Tag Archives: financial wellness

A Peer Educator’s Perspective on Financial Wellness

#HealthyPSU, On Campus

As a peer educator for HealthWorks, people often assume I have it all figured out. In reality, I am just as eager to learn about our services as I am to facilitate them. Our Financial Wellness service in particular has taught me so many valuable lessons that I have been able to integrate into my daily life.

This service taught me how to make and actually KEEP a budget. Rather than making one and forgetting about it, my budget is now something I refer to regularly. I learned effective strategies for saving money.  I also learned the importance of starting to build credit during my time in college. The financial wellness service dives into how to build credit responsibly and positively so that I can benefit in the future.

Finally, I learned how to manage my student loans and plan for repayment. This was a huge weight off of my shoulders, because it’s something that was always in the back of my mind. Now, I am aware of where I stand in terms of repayment and I don’t feel as overwhelmed.

If you’re struggling with saving money, sticking to a budget, or just curious about financial wellness, this service is definitely for you. I thought I had a decent handle on my finances before participating in this service, but there is always more to learn, and this service will help.

Don’t wait! Get on your way to building financial wellness today. Book an appointment at https://studentaffairs.psu.edu/health-wellness/medical-services/myuhs or call 814.863.0461.

Written by Caitlyn Lazorka, HealthWorks member

 

 

Financial Wellness

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What does it mean to have Financial Wellness? Financial wellness means creating a sustainable budget and following the 5 principles of financial literacy: earning, saving and investing, spending, borrowing and protecting (1).

Why is Financial Wellness important? Finances, for everyone, can be source of stress. Between part-time jobs, paying some or all of your tuition, taking out loans, you might be feeling overwhelmed. Developing good money management skills during college can set you up for a successful financial future after graduation. Financial wellness is important because, let’s face it, money affects everyone. The good news is, Penn State offers resources to help you create financial wellness! These resources will help you develop the skills to become financially independent and secure over time. The world of budgeting, credit, loans, and investments can be daunting to navigate on your own, so you shouldn’t hesitate to take advantage of the resources on campus. The Penn State Student Financial Education Center is here to help, and offers free educational resources for students.

How do we cultivate Financial Wellness?

We can cultivate financial wellness by staying on top of personal finances, which means addressing financial issues as they arise and saving extra money in order to create a more secure financial future. We can work toward financial wellness by keeping good records of our income and expenses, planning ahead and setting goals, and developing a habit of regularly saving money. Managing finances in a sustainable way can free us from living paycheck to paycheck or in chronic debt. Instead of being a source of stress, money can become a useful tool to help us live comfortably, invest in ourselves, and achieve our personal and professional goals.

 

References

  1.       https://financialliteracy.psu.edu/