Financial Wellness

Helping you manage your money, for school and for life!

October 1, 2013
by Carissa
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Spending $936 on lunch

The report is official: the average American spends $936 each year by going out for lunch (as reported by Visa’s survey at Practicalmoneyskills.com).  And that doesn’t even include the daily trips for coffee that many often make… 

I don’t know about you, but when I look at how I spend my money each year, I definitely don’t plan for almost $1000 of my hard-earned money to go to restaurants!  That’s money that could be used to pay down debt, start an emergency fund, invest in my retirement account, or even take a really nice vacation – the possibilities are endless!

Although eating out is by far the biggest “spending leak” in the budgets of most, there are MANY other ways in which we needlessly spend/waste our money.  From late fees to interest charges to missed tax breaks, this Kiplinger article on Yahoo Finance has a great list to help you identify and start combatting all the ways in which you may be losing money.

If you have any great tips or comments on spending leaks, let us know!

July 30, 2013
by Carissa
1 Comment

Financial Aid and Tuition Updates

Your educational expenses play a huge role in overall financial literacy, so it’s important to be aware of any changes to costs or funding as you progress through your program.  With that in mind, here are a few important updates regarding recent changes that are happening here at Franklin.

First, effective Summer 2013, Franklin began disbursing financial aid in two installments.  This is a change from our previous disbursement schedule, which would apply all financial aid in one lump sum.  Please be sure to review the new 2013 fall and 2014 winter disbursement schedules to get a better understanding of when your aid will be applied.

Second, the new 2013-14 tuition rates will go into effect beginning in Fall term.  Planning for tuition increases can help you better manage your finances as you move forward in your educational journey, so please review our guest post from the Connections blog to see how you can do just that.

If you have any questions regarding the disbursement schedule or tuition rates, please feel free to contact our Financial Aid Department or post your questions as a comment.

May 22, 2013
by Carissa
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The Sandwich Generation

Taking charge of your finances is usually not just about the individual; whether you’re married, planning to get married, or have kids, your financial health can and will affect the lives of those around you.    To take it one step further, the American Institute of CPAs has a unique spin on this topic, addressing  the growing challenges facing many middle-aged Americans: worrying about their own futures, caring for children and/or college expenses, AND now having to assist aging parents or other relatives.  It has created a “Sandwich Generation” of people caught in between all of these responsibilities, and strengthens the argument that improving our own financial health is one of the best things we can to do help others.
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This article has some great tips on what you can expect with elderly care, how you can prepare now, and ways to juggle the needs of your children, your parents or relatives, and yourself!

If you have any experience with this or need some advice from others, feel free to leave a comment.

May 8, 2013
by Carissa
0 comments

Financial Planning Series kicks off May 21st

Franklin University is proud to offer the 2013-14 Financial Planning Speaker Series, open to all faculty, staff, students, and alumni, as well as the greater Columbus community.  Our goal is to help you build on your basic financial wellness and start to explore future planning topics for the next stages of your life.  These workshops will be hosted at the downtown campus, and also broadcast online via FranklinLive!

Our first workshop will be held on Tuesday, May 21st from 5:00 – 6:00 PM in Phillips Hall 220.  Erin Gaeta-Mental, CFP, will share her expertise on  “Choosing the Right Insurance for Every Stage of Your Life.”  Click here to learn more and to register to attend.

April 29, 2013
by Carissa
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Hey graduates – do you know how to handle your money?

It’s graduation season for many, and certainly a time to celebrate!  But the hard work is not done yet…

Having a plan in place to handle all your financial responsibilities is crucial to repaying or avoiding debt, and building wealth.  If you have not yet thought about what kind of saver/spender you want to be, I highly encourage you to put serious effort now into establishing healthy money habits for life. 

This infographic from Onlinecollege.org shows how to do just that, with sample budget guidelines, suggested savings goals, great places for new graduates to live and work, and other online finance tools to help you keep it all together. 

 New Grad’s Guide to Personal Finance

April 22, 2013
by Carissa
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Seven questions

Forbes.com has two articles, each with seven questions, that will 1) help you determine your level of financial literacy, and 2) help you reevaluate your spending strategies

Can seven questions really change your spending habits?  Maybe, depending on where you are in your financial journey.  But the key to improving financial literacy is to make a conscious effort to think about your spending and savings on a daily basis, and these questions will definitely get you thinking! 

