🌻Weekly Wellness Newsletter - Spring Quarter - Week 7 - Financial Wellness

Spring Quarter, Week 7

Head to Jackson Park this week to experience the cherry blossoms in bloom. Chicago’s May weather makes it the perfect time to visit, and the blossoms should last for about the next couple of weeks. This beautiful, fleeting season is known as “Hanami,” a Japanese word that refers to a season of flower viewing, celebrating time spent with loved ones, and the simple gift of nature 🌸

Whether you go on your own or with a few friends, it’s a chance to slow down, take it all in, and reflect. The fact that it only comes around once a year makes it feel even more special. Click below to learn more!

I used to think I was relatively good at saving money until I started tracking my spending…turns out those sweet treats and coffee actually add up. Who knew! Below are some simple tips to help you build a budget and prepare for the future you want.

Budgeting
- The first step to creating a solid budget is estimating your monthly income. Add up how much money you’re bringing in each month. It’s always best to err on the side of estimating conservatively so you don’t overestimate what you have available.
- Next, calculate your expenses. Start with your fixed expenses; these are costs that stay the same each month, like rent. Then look at your variable expenses, which can fluctuate. Groceries, for example, may vary from month to month.
- It’s also helpful to create a list of priorities and goals. Maybe you want to set aside money to save for a new car or have an upcoming trip. Think about both short-term and long-term goals so you can properly assess how to allocate and manage your funds.
Tracking Your Subscriptions
- Take a close look at your memberships and subscriptions. You might be surprised to find you’re still paying for an old Hulu account you stopped using in 2020. Be mindful of free trials, and make sure you cancel them before you’re charged!
Check out On-campus Resources
- The Bursar's office offers CASHCOURSE, which is a free online resource that offers financial planning assistance. Budgeting software is also included to help you track your monthly expenses.
50/30/20 Rule
- The 50/30/20 rule is a simple guideline for budgeting: 50% of your income goes toward needs, 30% toward wants, and 20% toward savings.
- While this is a helpful starting point, it’s completely understandable if students or those with tighter budgets can’t follow it exactly. Everyone’s financial situation is different. Take time to review your expenses and adjust the percentages to fit your lifestyle and future goals.

Money Moves 💵: How Do You Track Your Spending?

Unfortunately, part of being an adult is learning how to spend money responsibly 😭. It’s not always fun, but financial literacy plays a big role in building the kind of life you want for yourself. Money isn’t everything, but it definitely makes things a little easier!

With everything else going on in life, it can be hard to stay organized and know exactly where your money is going. This quiz is a chance to pause and reflect on your spending and saving habits, whether you stick to a budget, and even how much you might be spending on DoorDash each month 🤦‍♀️.

Financial literacy can take time to develop, but recognizing its importance is a great first step. Click below to check it out!

Reflecting on Financial Literacy

This TedxTalk is hosted by Natalie Torres-Haddad, an international award-winning author, financial literacy educator, and bilingual podcast host of Financially Savvy in 20 Minutes. She stresses that over 70% of college graduates do not feel equipped to manage their student debt. And while that shows a clear gap in discussions and education around financial literacy, it also shows that no one is alone in this struggle.

She gives specific tips on how we can all learn a little bit about finances every day, including taking the time to look up all of the acronyms people tend to throw around like ROI (return on investment) or DTI (debt-to-income ratio). Financial literacy is a skill that needs to be developed and nurtured, and it is never too late to start. Click below to watch!