The purpose of this guide is to introduce financial wellbeing, and to learn about resources to help you with budgets and financial planning.
College is often the first time many students are in charge of their own budget and money. There are many factors to consider: cost of tuition, rent, food, etc. It is also important to understand how your financial aid works, and to consider any debt that you may have to repay for student loans after you graduate. The decisions you make now will impact your options later! This guide will help you think about how well you are managing your financial wellbeing and resources available to you.
First, let’s think about your financial goals or questions you might have. Do you want to…
- Analyze your spending habits and learn how to make better choices?
- Learn how to create a budget?
- Gain a better understanding of financial aid and loans?
- Estimate how much money you need to make in the future to support yourself?
- Brainstorm new ways to have fun that don’t cost a lot?
The U of M OneStop website and Effective U, have a wealth of information, resources, and tips to help you think about ways to improve your financial wellness. We have highlighted a few here to get you started. Choose one of the following activities that is relevant to a financial goal you want to work on:
- Track your Spending and create a budget. Effective U provides step by step resources to help identify expenses, create a budget, and set financial goals. The site includes a variety of tools and options to make the process work for you.
- Student Loans. Learn more about different types of student loans and how to track and plan for repayment in the future.
- Financial Wellness Appointments. OneStop offers free financial counseling for U of M students to get professional advice on budgeting, planning for student loans, and more. You can make an appointment by emailing OneStop.
- Live Like a Student resources. Check out the social media page that shares free events and helpful money saving tips. You don’t have to spend money to have fun!
Another resource is the CareerWise Reality Check Tool. This resource will help you see how your monthly spending habits translate into an annual salary in the future.