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Big life changes can mean both excitement and nervousness. It’s normal to feel both happy and anxious about starting college. New experiences can introduce a lot of pressure. And it may be the first time that many students leave home and are surrounded by new people.

Not only is feeling nervous about college normal, it’s also manageable. For high school students still getting ready for college, here are five tips that may help ease the nerves.

1. Make a List and Pack Early

To lessen anxiety, preparation for college is key. For students who are planning to live on campus, packing can feel like a monumental task. It’s already stressful to imagine living away from home, and on top of that students don’t want to forget anything important.

One of the best ways to help ensure a smooth transition is to make a list early and start packing ahead of time. When dealing with a large task, it helps to break it down into smaller pieces that are easier to tackle.

For example, students who are nervous for college could break up their packing list into sections like clothing, school supplies, and living essentials. Even just taking the small step of making the lists could ease some of the worries.

Some schools will provide guidelines for packing and lists of items that are prohibited on campus, so it can be worth checking the website or contacting a rep from Residential Life, a program that helps students with on- and off-campus housing. Once students know what they’ll need to purchase, they can go through the items they already have and make a list of which of these are coming with them, and which items are staying behind with Mom and Dad.

Depending on the weather where students are moving to, they can start by packing the clothing they know they won’t need to wear for the next few weeks. If it’s currently warm, start packing up those winter clothes!

This is one task that high school students not ready for college can tackle early on to build some confidence and feelings of preparedness.

💡 Quick Tip: Make no payments on SoFi private student loans for six months after graduation.

2. Learn About Independent Living

Students who are planning to go away for college should spend time before they go learning what they can about living independently. This can cover a wide range of tasks, such as learning how to cook, how to make a doctor’s appointment, and how to use public transportation. It can help students to work with their parents to make a list of tasks that the students need to get familiar with.

Some ways to get ready for college and living on their own can include:

•   Gathering a list of important phone numbers and addresses and entering them into their phones (doctor’s office, school counselor, roommate, etc.).

•   Making a few simple meals so they feel confident in the kitchen.

•   Practicing household chores like doing laundry and dishes if they don’t already.

If students are nervous about finding their way around campus, it may be helpful to explore the campus before classes start and find their classes.

For students who will be attending online classes, they will need to develop extra self-discipline and get familiar with online programs like Zoom. Doing this ahead of time can help minimize the stress of trying to log on the first time.

Recommended: 11 Strategies for Paying for College and Other Expenses

3. Develop Coping Skills

Students who are feeling nervous or anxious about beginning college can take the time before classes start to develop coping skills that will help them manage those feelings. Setting up a self-care routine that includes taking care of physical and mental health can help students manage the stress of college more easily.

Parents can also get involved in this process by sharing the coping skills that work for them and providing emotional support. Teens who know their parents are supportive are more likely to open up and actually use that support.

Recommended: College Planning Guide for Parents of High School Students

4. Ask Questions

Sometimes, not knowing what to expect can contribute to feelings of anxiety, but this can be minimized by asking questions. Students who have family members that went to college or are currently in college may want to set aside time to chat with them about their experiences.

High school guidance counselors can also be helpful in preparing students for college and easing their nerves.

There may also be an opportunity to go on a campus tour and ask questions there. High school students nervous about college may also benefit from attending their college’s orientation, so they show up on their first week prepared. Asking questions from others who’ve been to college will take away some of the scary mystery of the experience and may increase feelings of preparedness for high schoolers.

5. Focus on the Positives

Is college going to be tough? Of course! The classes will be more intense than high school level classes, and there will certainly be an adjustment period. In addition to these things, though, there are also numerous positives. College will give students opportunities to meet new people, learn about themselves, and have fun!

Some students may be overwhelmed at first at the prospect of making friends on a large campus, but there are many clubs and organizations that students can join. Getting involved in extracurricular activities can help students to form friendships and build a support system that may make their college experience more positive.

It may be a challenging four years, with adjusting to adult life and tackling finals every semester, but college can also be fun. High schoolers can help ease their nerves by embracing this aspect of college as well. Having a more realistic and balanced view of the experience may help them enter into it with less apprehension.

💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

Paying For College

Another source of anxiety when it comes to preparing for college is the finances. College can be expensive, and figuring out how to pay for tuition, books, and living expenses is a confusing process. Luckily, there are multiple options that students can utilize to help cover the cost of their education.

The Free Application for Federal Student Aid (FAFSA) allows students to apply for federal student aid. This aid can come in the form of scholarships, grants, work-study, or federal student loans. Grants from the government usually do not need to be repaid, whereas loans do need to be repaid.

Students who are eligible to take out federal loans may benefit from doing so before looking into private student loans. Federal loans come with certain benefits, such as deferment and income-based repayment plans, that private loans may not.

If students are not eligible for federal aid or the aid isn’t enough to cover their costs, applying for additional scholarships is one option. Scholarships are widely available and the eligibility criteria varies for each scholarship. Some scholarships are need-based, whereas some are merit-based. Scholarships are offered by schools, private corporations, community organizations, religious groups, and more.

Taking out private student loans is another option for helping to fund a college education. The eligibility for private loans will usually depend on a student’s (or cosigner’s) credit history and income. When considering private student loans, students should remember that each institution will have its own terms for the loans.

The Takeaway

It’s normal to be nervous about attending college. To help settle your nerves, you can make a list of all the essentials you’ll need, learn about living independently, develop coping skills, ask questions, and focus on the positive aspects of attending college.

