When you think wellness, finances might not be the first thing that comes to mind.
Money has a huge impact on our overall wellbeing and is one of the main determinants of health. In 2019, 44% of students who completed the National College Health Assessment said that their finances were difficult or traumatic to handle in the last year. So, let’s look at these 3 areas for improving your financial wellness.
First, let’s talk about Financial Literacy…
Learning financial skills and lingo takes time, but you will use this knowledge for the rest of your life!
The internet can offer more information than you will ever need on this topic (…well any topic really). The Financial Basics E-Learning Series through the Government of Canada is a great place to start. This series was created in collaboration with Ryerson University, so it has students in mind. Young and Thrifty is a site that breaks financial info down into easier to understand blog posts on topics that matter.
Talk to your bank. Banks often have a Financial Advisor available that can help provide you with information on financial decisions. This advice is often free, however, it’s good to ensure that you are getting your information from a variety of reliable sources so that you can make informed decisions.
Now, let’s talk about Building a Budget…
Budgets are an important money-saving tool even for those who have more financial flexibility. Here are our suggestions for you!
Get an idea of your funds currently available, any potential incoming funds, and how long these funds need to last.
Use a Free app like Mint or an excel spreadsheet to track your expenses each month.
Categorize your expenses to better manage where your money is going. No…Amazon shouldn’t be its own category, try to break down your purchases specifically. For example, if you picked up a kitchen utensil or appliance at your local superstore while shopping for groceries you would add it to the household or shopping category, not your food budget.
Review your expenses and see if there are any areas you may be able to cut back.
Does your phone plan give you more than you need?
Can you cut back on entertainment, clothing, or personal products?
Can you rent or get used/E-books instead of purchasing new textbooks?
Are you paying for a gym membership when you can work out on campus for free?
Are you eating out a lot instead of purchasing groceries?
Don’t be afraid look for support!
There are financial supports for students, you just need to be aware of them and in many cases apply.
Scholarships, Bursaries and Awards - Complete your General Online Awards Application in myStudent Centre and have your profile matched to dozens of Sheridan scholarship, bursary and awards opportunities!
Student Loans (OSAP) and Student Lines of Credit – These can be used to support you financially during your time as a student, however, you will need to repay these after graduation. IMPORTANT: Review the terms, interest rates, and repayment details of these options before proceeding.
SSU’s Food First Food Bank – If you are struggling to make ends meet to afford groceries, Sheridan’s Student Union can provide some support for you.
We're hosting a weekly wellness series focused on each dimension of wellness!
On June 24, we welcomed Mariam and Lovern, from Sheridan’s Financial Aid and Awards Office, as they hosted a #WellnessWednesday introduction to supporting your financial wellness and keeping yourself on track when it comes to budgeting. Budgets are a helpful tool to make the most of your financial situation at any point in your life! 💵
Still have questions?
Connect with the Financial Aid and Awards team! They can help students with budgeting and researching their financial options.
Email: awards@sheridancollege.ca and fin.aid@sheridancollege.ca
Phone: Trafalgar and HMC (905) 845-9430 or Davis (905) 459-7533 and press “5”
App: To make an appointment, students may use the QLESS app
This was written in collaboration with your Sheridan Student Union, Sheridan Wellness and Counselling Services, as well as Sheridan’s Financial Aid and Awards Office.
MORE WAYS TO SUPPORT YOUR WELLNESS
Running for a position on the SSU Board of Directors is a great way to get involved at Sheridan, enhance the well-being of your peers, and shape the #SheridanLife. Whether you’ve submitted a nominations package, or you’re deciding whether you’d like to, we wanted to put together a list of helpful tricks to support you through the process, and prioritize your overall wellness.