If you’re ready to put some action into your thoughts, then you should also check out this “Investing for the Long Run” guide on how to improve your personal finances.  Provided by Morningstar, one of our library’s investment database subscriptions, it’s an all-in-one tool to guide you through basic budgeting and saving, all the way through planning your investment portfolio.

If you have any other resources that have inspired you on your path to financial wellness, leave us a comment and tell us about it!

April 12, 2013
by Carissa
0 comments

The Best of the Week

As we wrap up Financial Literacy Week here at Franklin, we wanted to share some highlights of the week’s events:

  • All of the workshops from this past week have been recorded via FranklinLive!, and are accessible through this page.
  • Students had the the opportunity to view and print their federal student loan history via the National Student Loan Data System.  Click here for instructions on how you can do this on your own!
  • Graduating students had a chance to learn more about Exit Counseling and ask questions via our staff led online Exit Counseling sessions.  Please view these sessions by clicking here.
  • Beginning next week and through April 29, Franklin students can donate non-perishable food items to the university library in order to have library fines erased!  Read more about Food for Fines.

 

Don’t forget that April is Financial Literacy Month, and so there are still plenty of opportunities for you get a handle on personal or school finances!  Here’s a “best of the web” compilation:

  • Thirty Steps to Financial Wellness  – a whole month’s worth of money management activities to get you started!
  • Free financial counseling – Apprisen is the local consumer credit counseling agency for Columbus, offering free initial counseling for those requesting money management help.  If you are outside of the Columbus area, click here for an agency close to you.
  • Money Smart Week – Morningstar, an investment research database in our library, is sponsoring investment webinars the week of April 20 – 27th.   Additionally, they have created a fantastic tool to get all of your finances in order so that you can begin to focus on investing.  Click here to view this handy guide.
  • Debt.org – Everything you need to know about student loans, managing student debt, paying back student loans — and that’s just one part of the website!  You can also explore personal debt, and how to get free debt consultation services.

We hope you have enjoyed this week’s activities, and continue to explore the many resources available to you to help you on your path to fiscal responsibility.  If there’s a favorite site of yours that has not been included, feel free to leave us a comment and tell us about it!

April 8, 2013
by Carissa
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Financial Literacy Week Starts Today!

Remember to visit the Financial Literacy Week events today through Thursday, both onsite and online!  These events are open to all students, faculty, and staff.  At the end of the week, we’ll draw winners for fuel cards and gift cards to Barnes & Noble, Starbucks, and Subway — but you have to participate to win, so click here to see today’s events, or check out the rest of this week’s activities.

April 2, 2013
by Carissa
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Living below your means = benefits for years to come

Over at FinancialFanatic.com, there’s a post I like very much that describes how changing just one financial behavior can have rather large, rippling effects on your overall finances: living below your means.

It seems like such a simple concept, and yet so many of us struggle with it.  After all, isn’t it the American standard to spend more and more any time you come into extra income?  That seems to be a sign of the times, and all it’s gotten us is deeper in debt, saving less for future expenses, and working far beyond our retirement ages.  So buck the trend; do yourself and your future a favor by learning to live not just within your means, but below it.  Check out the Financial Fanatic’s post for tips on what you can do now, and how it will pay dividends into the future.

March 25, 2013
by Carissa
0 comments

March Madness for your money

Cincinnati.com has a great article on how to apply March Madness bracketology to your personal finances.  Here’s just a snippet of their sports-themed advice:

A motto of March Madness teams has become “survive and advance.” Do whatever it takes to make it to the next round. In your financial tourney, this means living below your means. It wasn’t a basketball coach who first said, “No pain, no gain.” It was actually Ben Franklin. What he was referring to was the fact you need to accept some pain now (in the form of saving rather than spending) if you want to reap financial gains in the future. Unfortunately, this is a lesson lost on many at both the consumer and government level today.

After reading this article, you can create your own personal financial bracket by heading over to http://www.financialfour.org/.  Here, the National Endowment for Financial Education and Financial Planning Association has already selected 32 sound financial goals.  Pick your top priorities to advance through each round, helping you to identify your top financial goals, and see how you stack up to the rest of the bracket entries.