What is Financial Wellness?
Financial wellness is the process of learning how to successfully manage and budget your expenses. A healthy financial practice involves taking steps to live within your means and managing your resources by thinking about both your short and long-term goals. This can be done through creating a budget, setting up a savings account, keeping track of expenses, not relying on credit cards, and understanding your student loans.
Taking control of your financial wellness will provide you will a sense of independence and security knowing that you are making wise financial decisions that are sustainable long-term.
Why is financial wellness important?
Dealing with personal finances can be overwhelming for anyone, but especially for college students who are just beginning to live independently and manage money on their own. Financial pressure/concerns are a leading cause of stress for college students. Having an understanding and sense of control over one’s finances can help to relieve that stress.
Tips for working towards financial wellness:
- Create a budget and stick to it
- Start Saving – Pay yourself first
- Take advantage of student discounts
- Keep organized records of your finances
- Don’t put it off – identify and address any financial problems early on