Financial wellness in regards to students is being fully aware and understanding their financial situation as it comes to paying tuition, books, lodging, food, importance of credit cards, working while in school and taking care of it in such a way to be prepared for financial changes if any happens.
Tips to help Cougars with Financial Wellness
Maintaining financial balance consists of being comfortable with where your money comes from and where it is going
It is important to understand how much money you spend and how much money you bring in each month. Knowing your monthly income and expenses can potentially help you prioritize your finances so that you can have a good budget plan.
Understand college finances
Know when and how to pay tuition. Determine what type of loans you qualify for and how to complete the FAFSA. Get help in becoming familiar on how to finance your college career.
Have a monthly budget
Everyone’s monthly budget will be different because everyone’s income and expenses are not the same, but it is important to have a monthly budget so you can track how your money is spent. There are four main categories in a monthly budget which are income, expenses, debt repayment and savings. Having a monthly budget can sometimes remind one to not over spend in a certain category.
Use coupons or online codes
There are many coupons online and also in sale paper ads. Coupons can save you a lot of money on food, house products, and clothing. There are also are coupon books available to use at local restaurants and in retails stores.
Wait for items to go on sale
Items such as clothes, shoes, purses, televisions, and electronic devices will eventually go on sale. Most items go out of season or there is a newer version of the item. If you wait for items a few months after they come out you will save much money.
Avoid credit card debt
Only use credit cards when you need them and try to pay them off as soon as you can. Credit cards should be used for emergencies not for unneeded item or items you cannot afford. Using credit cards unwisely can have huge negative impacts on your life for years to come. Wisely using credit cards enables user to establish credit history which can make it easier for you to purchase items in the future such as house, cars etc. Always think before using credit cards.
Set long and short-term goals regarding finances that will allow you to achieve self-defined financial success
Setting long term and short term goals for your financial life is important to make your life enjoyable. Saving money over time can be a long term-goal for many. Having finances saved to go on vacation, buy a new car or even get a new electronic can be rewarding. Also having money saved is important in case of financial changes such as losing a job, getting a pay cut, or having to buy expensive parts for your car. For ways to save money, visit TDECU on campus located in Student Center South.