Effectively managing money is a source of stress for many people. At Virginia Tech, Hokie Wellness is here to students through educational workshops, one-on-one financial mentoring, and the support of peer mentors.

Here are five tips from financial wellness peer mentors Mara Ball and Charlotte Cann to get you started.

These resources are designed to help students to effectively build financial skills that they can carry throughout their lives, Ball and Cann said during a financial workshop in November.

1. Mindful spending

Practice mindfulness when shopping. While indulging in retail therapy might be tempting, consider healthier and more sustainable alternatives when faced with the urge to shop. Instead of buying items as a way to cope with emotions, engage in activities like taking a walk outside, finding a new book at the library, or reaching out to a friend. Financial wellness peer mentors suggest putting an item in your shopping cart, then waiting a few days to see if the want for it still remains.

2. Quality vs. quantity

Take a moment to view your credit card statement, review your weekly spending, and reflect on areas of possible saving. Maybe you’re eating at restaurants multiple times a week or using a ride-share service when you might have been able to cook a meal at home or take Blacksburg Transit.

3. Wants vs. needs

When tempted to purchase something that might not be essential, ask yourself, “Is this a want or a need?” Needs are items that are necessary, like housing, food, clothing, and transportation. Wants are personal to your individual interests and desires. Examples include buying tickets to a movie you wish to see, purchasing a daily coffee at a shop, and buying new clothes when you don’t necessarily need more.

4. Use a budget

Making a realistic budget plan is a concrete step toward reaching financial success. Budget plans should be personalized to your own specific needs and reflect your monthly set expenses: things like rent, utilities, food, and gas. Visit the Financial Wellness site to download a Hokie budget template that you can tailor to fit your lifestyle.

5. Begin saving early

Start a weekly habit of putting away money toward savings. Each week, deposit an amount you deem fit into your savings account. If you’re planning on saving up for something specific, figure out how much money is needed, how long it will take you to save, and how much you should save each week to meet your goal.

To learn more about the variety of financial resources available to students, check out these financial wellness resources. For one-on-one help, students can book an appointment with a financial advisor to discuss their individual financial planning.

Written by Anja Hemesath, a senior and a student writer for Virginia Tech Communications and Marketing

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