When in college, managing yourself responsibly can be difficult, especially financially. It’s the first time you can go out and really buy things without worrying about your parents’ disapproval when you get home because they now live away from you. Instead, you can buy and do as you please, and maybe spending money needlessly once or twice you can get away with, but for some, money management can be problematic. It can especially be hard when trying to socialize. Friends may want to go out, drink, buy food, etc., which can all be expensive, and for some, they spend the money anyway because they fear missing out. However, this can quickly cause issues since young adults may not fully grasp money management yet, especially those with life challenges such as ADHD, Autism, “Asperger’s,” etc., since they may not be as used to adult level independence. Instead of budgeting so you have that extra money to go out, they just spend and spend, which is a bad habit to have, but many college students face it.
When it comes to financials, a source explains how they “…have talked to countless freshman that drained their savings account within the first month of college…” (Newroom, n.d.). This is because they get so wrapped up in the fun of everything that they forget that they may not have a job to constantly replenish what they are spending, or they are spending more than they are making, causing financial debt. This can then cause stress on the student on top of their schoolwork because they may have to pay rent, school payments, or just buy groceries, but cannot because they were never taught the proper way to stop, think, and manage, all of which can be boiled down to having adult level life skills, including executive functioning skills. Being able to prioritize things, use critical thinking, and properly be able to independently manage all facets of life daily such as money can ease a lot of stress for college students, especially since so many have this problem. “The Ohio State University’s National Student Financial Wellness Study found that 72% of college students experience financial stress stemming from the fear of being unable to meet tuition costs(60%) and of the 100%, 50% can’t meet monthly expenses.” (iGrad, 2019). However, with the proper skill set, managing money can become much easier.
When speaking to a client, they discussed how their money management skills were lacking because they had trouble with adult level practical and executive functioning abilities, but when sitting down and figuring out what worked for them, they invested in a budgeting book. They found that putting a certain amount of money aside each paycheck and logging it in a book helped them keep organized as well as prevent them from overspending, therefore fixing the stress induce by money issues that were being caused by their lack of real-life skills.
At the College Life Skills Program, our team of Doctoral and Master level professionals utilizes a series of services and techniques to help young adults who are college bound, in college, and even after college succeeds in and after their transition into independent life. We help teach them skills such as money management to help them learn how to transition into living without daily interaction with their parents as well as executive functioning skills, life skills, and the development of emotional maturity. If your young adult is struggling with money management, executive functioning, or the transition into adulthood, the CollegeLSP has the tools to aid them in achieving such skills.
Dr. Eric J. Nach, Ph.D., M.Ed., A.S.D.C., is a Developmental and Behavioral Specialist who specializes in Autism, ADHD and related disorders. Dr. Nach is the founder of the College Life Skills Program where he and his team of professional’s help develop the Emotional Maturity, Executive Functioning, Life Skill and Social Abilities of college students and those high school students preparing for college. The CollegeLSP is a subsidiary program of the Support For Students Growth Center, located in Boca Raton, FL and providing services nationwide.
6 common money management mistakes college students make. 6 Common Money Management Mistakes College Students Make | Announce | University of Nebraska-Lincoln. (n.d.). Retrieved January 2, 2023, from https://newsroom.unl.edu/announce/parentnews/1426/8291
Author, iG. (2019, November 25). 5 signs that financial stress is impacting college students and how financial wellness can help. How Financial Wellness Can Help Financially-Stressed Students. Retrieved January 2, 2023, from https://www.igradfinancialwellness.com/blog/five-signs-financial-stress-is-impacting-college-students-how-financial-wellness-helps#:~:text=The%20Ohio%20State%20University’s%20National,monthly%20expenses%20(50%20percent).
