Next week, Campus Recreation will be hosting Flourish Fest on the quad! This is an event for students and staff to practice their well-being by familiarizing themselves with all of the different types of wellness. Throughout the past few weeks on the InsideRec blog, we have been focusing on each of the pillars of wellness like physical, emotional, environmental, and intellectual. In our last week before the big event, we would like to focus on the importance of financial wellness. 

What is Financial Wellness? 

Financial wellness is when an individual manages their money in a way that allows them to have flexibility and freedom in spending and saving. Having control over your money and structured goals, along with the proper knowledge will lead you to financial success and help build your financial wellness. 

How to Start Managing Your Finances? 

The first step on your financial journey is finding a way to manage your money. URIoffers support for students who are looking to keep an eye on their finances. At Flourish Fest, organizations like the Free Farmers Market, Career for Center and Experiential Education, and Student Support and Advocacy Services will be available to offer  their knowledge and answer any questions students may have. These organizations are catered towards assisting students to access healthy foods, provide professional experience, and aid in financial help. 

While the university has organizations to help students who may be looking to grow their knowledge on financial wellness, there are many other ways to start managing your money on your own.

• Creating a budget! Making a budget is a great way to keep track of your finances. Many banks have online applications that can assist you in creating a budget unique to your income and spendings. By estimating your monthly income and comparing them to the expenses you pay, you will be able to find the right balance for you. For me, I personally love to use my banking app to help keep track of my spendings. Here on the Bank of America website, you can learn more tips about how to create a budget that is unique to you.

• Building an emergency fund. Something I have learned when I got my first job was to put money aside for an emergency fund. This can be a small amount of money from your paycheck or a portion of your income that is specifically used in situations that are not planned or unexpecting. An emergency fund can be used for abrupt hospital visits, car problems, or unforeseen medical expenses. The amount that you keep in your emergency fund will vary from person to person. To learn more about how to build your emergency fund, visit the Consumer Financial Protection Bureau!  

• Savings and investing! Learning how to save and invest will help you have more success with your financial wellness. There are many websites and organizations that have plenty of information about what to invest in and where to put your money. As a general rule of thumb, many individuals practice the 50-30-20 rule. This means putting 50% of your paycheck into your needs, 30% into your wants, and 20% towards savings. This is a great way to start saving your money and you are able to adjust these numbers to your own personal needs. For more information on ways to save and invest money, visit the University of Oregon’s financial wellness website here! 

• Investing in long term goals! Part of financial wellness is planning for your future. By reviewing things like assets and liabilities, you will be able to ensure you are ahead of your goals for buying larger purchases like a house, or creating a retirement fund. Found here on Credit Karma, are 17 long term financial goals for all ages. 

 

Improving your financial wellness will help your stress levels and help you have a balanced lifestyle. When starting to manage your finances, ask yourself questions like what am I spending my money on most or what are my spending needs? With these questions, you will be able to take the next steps towards managing your finances.

If you are interesting in learning more about fiances or are looking to add a helpful life course to your class schedule, click here to lean about URI’s Money Skills for Life course offered in the summer! For an additional resources about financial wellness, visit https://web.uri.edu/career/financial-resources/.

As we are just one week away from Flourish Fest, we encourage all students to join us on the quad on April 12 to learn more about bettering your well being through each of the pillars of wellness. 

 

 

By Tara Roumes