the front enterance of the Curry Health Center on a sunny day surrounded by tree

Curry Health Center

**Alt Text:** A simple blue circular icon featuring a piggy bank with a coin showing a dollar sign being inserted into the slot on its back.

Financial Wellbeing

Mindset & Mastery.

Financial wellbeing isn't just about your bank balance.

It’s about the peace of mind that comes from feeling secure and in control of your decisions. 

The Money-Mindset Connection

Your emotions often drive your spending. Recognizing your "Money Personality" helps you make intentional choices rather than impulsive ones.

  • Do you reach for your wallet when you’re stressed, bored, or celebrating?

  • For any non-essential purchase over $20, wait one full day. Usually, the "must-have" feeling fades by morning.

  • Swap "I'm just bad with money" for "I am learning how to manage my resources."

    How College Students Spend $100 on Groceries | Cut

Budgeting: Giving Every Dollar a Job

A budget isn't a restriction; it’s a game plan. A "chill" way to start is the 50/30/20 Rule: 

  • Rent, groceries, utilities, and tuition.

  • Late-night pizza, concerts, and streaming services.

  • Emergency savings and paying down debt.

    Budgeting and the 50:30:20 rule

    • Creating a spending plan (i.e., budget). 
    • Small changes – make your own coffee or eat out less. 
    • Utilizing resources to expand your budget like UM Food Pantry or other student discounts.  
    • Start a savings account and add small amounts monthly. 

    Trying to Budget as a College Student? This Is For You

Credit, Loans, and Savings

Building a solid foundation now prevents financial "avalanches" later. 

  • Credit is your "financial reputation." A good score makes renting an apartment or buying a car easier later. 

    • Start Small: If you use a student credit card, only charge what you can pay off in full every month. 
    • The Golden Rule: Live within your means first. Never use credit to buy things you can't afford with the cash currently in your bank account. 

  • Loans are a tool, not "free money." Interest is the price you pay for using someone else's money. 

    • Exhaust "Free Money" First: Apply for scholarships and grants every single year. Billions of dollars go unspent because students simply don't apply. 
    • Federal vs. Private: If you must borrow, Federal Loans (Stafford/Perkins) are usually safer because they offer fixed rates and income-based repayment plans.

  • Life throws curveballs (like a cracked phone screen or an emergency trip home). 

    • The Starter Fund: Aim for a $500–$1,000 emergency fund. This keeps you from needing a high-interest credit card when a crisis hits. 
    • Automate It: Set up a transfer of just $5 or $10 a week into a separate account. If you don't see it, you won't spend it. 

    How to Pay for College: 8 Strategies to Cover Costs - NerdWallet 

    Dave Ramsey's 7 Baby Steps - Ramsey 

Financial Growth Tools

Tool 

Best For... 

EveryDollar / YNAB 

Visualizing your monthly spending and "giving every dollar a job." 

Fastweb / Scholarships.com 

Finding "free money" tailored to your major and background. 

Financial Aid Office 

1:1 help with FAFSA, grants, and work-study options. 

"Get Smart with Money" 

A Netflix documentary that simplifies complex spending habits. 

Additional Resources 

P.S. If this feels overwhelming, your campus Financial Aid or Wellbeing department offers free help. Seriously, they're there for you!