If finances are stressing you out, you have options, too. You can work a part-time job to help cover expenses, apply for grants and scholarships, and rely on federal and private student loans. It’s recommended to take out federal loans first, as they come with borrower protections that private student loans do not.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Budgeting can be challenging even with a stable income, but it becomes much more complex when your income fluctuates. Many freelancers, gig workers, seasonal employees, and commission-based professionals are familiar with the uncertainty of irregular compensation. With the right strategies, however, you can come up with a budget that allows you to manage your expenses, save for future goals, and feel less stressed about money — even during those lean months. Here’s a basic guide to budgeting with a variable income.

Tips for Budgeting With an Irregular Income

Just because you don’t get a regular paycheck doesn’t mean you can’t build wealth and achieve your financial goals. These tips can help you manage your up-and-down paychecks and feel more in control of your finances.

1. Determine Your Average Monthly Income

The first step in budgeting with an irregular income is to determine your average monthly take-home income. This can be tricky since your earnings vary, but you can get a reasonable estimate by looking at your income over the past six to 12 months.

Start by gathering your bank statements for the last six to 12 months, or if you get e-statements, log into your online checking account. Next, add up all of your income for the time period you choose, then divide by the number of months. This gives you an average monthly income, which will serve as a baseline for your budget.

Something to keep in mind: If you earn money from side gigs or freelancing, you’ll want to subtract anything that reduces it, such as taxes and business expenses.

2. Analyze Your Spending

Once you know how much money you have coming in, the next step is to figure out where it’s all going. You can do this by looking at your bank and credit card statements over the past six months, then listing and categorizing your expenses. This will show you what you are spending the most money on and where it might be easiest to save. Some tips that can help:

•   Begin by listing your fixed expenses. These are regular monthly bills such as rent or mortgage, utilities and car payments.

•   Next list your variable expenses. These are the expenses that may change from month to month, such as groceries, gas, and entertainment. This is an area where you might find opportunities to cut back.

•   Consider tracking your spending. To get a better sense of your spending, you may want to track it for a month. Simply record your daily spending with whatever is easiest — pen and paper, an app or your smartphone, or a budgeting spreadsheet found online.

3. Set Some Goals

Before you begin analyzing the data you’ve gathered, it’s a good idea to jot down your short- and long-term financial goals.

Short-term goals are things you want to accomplish within the next few years. This might include establishing an emergency fund (more on that below), reducing credit card debt, going on vacation, or putting a down payment on a home. Long-term goals, like saving for retirement or funding your child’s education, may take decades to accomplish.

Identifying these objectives can inspire you to stick to your budget. For instance, it might be easier to reduce expenses when you’re aware that you’re saving for a new car or a tropical vacation.

4. Consider Using the Zero Sum Budget

There are many different types of budgets but the zero sum budgeting approach can work particularly well for people with fluctuating income.

With this method, every dollar of your income is assigned a specific purpose, including saving and paying off debt. You’ll treat your short- and long-term financial goals as “expenses,” just like rent, utilities, and any other monthly expense. So if you make an average of $5,000 a month with your variable income, everything you spend or save during a month should add up to $5,000.

To make this budget work with a fluctuating income, you may want to take your average monthly income and use it as a salary for yourself. During months when your salary is higher than the average, you’ll put the surplus into a separate savings account. During months where your income is lower than the average, you’ll draw the additional funds from that account. In this fashion, you end up with the same salary every month.

Recommended: 7 Different Types of Budgeting Methods

5. Start Building An Emergency Fund

An emergency fund is important for everyone but particularly for people with inconsistent income. This is an account you can turn to should you get hit with an unexpected expense (like a big home or car repair) or to cover your essential expenses should your income take a hit. While the general rule of thumb is to keep three to six months’ worth of living expenses in a separate savings account for emergencies, those with fluctuating income may want to aim higher.

Once you come up with a goal amount for your emergency savings, consider these ways to fund it:

•   Open a separate account. To ensure you don’t actually spend the money on something else — and to allow your money to grow while it’s sitting around — consider opening a high-yield savings account specifically earmarked for your emergency fund. You can generally find the best rates at online banks.

•   Automate saving. Once you determine how much you can put toward your emergency fund each month and factor it into your budget, consider setting up an automatic monthly transfer into your emergency account. It’s fine to start small. Regular deposits will build over time.

•   Take advantage of windfalls. Consider allocating any windfalls that come your way, such as a tax refund, cash gift, or bonus, to your emergency fund to accelerate your progress.

Once you build your emergency fund, you can put your monthly transfer toward other savings goals.

The Takeaway

The foundation of any budget is your net (take-home) monthly income. To come up with that number on a fluctuating income, you’ll need to look at the last six to 12 months of income and come up with an average. You can then determine how you want to divvy up that money up so you’re able to cover your necessities, work toward your goals, and also enjoy your life.

The zero sum budget is one option you can try, but there are many other types of budgets. The goal is to get to a place where you won’t overspend during the high times or worry during the low times because it’s all factored into your budget.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Will budgeting work if you have an irregular income?

Yes, budgeting can work with an irregular income. Most budgeting approaches start with your net (after tax) monthly income. To come up with that figure with a fluctuating income, you’ll want to look at the past six to 12 months of your income and come up with an average monthly income. You can then determine what your average monthly spending is, see how it compares, and make any necessary adjustments to your spending.

What are examples of irregular income?

Irregular income refers to earnings that vary in amount and frequency. Examples include:

•   Freelance work

•   Seasonal jobs

•   Commission-based sales

•   Side gigs

•   Bonuses and tips

What is the difference between regular income and irregular income?

Regular income is a set amount of money received at regular intervals, such as weekly, biweekly, or monthly. Examples include earnings from a salaried job or a passive income source like rental income.

Irregular income, on the other hand, varies in amount and frequency. It includes freelance payments, seasonal work, commissions, and gig economy earnings. The key difference lies in the stability and predictability of the income stream.

Photo credit: iStock/andresr

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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