Financial Wellness includes things like your income, savings, and expenses as well as how you understand your financial situation and resources.
Be Financially Well
8 Characteristics of Financially Well People
- Learning how to manage your money and establishing a personal budget.
- Not living beyond your means.
- Making a plan to pay back your student loans.
- Learning about debt and how to manage it.
- Building good credit.
- Thinking long term, e.g. setting up a savings account, setting up investments and/or a retirement account.
- Learning not to let money be the driving force of your life or an indication of your self-worth.
- Donating some of your money, if possible, to a cause you believe in.
Improving Financial Wellness
- Create a budget.
- Save or invest for the future.
- Know where you stand on debts and make a plan to pay them off.
- Create an emergency fund.
Understand Financial Aid
- Knowing your way around loans, grants, work study, scholarships and student employment can be tough. Luckily the Office of Financial Aid & Scholarships can help you navigate it all. Stop by and see them at LUB100.
Create a Budget
- Knowing how much money you are spending and how much money you have coming in can be helpful in a lot of ways. It can reduce stress and anxiety and it can you build assets and reach goals. It’s important that when you create your budget you stick to it! Don’t know where to start? Schedule an appointment with MoneySmart Lakers today!