Since the time you were in elementary school, you probably heard about the stereotypical ‘broke college student.’ For many students, they find this description to be accurate as they enter their college years. Students often have limited income while at school, but they have regular expenses that include tuition, textbooks, housing, food, and other necessities, although many of those are paid at the beginning of each semester through their tuition, room, and board.

With so much money going out to pay for school and often limited income, it can be difficult for students to be content with the money that they have. Below are three prompts you can do that may lead to more contentment with your personal finances.

Contentment starts with Gratefulness

It is difficult to be content with what you have when you’re not grateful for it. We often focus on what we don’t have, but let’s focus on what we do have. As college students, we are so blessed to be able to receive an education. If you live on campus, you are able to live in clean resident halls, and if you live off campus, you are able to exercise independence a little more by living on your own. Thinking about the things you are grateful for can lead to contentment in other areas of your life as well.

Understand Your Finances

Don’t be afraid to review loans, income, expenses, savings, giving, and spending (if you don’t want to do this alone, a NEXUS coach would love to help you!). Understanding your personal finances allows you to evaluate where you are at, and you can be grateful for what you have and acknowledge where you would like to go. And yes, it is possible to set financial goals for the future while being content with what you have now.

Be Wise, not Broke

What if I told you that you didn’t have to be broke in college? Being wise with how you spend your money can help you overcome the broke college student stereotype. One way to be wise with your money is by managing your money through a budget or spending plan. Having a budget provides accountability for the money that you have and allows you to designate what the money should be spent on (but remember, a budget is only beneficial if you are actually tracking your spending and following the guidelines you have put in place!).

If you would like more help in finding contentment with your finances, feel free to set up a coaching session with one of the peer coaches. They would love to meet with you and walk through your finances with you!