Spending Smart: Financial Wellness Tips for the End of the Year
With the holiday season happening now, it’s a great time to reflect on your spending habits and plan for those extra end-of-year expenses. Below are some quick financial wellness tips to help you spend smart and avoid stress.
Create a monthly budget
Use your spending from previous months to get an estimate of how much you typically spend and set a target budget to stay under.
Include things like: rent, utilities, insurance, groceries, dining out, clothing/shopping, transportation or gas, memberships, online subscriptions, recreational activities, gifts, and savings.
Plan ahead for months with extra expenses, for example, in December, you may want to increase your gift budget and cut back on something else, such as eating out.
Differentiate between needs and wants
After creating a monthly budget, it becomes much easier to tell the difference between needs and wants.
For example, you might need to pay for gas, but want to update your wardrobe.
Having a budget helps you prioritize essentials while also allowing you to see how much you can comfortably spend on extra wants.
Set aside money each month
Try to set aside $10-20 into a savings account with each paycheck.
Consistency adds up; even small amounts grow over time.
Having savings ready for a vacation, a gift for yourself, or an emergency helps you stay prepared and reduce stress.
Find easy ways to save money
Opt to eat at home most days instead of ordering out multiple meals a day. Try to make coffee at home most days as well; these add up over time!
Use free campus resources, like workout facilities, rather than paying for a gym membership.
Look for student discounts!
Share streaming services with friends or roommates to reduce the monthly cost.
Build & protect your credit
Choose a student credit card that aligns with your needs and spending habits.
Only charge what you can fully pay off each month to avoid debt and maintain a strong credit score
Pay all bills on time to build and maintain good credit while in school and set yourself up for financial success after graduation.
Utilize Hokie Wellness Financial Wellness Resources
Hokie Wellness offers a variety of financial wellness resources for students to utilize.
Students can schedule one-on-one financial coaching appointments for guidance.
Scan the QR code to get access to more resources, including how to pull a credit report for free, budgeting for food on campus, and a budget template!
