Financial health is defined as the state of one’s personal financial situation in regards to how much money you have now, how much you have saved, and the financial practices you engage in.
With so much emphasis placed on physical health and well-being (which is GREAT!), sometimes your financial health can slip under the radar. It is important to start engaging in good financial health practices early! That way, when you graduate from college, you aren’t overwhelmed with the burden of stressful finances. Making bad financial decisions now can impact you for years to come, so it’s important to save and spend smart now!
Writing out a monthly budget is one of the easiest ways a college student can avoid financial turmoil. Some things to remember when creating a budget include: making a list of all of your monthly income and debts, figure out how much (if any) extra money you have to spend and brainstorm ways you can use extra funds to make yourself more money down the line (i.e. investments). Use our budget worksheet here!
These tips can help you easily make financially smart decisions!
Having a good credit score can impact your job, insurance rates, loans, interest rates, and more. Bad credit can make it more difficult for you to get approved for loans and can take years to build back up. The following chart shows how much different aspects of finances affect your credit score, so it’s important to make good financial choices!
Request a “Budget for the Future” presentation from the Department of Health Promotion and Wellness! This presentation discusses all of the factors that will affect students after graduation, and how to start preparing for them now.
The UA Financial Aid office is located at 106 Student Services Center. They have advisors that you can meet with and are open 8:00a.m.-4:45p.m. Monday through Friday. They can answer questions about grants, loans, work-study, and student employment.