.Boiler Financial Track: A Resource for Students to Build Financial Wellness
Financial wellness might not be the first thing students think about when considering their well-being, but it is an important component of one’s overall wellness.
“Financial wellness means having a strong financial foundation,” says Junia McDole, program director of Boiler Financial Track. “It’s about having a plan for your money and not having stress associated with finances.”
Thinking about financial wellness can be overwhelming for students to consider on top of homework, exams and the myriad of out-of-classroom opportunities that make up the college experience. Creating a budget, considering how to pay for a semester or thinking about how finances may impact career or personal goals after graduating can feel intimidating.
“Nearly everyone has struggled with some form of finances at some point in their lives,” McDole says. “It’s not an individual struggle and it’s ok to not know things.”
It’s not an individual struggle and it’s ok to not know things.
Boiler Financial Track is a free resource available to all Boilermakers designed to help students create a plan for financial wellness. Boiler Financial Track offers one-on-one coaching, online resources, budgeting help, group presentations, webinars and more to assist students in addressing immediate concerns or planning for the future. Students do not need to satisfy any prerequisites or demonstrate need to access Boiler Financial Track resources.
Through one-on-one coaching and appointments, Boiler Financial Track helps students navigate immediate challenges they may be facing, such as considering how to budget to meet various needs throughout a semester and debt and loan repayment issues. Boiler Financial Track also works with student organizations and can help treasurers plan their budgets as they seek to maximize the resources available to their clubs. McDole and other representatives from Boiler Financial Track are also available to present to student organizations who have an interest in helping club members develop financial wellness.
Students who are nearing graduation and thinking long-term can also find resources to fit their needs through the program. Boiler Financial Track offers services to help students compare job offers, consider financial and benefits packages, prepare for home ownership and more. Considering long-term goals now can provide an important head start in planning.
“It’s really important to have a strong financial foundation because you’re going to build off it for the rest of your life,” McDole says. “If you learn now, you’re going to be so much better off than someone who is going to learn it 15 or 20 years down the road.”
Boiler Financial Track also offers free webinars for students looking for general information. Upcoming topics include sessions on debt management, basic tax concepts, budgeting and credit. Interested students can register here.
No matter what a student’s financial situation or goals may be, McDole says that setting a budget and having a goal for their money is an important first step towards financial wellness.
People think of budgets as restrictions when it’s really more about having a plan for your money.
“People think of budgets as restrictions when it’s really more about having a plan for your money,” McDole says. “You don’t want your money to tell you where it’s going – you want to tell your money where it’s going.”
Students interested in connecting with Boiler Financial Track can schedule an appointment through BoilerConnect. Click on Student Life and Wellness, then navigate to Boiler Financial Track to select the service desired. Students can also set an appointment via the Boiler Financial Track website.