Financial
Financial wellness is the healthy relationship between your aspirations and financial
obligations. This wellness comes from a goal-oriented approach to meet present and
future financial responsibilities. When someone is struggling financially, it can affect
all of the areas of wellness. A clear and ongoing understanding of the resources and
opportunities available to you is vital to helping your relationship to your finances
remain healthy.
Signs of Healthy Financial Wellness
- Understanding your financial obligations and resources
- The ability to create short and long term financial goals
- Creating and using a personal monthly budget
- Awareness of your credit score and minimizing personal consumer debt
Signs you May Want to enhance your Financial Wellness
- Poor budgeting habits
- Vague understanding of financial obligations and resources
- Limited understanding of monetary transactions (i.e. taxes, purchasing, credit, investing)
- Large amount of consumer debt
Strategies to Enhance your Financial Wellness
- Document financial obligations and resources for one month and then use that data
to create a personal budget
- Use your debit card or cash when paying for items to avoid credit card debt
- Borrow only what you need; it is easy to get into debt
- Use online tools or a financial advisor to create short and long term financial goals
- Be aware of overdraft fees, late fees and/or when automatic transactions come our
your bank account so you have enough money in your bank account
- Visit your institution’s Financial Aid Officer to learn more about additional funding
opportunities on campus
- Visit your bank and/or financial institution to ask about money saving tips and help
with financial planning
Benefits of Financial Wellness
- Positive financial wellness creates a comforting sense of security when you are living
within your means. It allows you to prioritize financial choices and achieve long-term
goals, as well as reduce stress
- Giving to charity if you have the financial means, promotes care for others and in
turn we feel fulfilled be doing good for others
Money Saving Tips
- Go to free on-campus or local events
- Use the Flip App to price match and find the best deal for groceries and other household
items
- Borrow books and/or DVD’s from the Brescia or local library
- Need clothes? Shop the sale rack, thrift stores or organize your own clothing swap
on campus
- Use your student discount anywhere you can (on Tuesday’s most groceries stores will
give a student discount)
- Save money by cooking your own meals and not eating out
- Use online discount websites like Groupon
- Buy used textbooks or borrow from the library/friend
- Living with roommates can help cut costs for housing, utilities and sometimes groceries
- Engage in low cost activities like hiking, potlucks, movie or games night, etc.
- Track your spending to bring awareness to where you could start saving money
- Use your free bus pass for transportation
Resources
Recommend a resource, tool, tip or app that has helped you with the seven dimensions
of wellness by emailing the Student Life Centre.
References
http://iwellness.uwo.ca/financial/index.html
http://www.fcac-acfc.gc.ca/Eng/resources/toolsCalculators/Pages/FingoCa-Calculat.aspx