Financial Wellness For Students

Written By Colēgia

There are many elements that students will have to balance as they progress in their academic journeys. One aspect of this is financial wellness. This plays a large role since it helps determine personal efficacy and resource management. While it can seem tough to work out how to best use our finances, there are ways to help. Today we want to cover 3 ways to make financial wellness more sustainable for students.

Build a Saving Habit

Ensuring we have enough money for the things we need is a key part of financial wellness. It can feel tough at first since it might go against our instincts to not enjoy our money now. It's good to recognize that our experiences with money are rooted mostly in our behavior toward it. If we find that we have a negative relationship with our finances, we might be less inclined to save. One way to help with this is by taking the time to be mindful and actively trying to build positive habits around it. A great example of this is that if we know we need to pay off student debt at the end of a month, then we can automatically have money auto-deposited for that. This helps take away some of the thought behind it so that we can consciously save for the things we do want later.

“Ensuring we have enough money for the things we need is a key part of financial wellness.”

Don't Be Afraid To Spend

Similar to saving, spending is just as important. Money is ultimately meant to be used for the things that provide us joy and safety and that can only be done when we decide to use it. Sometimes, because of life circumstances, we might be afraid to spend our money. This can be because of situations in the past that have made us feel like we haven't had enough. It's good to address these thoughts since they are valid. With that in mind, we need to be okay with spending it since money can give us the means to afford the things that provide us with joy such as our hobbies or to fund our education. If we find it hard to spend on ourselves, we can opt to make a fun budget. This helps us build a habit to spend which allows us to enjoy the fruits of our labor.

“Money is ultimately meant to be used for the things that provide us joy and safety and that can only be done when we decide to use it.”

Balance Each in Moderation

Like most things in life, financial wellness is best treated in moderation. Spending too much or too little can leave us in a position where we may not be enjoying what we earn or by not having enough resources in the future. The same can be said for saving as well. There's a reasonable amount of delayed gratification that's healthy for us and being able to recognize this is good. Our relationship with money is something that can change depending on our life circumstances. It's a tool needed to help us with our goals and a means of providing for ourselves and others and learning how to use it is worth the effort.

Colēgia

Colēgia

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