What is financial wellness?
Financial wellness involves understanding the basics of personal finances. This includes setting budgets, putting away savings, planning for the future, and protecting your personal information.
As graduate students, our budgets can be pretty tight between paying for rent, utilities, and groceries. Many of us have concerns about pending student loans, saving enough for a rainy day fund, and navigating taxes. Having a clear and flexible budget can bring us peace of mind when purchasing items and services for ourselves or others as well as improve wellness in other aspects of our lives.
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.
- Donating some of your money, if possible, to a cause you believe in.
- Making 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.
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- Center for Financial Security – Tools to help you establish a budget, create a savings plan, and work towards paying down debt
- MORE – Website for the Money, Relationships & Equality initiative at UW-Madison
- Payroll Services and Analysis – Information about taxes, pay schedules, and earning statements
- Office of Student Financial Aid
- Remote one-on-one Success Coaching and Engage Workshops https://financialaid.wisc.edu/success/
Basic Tax Resources
Finance Webinars and Guides
- CashCourse – articles, tools, webinars, and how-to videos designed to equip students with information to help them make informed financial decisions
- America Saves – campaign to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth
- GreenPath University – financial education tools and resources
- Financial Literacy Headquarters – games, calculators, and other financial resources for students