This is the fourth installment of our eight part series on holistic health.
Financial health is a crucial aspect of overall well-being, and it is especially important for students to adopt good financial habits early on. Developing financial literacy and practicing effective money management skills can set a solid foundation for a secure financial future.
Let’s dive into some actionable steps and habits that you can implement on a daily basis to improve your financial health!
Building (and maintaining) good financial health is an ongoing process. Regular assessments will ensure that you stay on the right track and make adjustments when necessary.
Whether it’s on a weekly or a monthly basis, take the time to review your budget, track your expenses, and reassess your goals. Be open to making changes as your circumstances and financial situation evolve.
Speaking of budgets, finding one that works for you is a fundamental step in managing personal finances!
Start by tracking your income and expenses to get a clear picture of where your money is going. From there, you can allocate a specific amount for different categories such as rent, transportation, groceries, and entertainment.
Plan your expenses based on your income, and aim to save a portion of your earnings for future needs and emergencies. Even if the amount is small, developing a habit of saving money regularly will help you to build a safety net over time!
Based on your self check-ins and the budget you create, set financial goals for yourself, both short term and long term. Whether it's saving for a study abroad program, paying off student loans, or planning for retirement, having clear goals will motivate you to make smarter decisions and stick to your budget.
In order to achieve the goals that you set, break them down into manageable, actionable steps and track your progress regularly. Even small steps in the right direction can have a major impact on your financial health.
Seek Financial Education
A great way to boost your financial health is to continuing learning about it on a regular basis. From books to podcasts to websites, there’s a ton of free, accessible information out there.
One thing to keep in mind, however, is that you’ll want to make sure the information you’re consuming is from a reputable source. Financial advice is not one-size-fits-all, so take everything you hear with a grain of salt.
With that in mind, the more knowledge you acquire, the better equipped you'll be to handle financial decisions and avoid common pitfalls.
Implementing one (or all!) of these habits will help you to begin building a strong foundation of financial health. It’s never too early to start building good financial habits - a proactive approach will set you for a successful future!
When adopting new habits, remember that the most effective approach is starting small. Every step you take towards financial health will help you in your journey towards building a happier, healthier tomorrow!