Financial wellbeing is learning how to manage your money and resources responsibly with an eye toward long-term financial security.
It’s not about getting rich quick. It involves spending in a way that aligns with your values, and making sure you’re educating yourself on best practices when it comes to earning, saving and investing.
There’s no one-size-fits-all road map to boost your financial literacy, but some ways to get started might include developing a budget, opening a savings account, and educating yourself on investing through articles, books, and, yes, even YouTube videos! The important thing about financial wellbeing is that you get started sooner rather than later so the demands of “adulting” don’t catch you by surprise.
How Do You Support Your Financial Wellness?
“Keeping a budget record is really important to track your spending habits.”
Owen Sloane (CFA’25)
Questions to Ask Yourself about Financial Wellbeing
- Do I track my spending or keep to a budget each month?
- Do I “pay myself first” by setting some money aside for savings whenever I get a paycheck?
- Do I read articles, watch videos, or talk to people I trust to boost my understanding of personal finance?
- Do I use a credit card responsibly and try to live within my means?
Learn More about Financial Wellbeing
- “Budgeting for College Students: Where to Start” from NerdWallet
- “66 Creative Ways to Save Money in College” from Mint
- “How College Students Can Start Investing and Making Money” from CNBC
On-Campus Resources to Support Your Financial Wellbeing
A job on campus can support both your financial and social wellbeing. If you’d like to support your finances and develop relationships with other students based on working together, why not check out all SEO has to offer.
Smart Money is a BU Financial Assistance initiative established to provide the Boston University community with online tools, information, and other resources to promote effective money management.
BU Financial Assistance encourages students to pursue scholarship opportunities in their local communities, as well as on a national level. Check out these Scholarship Search services.
Creating a budget can help you save for future goals, stay out of debt, and prepare for “adulting” once you begin working full-time.
Your credit card is a line of credit that allows you to borrow money instantly. It’s a tool that makes borrowing very convenient. Let’s consider how to use this tool effectively and responsibly without overspending in the process.