Financial Wellness is the ability to manage money effectively and make wise financial decisions.
Signs of Financial Well Being
- learning to not let money be the driving force of your life
- not living beyond your means
- learning how to manage and establish a personal budget
- thinking long term and setting up a savings account
- not getting into credit card debt
- making plans and sticking to them to pay off loans and debts
Ways to Improve Your Financial Health
- Track spending to stay within a budget
- Track transactions to be aware of how you spend
- Meet with financial aid on campus to discuss term bills
- Seek guidance or assistance from someone (advisor, parent, etc.) if unsure about something
- Consider “need” vs. “want” when making expensive purchases
- Prioritize spending that supports basic needs (food, hygiene, health care, warm clothes, etc.)
- Spend within your means without often borrowing money and using credit.
- Make thoughtful purchases
- Put money in savings, stocks, bonds, etc.
- Have insurance (health, car, etc.)
Berea Fast Facts:
- Click here for resources related to achieving optimal financial health.
- The office of Student Financial Aid offers workshops and one on one counseling throughout the year.
- Berea+5 is a program offered in the fall to help you learn about the cost of living after Berea
- Dave Ramsey Relationship and Financial Peace Class
- Offered in the community within walking distance of the college
- click here for more information.