Financial Wellness
When you’re a student, it can feel like money is always tight. You’ve got bills, rent, and tuition to pay, and you want to have enough money for fun, too. This may be the first time you’re now responsible for paying your own bills and stretching your financial aid funds to last the entire semester – all while focusing on your academic success and goal of attaining your degree.
The Cal Poly Pomona Office of Financial Aid and Scholarships believes that every student should be an educated, responsible, and financially heathy member of the University community. We've put together some information and resources to help you on your way (or get you back on your feet) financially.
Financial planning is the basic idea that you can manage your income and expenses in order to become or remain financially healthy. Financial planning can take various forms, including budgeting; reviewing and deciding on a debt repayment plan; and growing your wealth through savings and investments.
Budgeting consists of understanding your incoming funds and outgoing expenses, with an attempt either make your income and expenses balance or, ideally, to have your income exceed your expenses.
Budgeting is generally your first step towards financial wellness, as it requires you to take a close and clear look at what sort of money you have and where you're spending it. You usually start budgeting with a goal in mind, whether that is to simply reduce debt or expenses; to save up for a special cost, like a trip; or build up enough capital to begin investing.
Creating, and sticking to, a budget and establishing awareness of your finances will help you develop lifelong money management skills. Start now for a successful financial future .
For more information on budgeting, watch these short videos :
Budgeting Video (from Federal Student Aid):
Debt can be a major hurdle on your way to financial wellness. Whether your debt is due to credit cards, loans, your education or other obligations, owing money can hold you back from progressing towards achieving your financial goals.
Usually you would start to deal with debt by learning how to budget, but sometimes it helps to even understand what debt is in general, what sort of debt you might be dealing with, and how you got into debt to begin with.
For more information on debt, you can watch these short videos:
Responsible Borrowing (from Federal Student Aid)
Saving money can help you spend your money on a desired goal, like a trip or a special item. Saving can also put you on the path towards investing and growing your wealth further.
There is some debate on whether you should prioritize saving or paying down debt; your financial wellness plan will depend on your specific circumstances and what will make sense for you.
Having a part-time job is a great way to gain valuable work experience, build connections, and earn extra income to help with your expenses. Look for a job on campus or near campus that is supportive and understanding of your life and responsibilities as a college student.
- Visit the Career Center for more information about part-time Student Employment opportunities.
- If you were offered Federal Work Study as part of your Financial Aid Package, review our FWS Page for information about that program.
Jobsearch on Handshake:
Cal Poly Pomona knows that you might need some help on campus. We've listed a variety of campus resources that can help you find the assistance you need.
The Office of Financial Aid & Scholarships provides workshops throughout the year on Financial Aid & Financial Wellness topics; keep an eye on our Presentations and Outreach page for your next opportunity.