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Financial wellness means having a good understanding of your financial situation, both currently and after graduation. Not having this understanding can be stressful or even overwhelming to the point where it starts to interfere with your mental health, physical health, relationships, and studies.
Financial literacy is the ability to understand basic financial concepts, such as budgeting, saving, investing, understanding credit, and knowing how to navigate debt. Having this knowledge enables you to make informed decisions about financial matters and have a strategy for navigating life’s financial challenges.
Becoming financially literate is one of the most empowering steps you can take as a student because it enables you to focus on what truly matters—your education and personal growth.
Unfortunately, financial challenges are a major concern for most students today. Many are struggling to support themselves with part-time jobs and accumulating credit card debt and student loan debt. Without a strategy, it can be difficult to see an end to these challenges.
Working one-on-one with a financial consultant can help you see a clear path forward.
- Regarding everyday finances: If you’re living paycheck to paycheck, and struggling to cover your basic expenses, a financial consultant can help you create a budget, prioritize your spending, and identify ways to increase your income or reduce expenses.
- Regarding too much credit card debt: College students are often targeted by credit card companies and may be tempted to use credit cards to pay for expenses they can’t afford. A financial consultant can help you learn about responsible credit card use, pay off existing debt, and develop strategies to keep spending in check.
- Regarding high levels of student loan debt. Having to take out loans to pay for tuition and living expenses can leave you with significant debt after graduation. Financial counseling can help you understand the terms of your loans, explore repayment options, and develop a plan to manage this debt.
Financial wellness is part of our whole health approach to wellness. That’s why your Assistance Program provides free one-on-one referrals with a financial consultant. Services are free, confidential, and available to you and your family members. You can access them 24/7 by visiting Member Support.
