Financial Wellness

 Budgeting is the basis for money management while in college and once you graduate! Utilize a budgeting worksheet or download a budgeting app to make sure budget goals are met and establish financial wellness. Remember, college is a time for academic and personal growth, and budgeting is a part of that growth! 

Budget Worksheet: UIW Financial Wellness Budget Planner

Financial Decisions to Consider

When students begin their college journey, they will need to make financial decisions that impact their future. Overspending and not taking budget into consideration can affect a student’s ability to finish their degree. Check out the below guide to help make the best financial decisions while in college.

Housing

If you are thinking about living on campus, consider the following questions:

• Before I apply for housing, will I have the funds to cover room and board in my financial aid package or will I have the funds to pay out of pocket for these costs?
• Consider the building and room costs for single and double rooms. Question to ponder: Which room type can I afford?
• All students who live on campus must have a meal plan each semester. Often students do not consider the additional cost of the meal plan. In addition, it is important to consider the meal plan you can afford. Question to ponder: Which meal plan works best for my eating habits?

If you are thinking about living off-campus, consider the following questions:

• If you are considering living in an apartment, make sure you take an inventory of the extra costs you might incur. Question to ponder: How much will I need to spend to furnish the apartment? Are utilities, internet, parking, and laundry facility charges included in the rent? Can I afford the deposit? Is the apartment location conducive to getting to and from campus?
• If you are from the San Antonio area, consider living at home to save costs. The pros of living at home offer students the opportunity to have home cooked meals and have your family as support during your college journey. Question to ponder: How can I set up my room to study and create a space for learning?
• Pack a lunch to bring to campus. Packing lunch can save you money and you can enjoy your lunch at “The Landing” (SEC 3065). “The Landing” is a lounge for new students and commuters where they can build community with other Cardinals. Question to ponder: How much money can I save by taking my snacks and lunch from home?
• Transportation can also be expensive with the rising costs of gas, maintenance, and insurance. Therefore, UIW offers students a free VIA bus pass for the academic year. VIA bus passes can be secured at the Campus Life Office at SEC 3150. Question to ponder: Do I need a car, is there someone I can rely on to drop me off, or should I secure a bus pass?

Financial Aid

Your first step to securing funds for college is contacting the Office of Financial Assistance. If you didn’t complete this step before school started, immediately contact the Office of Financial Assistance to ensure you have completed all necessary paperwork to receive your financial aid award. Often students make the mistake of not completing required documents and lose out on grants that could have reduced the cost of college.

Before taking out loans, students should also check out:  Scholarship Resources | Financial Assistance (uiw.edu)

Loans are also an option to help cover your educational and living costs. This process can be both challenging and difficult to navigate as there are a lot of options. Be sure to contact the Office of Financial Assistance for help understanding your loan options as taking out a student loan is a big financial decision.

Campus Jobs

Students have access to various on-campus work opportunities that can help support tuition costs and personal expenses. It is important for students to take advantage of the opportunities to work on campus. Jobs on campus help save gas money and time as students can work in between classes.

Work-Study: The UIW Federal Work-Study provides part-time employment opportunities for undergraduate and graduate students with financial need. Many students do not take advantage of the Federal Aid award and funds go unused. Funds can range up to $4,000 per academic year. The hours range from 10-20 hours per week and students can work these hours at various campus departments. The work-study program also offers opportunities for students to gain experience and master job skills which help build their resumes. Below you will find the job bank link which lists the various positions on campus. As a reminder, you must be eligible for work-study to apply for these job opportunities! Visit with Financial Aid to consult with a representative to review eligibility. Don’t miss out and secure this great opportunity that will help pay off your tuition bill!

Student Employment: Student Employment positions give students who do not qualify for work-study the opportunity to secure part-time employment on campus. The hours range from 10-20 hours per week and students can work the hours at various campus departments. Student Employment also offers opportunities for students to gain experience and master job skills which help build their resume. Below you will find the job bank link which lists the various positions on campus.

Resident Assistants: The Office of Residence Life & Housing Operations offers opportunities for students to work for their room and board as Resident Assistants (RA). An RA works approximately 20 hours per week in combination of office hours, duty hours, and on call hours. The application process begins in March for Fall employment and covers room and board. The RA job helps cover cost for room and board. Therefore, it reduces the cost of your bill. You must have completed at least one year in college to apply.

Apply Now:  Student on Campus Positions

There are many short and long-term planning strategies in which students can ensure financial wellness and college affordability. Check out the below strategies to possibly save time and money!

Setup a Payment Plan

Open a Savings Account

Learning to save money early in your college career enables you to develop good habits that will lead to accumulating more wealth during your life. Remember, the key to saving is not how much, it’s about being consistent! Saving a portion of each paycheck, received gifts, or financial aid refunds will set you on the path to financial wellness.

Pay Your Bills on Time

When it’s time to make big purchases, such as a car or house, a lender will review your credit report to determine your reliability as a borrower. Your credit report will contain an overall credit score. Often, the ability for lenders to provide loans is based on the credit score. Additionally, lenders often offer lower interest rates to individuals with higher credit scores. Your credit score is based on your history of paying your bills on time. So, when your cell phone bill, rent, or car insurance comes due, make sure to pay on time as this will affect your credit score!

Summer Jobs

Often college students take the summer off. While this can be enjoyable, summer is a great time for students to save money and time towards their degree. Summer jobs are a great way for students to save money for the upcoming year. The university offers several on-campus summer jobs and students who return home for the summer can often find summer jobs in their area.

Summer School

Summer is also a great time to get ahead in your degree plan by attending summer school. Students who take 15 credits over two summer sessions can often graduate up to one year early! This also allows the student to enter the workforce early and increase their lifetime earning potential.

Gaining financial wellness might seem tedious and unachievable, but it’s not! Reach out to New Student Programs for assistance as we offer tools and resources to help you gain and maintain financial wellness.