Financial Wellness

To start, what is Financial Wellness? Think of Financial Wellness as freedom-- the freedom and security to pursue your passions and interests, to enjoy the life you have, and to not routinely worry about money.

Finances are a common source of stress which can take a toll on one’s personal health. Managing one’s financial wellness, therefore, can be very beneficial. The trick is determining what is “enough” for one’s happiness, as past that, financial benchmarks may cause more stress.

Here are some tips for saving in 2021.

First up: start saving for retirement if you haven’t already. By the time you are 30, you should have about 1 year’s salary worth of savings. As you’re doing this, take full advantage of your 401(k) match and save any raises you might receive.

Next: food expenses. If you’re going into the office, bring your lunch to work & if you regularly eat out, decrease how often even just by one- this adds up! Meal-planning can also help your food expenses. It can decrease food waste & help you get the most “bang for your buck."

Here are some other ways to save:

- Avoid impulse purchases while online or in-person shopping

- If you’re a big reader, get a library card.

- Shop secondhand when you can.

- Open a high yield savings account & start investing.

- Don’t forget to budget!

Happy saving, budgeting, and planning to our KKY brothers!

Budgeting is important because it is a tool that helps to plan how much you save and spend each month, thus giving one control over their financial security and wellness. Today, we will run through the process that experts suggest when setting up a beginner Budget!

Before the Process: Determine WHY you want to save. What are your financial goals? Goals you might strive for: getting out of debt, saving for a down-payment on a house, building an emergency fund, etc.

Step 1) Gather your financial statements. Taking a deep dive into your current spending habits will allow you to frame your budget moving forward. Consider logging your current spending habits into a spreadsheet or notebook!

Step 2) Calculate your income! Make sure to factor in income from all sources. Also, make sure you create your budget based on your gross income after taxes and other deductions. This is one of the most common mistakes in creating a budget.

Steps 3 & 4) Create a list of monthly expenses. Understanding your spending habits will help with this one, but also consider irregular expenses for holidays & birthdays, as well as variable expenses like gasoline & groceries when creating your budget.

Steps 5& 6) Compare your monthly income vs. expenses and make necessary changes as needed.

COVID-19 edition of financial wellness

According to this 2019 study from the American Institute of Stress, 62% of Americans feel stressed about money on a regular basis. In this season where we are all being impacted by a global pandemic, that number is probably much higher. Here’s the COVID-19 edition of financial wellness in hard times:

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Put your excuses aside - self-care doesn't have to cost you a darn thing! Read on for FREE tips and tricks, because aren’t we all still “broke college students”?! 

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Get money smart. 25 tips to improve your financial well-being.