What is it?
Financial Wellness involves the process of learning how to successfully manage financial expenses. Money plays a critical role in our lives and not having enough of it impacts health as well as academic performance. Financial stress is repeatedly found to be a common source of stress, anxiety and fear for college students. Keeping track of expenses, making a budget, and sticking to it are important skills to have in order to be finically responsible and independent. Learning how to maximize your financial wellness now will help you feel prepared to handle potentially stressful financial situations in the future.
Financial Wellness in College
College students are often subject to significant financial distress. Student debt can be a looming challenge, especially with the rising costs of higher education, housing, bills, food, taking care of other dependents, and other basic expenses. Keeping up with these financial responsibilities can quickly become overwhelming, but ignoring them will only increase feelings of stress, anxiety, and fear. With so many things to juggle within a busy academic schedule, adding in some time every day to seek ways to improve financial wellness will help you feel less stress. Developing financially smart habits during college is a valuable investment to achieve your future goals.
The route to financial wellness:
- Plan ahead and set budget goals.
- Take advantage of student discounts.
- Don’t put it off - identify and address any financial problems before they start.
- Keep organized records of your finances.