Provided by: IMC! Financial Peer Mentor- Ryan Sperling
The COVID-19 pandemic drastically disrupted the lives of many Americans, including college students. I’m one of those students-- having to take classes online and social distance has been a big challenge. I have had to learn how to organize my time better, change my spending habits, and maintain a social life in the era of social-distancing. The coronavirus pandemic also brought up some unique financial issues, good and bad. In this blog post, I will be outlining four financial issues related to COVID and how to deal with them.
1) Lost job/wages
Unfortunately, in the midst of the economic downturn due to COVID, many hardworking people have lost their jobs. This includes students, as non-essential businesses like restaurants that employ many college students were forced to shut down for months. As a result, it is more important than ever to find ways to retain a regular income. There are a surprising number of ways to make money on the side; tutoring, working on-campus, and “gig economy” apps being three prevalent ones. Websites such as CheggTutors and tutors.com provide online, COVID-safe tutoring opportunities with competitive wages. In addition, UWL is almost always hiring student help in some departments, whether working the front desk in the dorms or helping in the science labs. “Gig economy” apps such as Grubhub, Lyft, and Fiverr have exploded in popularity as a side-hustle for thousands of students, providing supplemental income through highly-flexible work. For many of them, all you need is a car! Other than that, you may have seen peers posting on social media about “starting your own business” and “being your own boss” through companies like HerbaLife and ItWorks. As enticing they may seem, try to avoid these multi-level-marketing companies. They often have a considerable buy-in fee and produce few gains in the short-term.
2. Spending deficit due to living at home
Many college students have opted to live at home instead of expensive campus housing during the coronavirus pandemic. This may result in more money being saved; after all, students may no longer have to pay for room & board, groceries, and transportation. Some students may spend this influx of cash reserves, but more thoughtful students may consider better ways to use their money. Given the economic uncertainties of the COVID era, it is prudent to save as much money as possible. Furthermore, investing in low-risk commodities like bonds and mutual funds allows your money to grow on its own! Apps such as Acorns and Robinhood provide an easy way to start investing, as well as assistance for beginner investors. Next time you want to buy decorations for your room or expensive takeout, consider how you could better use the money.
3. COVID-19 Testing
As cases continue to grow, testing for coronavirus is becoming more commonplace. Commonplace are hidden fees in COVID tests. Although most costs are low, some report being charged hundreds of dollars for a simple test. This doesn’t have to happen to you, though! Many campuses are now offering free testing-- be sure to check with your University health department to find fast, easy testing options. Furthermore, as long as you have health insurance, most major providers are required to provide free tests. In the end, don’t forget that this virus is affecting everybody, and one can spread it without knowing they even have it. It’s super important to get tested regularly in order to protect yourself and others!
4.) Extra Free Time
For some students, it may feel like quarantine has brought nothing but hard work and stress. Others, like me, may have found themselves with loads of free time. What should we do with all this extra time? Some may learn a new skill or binge-watch their favorite TV show. That may seem like the most desirable option, but extra free time is a perfect opportunity to apply for scholarships! Taking an hour or two every weekend to apply for scholarships may allow you to graduate from college debt-free. Although scholarships are available on websites like Scholarships.com and niche.com, these sites can be difficult to navigate and may encourage you to get a paid membership. On the other hand, UWL offers a free scholarship database for all students. Just go to https://www.uwlax.edu/scholarships/ for more information.
In conclusion, the coronavirus pandemic has certainly been a unique time for college students. However, it is not all bad-- extra time and money may provide more opportunities for success in the future! Still, your mental health is what matters the most. Be sure to take care of yourself and your health in these stressful times.
コメント