The Importance of Financial Wellness
Financial Wellness is the ability to manage one’s money in a way that promotes their overall well-being. Financial Wellness involves managing your finances in a way that helps you set and achieve financial goals, avoid financial stress, and achieve and maintain financial freedom.
Practicing Financial Wellness can lead to:
Less Stress
Financial troubles can cause stress and anxiety. Financial wellness can reduce this burden.
Opportunities
Financial stability can provide more opportunities for you to invest in yourself and your goals.
Preparation
Financial wellness enables you to prepare for unexpected expenses and can provide peace of mind.
Key Components of Financial Wellness
Financial wellness is all about making conscious choices that allow you to live comfortably within your means while also preparing for future financial requirements. To achieve this, there are a few key steps you can take.
- Take advantage of student discounts
- Keep organized record of your finances
- Keep a routine budget and set monthly goals
- Prioritize expenses
- Understand implications of loans & leases for cars, housing, tuition, etc.
- Make a future plan for managing student loan debt