There are many reasons why a young adult or student has to live on a budget such as student debt, financial status in the family etc. However, many researches have found links between financial stress and psychological well-being. One of the first researches on this topic showed, that levels of financial stress were associated with individuals’ perceptions of manageability and internal control regarding their financial situation, which directly influenced students’ levels of psychological well-being (Lange; Byrd, 1998).
Our aim was to research the possibilities of living on a minimal budget and to give tips about this topic to foreigners and exchange students as well as locals. As the cost of life is rising, young people are faced with financial stress more than ever especially when they are living alone in a new country. We also had foreigner student in our group, who described that it was really hard at first, to come from a different country and know about how to get along moneywise in Estonia. This episode also features and exchange student who has an alternative lifestyle, give it a listen.
