We all manage our finances in our heads most of the time, but when it comes to sitting down and thoroughly planning, it can feel like a daunting task. Personal finance is one of the most crucial aspects of our lives.
Dave Ramsey, a well-known finance coach, once said that “personal finance is only 20% head knowledge. It’s 80% behavior.” This highlights an essential truth: managing money requires more than just knowledge — it requires action. Fortunately for UMass Boston students, help is readily available on campus through various resources.
When thinking about personal finance, the first thing that often comes to mind is income. The way students generate income while in college varies greatly — many work part-time jobs, others start businesses, and some find creative alternatives.
Luckily, UMass Boston students have access to special benefits, such as qualifying for student checking accounts with minimal or no fees at certain banks.
Opening a bank account is not just about convenience; many banks offer free access to financial advisors who can guide students with income strategies and how to best manage your finances while in school.
Budgeting is the next important step. According to PYMNTS, consumers average about two online transactions per day. Over a week, this adds up to around fourteen transactions, showing just how easy it is to spend without much thought.
Managing these transactions and keeping track of expenses is why creating a budget is so crucial. You Need A Budget is a great tool for students to work on building and maintaining a budget. It’s more than making a budget — its essential to stick to your plan. You Need A Budget even has features that help users save for their subscription costs, making it a practical investment.
Effective budgeting also leads to improved spending habits, and this is where many struggle. The goal isn’t just to create a budget, it is to work on mindful spending habits. For example, after a long day of classes, you might opt for an Uber instead of the train — an expense that adds up if not planned for.
One of the most prominent resources UMass Boston offers is iGrad, a financial wellness platform designed specifically for students. iGrad provides access to a wealth of tools, including videos, articles, scholarship information and other resources to help students take control of their finances. Its primary goal is to improve financial literacy and empower students to make informed financial decisions.
Aside from iGrad, there are other valuable resources on campus. The Financial Aid Office, located on the Upper Level of the Campus Center, is a vital tool for students seeking guidance on financial aid packages.
A study by LendingTree revealed that 43% of undergraduates mistakenly believe they must accept the full amount of student loans offered through Federal Student Aid or FAFSA. This indicates that many students lack clarity on the nature of financial aid, which the Financial Aid Office can help with. They offer support with filling out FAFSA forms and can guide students on making informed decisions about their loans.
Finally, attending financial literacy workshops on campus can provide valuable insights and strategies for managing personal finances. UMass Boston offers a wide range of events, and these sessions can be a helpful addition to the other resources available. Managing ones personal finance can feel overwhelming, but by taking advantage of these tools, students can gain confidence and control over their financial futures.
