Financial Wellness Planning
You may not have thought about Financial Wellness before now, but finances impact
nearly every aspect of our lives. Financial Wellness is a state of being—and a skill
you will develop as you engage in this part of MyPlan. Did you know that the number
one reason students leave college relates to finances? Making a solid financial wellness
plan equips you to achieve your academic goals and succeed in your chosen career.
Investigate each element and complete the essential activities. If you are looking to do more investigation into an area,
explore the
deeper dive activities to get more in-depth with the subject.
For guidance with how to save your MyPlan activities, please visit MyPlan Technical Support.
Values, Goals, and Priorities
What do you you want your life to look like? What do you want your finances to do for you? Aligning your financial life with your values, goals, and priorities empowers you to achieve your personal and career goals.
essential activity
deeper dive activities
- Meet with a Financial Wellness Coach
- Attend a financial wellness-related Student Success Workshop
Paying for College
Outline how you will pay for your college education and living expenses. As you investing in yourself and your future career, you may be making some sacrifices in order to work toward achieving your greater life goals. Financial aid advisors can point out resources to help reduce your financial burden.
essential activity
deeper dive activities
- Research scholarships
- Review Paying for College website
- Meet with a Financial Wellness Coach
Create a Spending Plan
Knowledge is power. To gain a clear—understanding of your spending habits, take time to identify your monthly income and expenses. Being informed of your own personal financial reality is one key to your financial success in college.
essential activity
deeper dive activities
- Utilize a spending plan system to monitor your use of money
- Meet with a Financial Wellness Coach
Understanding Credit
Do you know your current credit score? Understand the various aspects of credit, including credit reports, credit scores, and strategies to build or rebuild your credit moving forward.
essential activity
- Pull your Annual Credit Report and complete the Credit Report and Score Worksheet (Download Activity)
deeper dive activities
- Review your Credit Report and Score Worksheet with a Financial Wellness Coach
- Attend the “Understanding Credit” Student Success Workshop
- Meet with a Financial Wellness Coach
Managing Debt
Debt isn’t necessarily bad. It is a tool to borrow money you anticipate having in the future in order to cover your present needs. After you’ve exhausted all other funding sources, you may have to take on debt to finance your education. It’s essential to understand the various types and components of debt, how interest can dramatically change the full cost of debt, and available resources for repayment.
essential activity
deeper dive activities
- Create an account at unburyme.com and practice calculating debt pay-down schedules
- Attend the “Managing Debt” Student Success Workshop
- Meet with a Financial Wellness Coach