What is Financial Wellness?
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What is Financial Wellness?
Financial Wellness involves the process of learning how to successfully manage financial expenses. Money plays a critical role in our lives and not having enough of it impacts health as well as academic performance. Financial stress is repeatedly found to be a common source of stress, anxiety and fear for college students.
Keeping track of expenses, making a budget, and sticking to it are important skills to have in order to be financially responsible and independent. Learning how to maximize your financial wellness now will help you feel prepared to handle potentially stressful financial situations in the future.
Financial wellness can be defined as a state of being wherein a person is able to fully meet current and ongoing financial obligations, to feel secure in their financial future, and to make choices that allow enjoyment of life (Consumer Financial Protection Bureau, 2015).
What is the Importance of Financial Wellness?
Financial Wellness in Graduate/Professional School
Health professions students are often subject to significant financial distress. Student debt can be a looming challenge, especially with the rising costs of higher education, housing, bills, food, taking care of other dependents, and other basic expenses. Keeping up with these financial responsibilities can quickly become overwhelming, but ignoring them will only increase feelings of stress, anxiety, and fear. With so many things to juggle within a busy academic schedule, adding in some time every week to seek ways to improve financial wellness will help you feel less stress. Developing financially smart habits during health professions school is a valuable investment to achieve your future goals.
Financial Wellness Post-Graduate/Professional School
For those who are ready to graduate, repaying student loans can often be daunting. However, it’s not too late to take advantage of some comprehensive tips on how to repay your loans, courtesy of the U.S. Department of education. As a graduating student, Financial Aid will conduct Exit Counseling Presentations that outline loan repayment and strategies for students at RFU to manage their student loan debt.
The Path to Financial Wellness
Rest assured that you are not the only one in the process of learning how to manage finances more efficiently. There is an array of resources on and off campus as well as workshops and programs that can guide you toward money-managing success. Everyone’s financial situation is different, so it is up to you to select the proper mix of resources that work best according to your needs. The most important point to remember is that maximizing financial wellness is a process that does not occur immediately. Be proactive by seeking related resources and learning about money-managing strategies to build your financial wellness. Financial Wellness Tips:
- Don’t put it off - identify and address any financial problems before they start.
- Keep organized records of your finances.
- Take advantage of student discounts.
- Plan ahead and set budget goals.
- Balance your other dimensions of Wellness, they all tie in to financial wellness as well.