Habits for Responsible Spending

An unwise spending habit can create a lot of stress for you and negatively affect your well-being. This lifestyle may be full of instant gratification, but it is detrimental to achieving long-term financial goals. Spending needs to be managed to prioritize your needs and save for your future over your immediate wants. You must consciously substitute responsible spending for the out-of-control spending habits that may have gotten you into debt. While responsible spending may not prove to be immediately gratifying, it will allow you to reach your financial goals.

Introduction to Financial Literacy

In this webinar Kelly Demand, director of WSU’s Office of Academic Engagement (OAE), discusses the basics of financial literacy to make informed decisions that lead to financial wellbeing and self-efficacy!

Webinar highlights!
  • The connection between money and other aspects of our life
  • Creating a relationship with finances
  • Reflecting on values that shape financial wellness
  • Behaviors and financial wellness
  • Money Personality
  • And more!
Resources from the Webinar
  • CougarMoneyMatters – A comprehensive site with financial resources for all Cougs across campuses.
  • iGrad – a personal finance platform that can help you better understand how to manage your money.

Use These Tips To Help Develop A Responsible Spending Habit

Have a Plan
  • Develop a realistic short- and long-term budget to know what you need to spend on necessities (food, tuition, housing) and what you will have left over for the fun stuff.
  • Look at the timing of when bills are due and make sure your cash flow meets those bills. Late fees will result in big trouble for your budget. 

Give Yourself an Allowance
  • It's easy to spend a lot of money on extras- lattes, convenience foods, and entertainment. Ensure you give yourself an allowance for these non-essentials and stick to your limit.

Use Credit Cards Wisely
  • Credit cards are only beneficial if you pay off the monthly balance. Otherwise, high-interest rates will make for the debt if you let your balance roll over to the next month.
  • Keep credit spending to a minimum to avoid these charges.

Keep Track of Your Spending
  • Track every dollar you spend in one month. Did you really need everything you bought?
  • Remind yourself that you can't have everything while you are in school. You don't want to live so largely in college that you risk your financial future.

Borrow Sensibly
  • Remember, any money you borrow now must be repaid later. Ensure you understand the terms of your loans, and don't take out more than your need.

Protect Your Identity and Monitor Your Credit
  • Ensure that your personal information is safe from identity theft.
  • Always check your credit report annually to ensure your information is correct and has not been compromised.
  • You can order a free copy of your credit report once a year from each of the three national credit bureaus.

Money Management System

Budgeting App Tips