Financial wellness is taking steps to live within your financial means and living in, and planning for, future financial health. Financial wellness skills involve: managing a monthly budget; paying expenses; understanding loans, interest, payment obligations, and credit cards; and understanding the financial impact of one’s decisions.
In the initial wellness quiz I posted, the quiz had 3 statements you had to rate pertaining to financial wellness: “I have developed a financial plan to manage my academic career,” “I budget my spending each month,” and “I have enough money to manage my living needs while I am a student,” (if you haven’t already, take the time to take the quiz now to see how balanced you are in the financial section of wellness, as well as all other sections of wellness – link is in the sources). If you are looking for something more specific, try the Financial Wellness Check-Up here: http://definitionofwellness.com/dimensions-of-wellness/financial-wellness/
Earlier this year, Leah made a post on the blog called The Art of Money Management.
Here are some more strategies and tips for financial wellness:
- Pay your bills on time every month so you don’t have to pay late fees
- Use debit or cash rather than credit card when making purchases
- Borrow only what you need
- Know yourself and your bad habits when it comes to spending money
- Avoid shopping to relieve stress or boredom
- Review your progress every 6 months and reassess your plans and goals
- Take your lunch, snacks and drinks to school with you rather than buying them there
- In the winter, fruit and vegetables can be extra expensive; canned and frozen options are cheaper nutritious alternatives
- Compare brands and labels; some brands cost more for the same item
- Coupons!
- Student discounts! (10% off at Loblaws on Tuesdays)
- Buy used textbooks (if you can)
- Attend local free or cheap events to attend
- Engage in low-cost activities such as hiking, biking, potluck dinners, movie or games nights at home/with friends
- Use Skype to communicate with family (if it isn’t included in your phone plan)
- Sell things you don’t use anymore
- Track your spending – keep a spending diary where you write down what you are spending each day
- Empty your change into a jar every night and keep that money for small expenses or emergency bus fare or when the jar is full take it to the bank!
Here are some resources for financial wellness:
- Brescia – Scholarships and Awards
- Brescia – Tuition and Scholarships
- The Hive
- Student discounts
- Saving and Budgeting for University
- Healthy Eating on a Budget
- Student Financial Services and Student Financial Aid
- Financial Aid Counselling
- Student Success Centre
- USC Food Support Service
- International Student Identity Card
- Feed the Pig
Thanks for reading about the different dimensions of the wellness wheel!
Sources:
http://definitionofwellness.com/dimensions-of-wellness/financial-wellness/
http://iwellness.uwo.ca/financial/index.html
http://www.sfu.ca/students/health/resources/wellness/wellnessquiz.html