Financial Wellbeing
Definition: "Informed decision making and learning how to save, invest, use credit wisely, and plan for the future."
Financial wellbeing is the ability to have our wealth serve our life - to have the financial means to comfortably attain whatever personal goals we have to enjoy a gratifying lifestyle.
FREE Financial Workshops Available
WSU Wellbeing and Financial Aid are offering a free Financial Wellbeing Workshop Series in this fall 2009 semseter.
Wellbeing program is offering Financial Wellbeing Workshops for your group at your convenience. The Financial Wellbeing workshops are for groups looking to learn how to manage debt, save money, manage a monthly budget and have their credit work for them. Participants will learn general background information, tips, and tools to assist them in managing their finances.
For more information or to schedule, please visit the Wellbeing Website.
Financial Wellbeing Tips
- Have a plan: develop a realistic budget for the short and long term so that you know what you need to spend on necessities (food, tuition, housing) and what you will have left over for the fun stuff. Look at the timing of when bills are due and make sure your cash flow meets those bills. Late fees will result in big trouble for your budget.
- Stick to the plan: it's easy to spend a lot of money on the extras- lattes, convenience foods, entertainment. Budget some fun money each month, but once it's gone, fun has to be free.
- Lay Off the Plastic: keep your credit card in your wallet. Using credit cards for everyday purchases is usually a bad choice. Due to high interest rates, gaining miles or points is only beneficial if you are paying off the monthly balance.
- Keep track of your spending: track every dollar you spend one month. Did you really need everything you bought? Remind yourself that you can't have everything while you are in school. You don't want to live so large in college that you risk your financial future.
- Borrow sensibly: remember, any money you borrow now must be repaid later. Make sure you understand what the terms of your loans are. Visit Financial Aid in Lighty 380 to find out what loans are available. Check out our Top 10 Tips for Scholarships.
- Protect your identity and monitor your credit: ensure that your personal information is safe from identity theft (view tips for protecting your information). Always check your credit report annually to be sure that your information is correct and has not been compromised. You can order a free copy of your credit report once a year from each of the three national credit bureaus.
