fund, even a small one to begin, can help put your mind at ease. Practice by putting away a small amount into a high yield savings account each time you get paid. Should unexpected situations arise, the financial stress does not become a burden on you and your priority can remain on school and your family.
- Student Discounts: Oftentimes, you can access exclusive, student-only discounts at various places from online shopping, services, or other activities. Consider utilizing websites like Unidays to shop around and discover discounts that may be relevant to your spending.
Paying for your university studies can feel overwhelming, but there are plenty of financial aid opportunities out there. It is important to research what kind of support you might be eligible for. Aid can come in many forms, from scholarships and grants to work-study programs or tuition discounts.
- Scholarships offered by universities, nonprofits, or private organizations.
- Financial aid resources may be found on each school’s website.
- Opportunities tied to your background, achievements, or area of study.
If you’re a U.S. citizen or eligible noncitizen, the FAFSA (Free Application for Federal Student Aid) is your gateway to government grants, work-study opportunities, and institutional aid. Many colleges also use FAFSA data to offer their own scholarships.
You can learn more about the FAFSA process in depth here.
Private Scholarships & Grants: Hidden Money Opportunities
Aside from federal aid and school-specific scholarships, there are private scholarships and grants. Although these typically come in smaller amounts and require additional applications, you can apply to many and these funds can add up quickly. Taking the time to research scholarships and submit the necessary materials can help you save. Oftentimes, scholarships are offered to certain demographics of students meaning, if you do the right research, there may be the perfect scholarship out there for you – i.e. one dedicated to first-generation students.
Navigating finances as a first-generation college student can be challenging, but you don’t have to do it alone. Many schools offer resources for you as a student. Financial aid offices, mentorship programs, student support centers, and more provide workshops and counseling focused on financial literacy and navigating the complexities of paying for your tuition and university supplies. Make sure to tap into these resources and ask questions.
Interested in other opportunities to expand your network and share resources among your peers? The Aspire Leaders Program offers free resources for limited-income and first-generation college students worldwide to enhance their professional and leadership development skills while engaging with educators, mentors, and peers from over 190 countries. Learn more and join today with a simple application – all for free!
