Financial wellness is the ability to meet basic needs and manage money for the short- and long-term.
Signs of Financial Wellness
- Learning how to manage your money and establishing a personal budget
- Not living beyond your means
- Making a plan to pay back your student loans
- Learning about debt and how to manage it
- Building good credit
- Thinking long term, e.g. setting up a savings account, setting up investments and/or a retirement account
- Learning not to let money be the driving force of your life or an indication of your self-worth
- Donating some of your money, if possible, to a cause you believe in
Check in with your financial wellness:
- How does money impact your emotional wellness?
- Do you know how to manage your money so you know what you have and don't have?
- Are you able to pay tuition and additional school expenses? If not, do you know where to go for help?
- Do you have spending money saved so that you can get off campus and explore the local area?
- Will you need to find a job on or off campus?
- Are you thinking about a plan to pay back your student loans?
Explore Financial Wellness
Free Money Management Resource for UNH Students
CashCourse is a FREE financial management resource for UNH students, providing:
- Financial Management Information
- Tips for Money Management
- Interactive Tools
GET STARTED WITH CASHCOURSE
- Go to http://www.cashcourse.org/
- Create a free student account
- Start taking charge of your money
Finding Financial Wellness at UNH
Know you cash flow
Being able to distinguish between needs and wants is an important step to achieving financial goals and attaining financial independence. Limit your spending to the things that matter most and use the rest of your money to power your financial future.
- What money are you bringing in?
- Where is it coming from?
- Can you depend on it each week, month or year?
- What are your expenses? Account for all of your expenses, even the small ones such as a cup of coffee, slice of pizza.
- What do you need?
- What do you want?
Ways to stretch you dollar in Durham
- Cut out/cut back on costly habits
- Limit music and app downloads
- Use UNH’s free public transportation
- Go to free on-campus or local events
- Comparison shop online to find the best deals
- Need clothes? Shop the sales rack or at thrift shops
- Borrow books, music, etc. from Dimond Library
- Read your favorite magazines at Dimond Library
- Use your student discount
- Buy generic
- Limit eating out by using your meal plan
- Save even more money by cooking your own meals
- Drink less - cutting back on alcohol can save money
- Use online discounters such as Living Social or Groupon
How to build good credit in college
Think of your credit score as a kind of financial GPA: Your goal is to keep improving it, and then maintain it when it’s the highest you can achieve. If you’ve recently earned a failing grade—say, in the form of making late payments—you’ll need to work that much harder to raise your score!
- Pay all your bills on time, including loan payments
- Do not overdraw your account or bounce checks
- Before you apply for a credit card or loan, ask yourself if you really need it and if you can afford to the payments
- Contact creditors immediately if you are struggling to make payments
- Check your credit score, at least annually
Start Saving – pay yourself first
Paying yourself first means that you’re making savings your number one spending plan priority. Putting even $10 to $25 into a savings account each paycheck will help you establish a savings habit. As you continue to pay yourself first, you can grow your savings and establish an emergency savings fund. Over time, you can increase your contributions to savings and pay off outstanding student loans and/or credit card debt.
- Open a savings account
- Save money as part of your budget plan
- Decide what is for saving and what is for spending
- Put “extra” money into your savings account
- Set short and long term goals
Know what you owe – student loans at UNH
- Read the fine print on any loans you take out
- Understand your student loan obligations
- Submit a new FAFSA every year
- Talk to a financial aid officer about any change in your situation
- If you have questions about your student loans contact Financial Aid
- If you have questions about any private loans call your lender with any questions
Request a Financial Wellness Program
Are You on the Right Cash Course? Many college students have minimal skills in managing their money and debt. The CASH (Create a Savings Habit) program gives an excellent overview of budgeting, saving, debt and money management.
Talk to a Wellness Educator/Counselor
UNH students can make individual appointments with a wellness educator/counselor to discuss financial wellness. Call (603) 862-3823 or make an appointment online.
Take a Screening
If you are concerned about your gambling or someone else's, this anonymous online gambling screening takes only a few minutes and consists of a series of questions. After completing the screening, you will receive referrals, resources, and more information.