Financial Wellness for a Healthy Lifestyle
Discover the essence of financial wellness and its impact on overall well-being. Learn how to manage expenses, create a budget, and avoid financial stress. Get insights on the importance of financial stability for both short and long-term goals.
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Presentation Transcript
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 1
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 What is Financial wellness? 2
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 What is Financial wellness? Zimmerman defined financial wellness as being comfortable and spending within your limits. By being financially well, more can be accomplished with your money Learning to create and stick to a budget is also important. A budget will plan out expenses, allowing the user to track, predict, and familiarize themselves with their spending habits The ability to live within one s means; to be prepared for short- term and long-term financial emergencies 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 3
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 Importance of Financial wellness Keeping track of expenses, making a budget, and sticking to it are important skills to have in order to be finically 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 stress is repeatedly found to be a common source of stress, anxiety and fear for college students 4
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 Importance of Financial wellness Financial wellness is getting a college education, a degree, because everything says that it pays for itself, Financial Wellness (FW) is the knowledge and having control about personal finances that makes one feel satisfied Financial wellness (FW) is ability to recognize the importance of sustaining ourselves financially stable for our short and long term goals 5
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 Signs of Financial Wellness Learning how to manage your money and establishing a personal budget Not living beyond your means Learning to not let money be the driving force of your life. Donate some of your money, if possible, to a cause you believe in Make a plan to pay back your student loans Not getting into credit card debt. Try to pay off the entire balance each month to avoid interest Thinking long term - set up a savings account 6
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 Signs of Financial Wellness Not having to worry about finances Having a written financial plan Having your finances in place to achieve your financial goals while keeping to basic principles of financial planning When you re not stressed about money 7
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 Signs of Financial Wellness Living within your means and having expenses that you can meet Not having to worry about retirement To be in such a financial situation that your hopes, dreams, and future plans for you and your family are realistically possible and attainable Having the ability to live within your financial means 8
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 Important considerations for you Become aware of how much and where you spend money Don t underestimate the power of savings Learn how to spend wisely Learn about credit You get your financial support from your parents 9
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 What is research showing about university student s financial wellness? Most students agree that they feel stress regarding their personal finances Many students report they frequently or always follow a financial budget Few students have participated in personal financial courses Students without any educational debt are more likely to report expecting a higher starting salary than students with debt Many students are limited in their money management skills 10
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 11
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 What can I do? Distinguish between needs and wants is an important step to achieving financial goals and attaining financial independence Limit your spending to the things that matter most and use the rest of your money to power your financial future. Ask yourself: What money are you bringing in? Where is it coming from? 12
What can I do? Can you depend on it each week, month or year? What are your expenses? Account for all of your expenses, even the small ones such as a cup of coffee, slice of pizza What do you need? What do you want? 13
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 What can I do? Cut out/cut back on costly habits Limit music and app downloads Go to free on-campus or local events Shop online to find the best deals 14
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 My budget plan 15
Wellness and Healthy Lifestyle: FINANCIAL WELLNESS: LECTURE 8 https://www.youtube.com/watch?v=iol7F3R6dgE 1 https://www.youtube.com/watch?v=jA6CyR4vKyc 2 https://www.youtube.com/watch?v=w_mU8VX1Arc&index=5&list=PLbzriLr_M vuhPsDeQIQD-ePDPFgJ3evjm http://www.uccs.edu/~moneymatters/ https://www.youtube.com/watch?v=0laiuaq74Z0 https://www.youtube.com/watch?v=0laiuaq74Z0 16
