Financial wellness involves being aware of your current finances for the short and long term. A financially well person manages their money, does not get into credit card debt, thinks long-term, and does not make money the driving force of life. People tend to live to work instead of working to live.
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 within your means.
Understand college finances
Know when and how to pay tuition. Determine what type of loans you qualify for and how to complete the FAFSA application. Get help in becoming familiar with 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 should remind one to not overspend in a certain category.
Use coupons or online codes
There are many coupons online and in-sale paper ads. Coupons can save you a lot of money on food, house products, and clothing. There are also coupon books available to use at local restaurants and in retail 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 Most items go out of season or there is a newer version of the item.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 a lot of money.
Avoid credit card debt
Only use credit cards when necessary and try to pay them off as soon as you can. Credit cards should be used for emergencies, not for luxury items 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 the user to establish a credit history which will make it easier to purchase major items in the future, such as a house or car. Always think before using credit cards.
Set short and long-term goals regarding finances that will allow you to achieve self-defined financial success
Setting short-term and long-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 take a vacation, buy a new car, and even for retirement 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.