With £9,000 a year for tuition and the increasing prices of pretty much everything a student needs, university debt will be the millenials’ Achilles heel from now and always. There’s not much you can do about it apart learn to cope.
Apart from weighing down your financial life, the feeling of debt can be emotionally damaging. This infographic explains the problems with owing money in as few words as necessary.
So how can millenials cope with the incoming stresses of being bogged down with debt? Here are six ways to mentally preapre yourself for the post-uni debt crisis.
1. Use your university’s financial advise centres
Every university has one but they are frighteningly under-used. Swing by your uni’s centre for financial advisement and ask about repayment schemes and scholarships and how the hell you’re going to pay back £27,000.
2. Get a part-time job
Start saving early and avoid being completely broke when you’re job-seeking. We’ve previously discussed the social perks of having a part-time job at uni, but when it comes to debt – every penny counts.
3. Maintain healthy relationships with your uni friends
Everyone will follow different paths after graduating so it’s important to keep in contact with people in similar situations to you both socially and financially. Surrounding yourself with successful people in a new job can result in a loss of perspective.
And speaking of perspective, volunteering for people who are in far worse situations than you will keep your mind distracted from debt troubles and make you realise that money isn’t everything.
5. Take care of your body
Stress, regardless of it’s root, can be a wrecking ball on your health. Having a regular sleep schedule and good diet will result in a healthy mind. When all is said and done, millionaire or otherwise, the only thing that’s worth having is your health.