Financial Wellness Tips for Bruins
The UCLA Financial Wellness Program empowers UCLA students to navigate their finances throughout their college journey. All students, including incoming and returning students, can meet with a peer coach for individualized financial coaching sessions, host a workshop for their respective UCLA-affiliated group, and learn remotely through the online Achieve financial education modules via the Financial Wellness Program website. Regularly discussed topics include: budgeting, student loans, credit, savings, debt repayment strategies, investing basics, and more. Check out this video to learn more!
College is the first time many students begin to navigate personal finances independently. In light of this, we’ve compiled some useful tips you can share with your student to help them kick-start the academic year with financial success in mind.
1. Students should (re)familiarize themselves with their cost of attendance and monthly budget.
Cost of attendance (COA) includes tuition and fees, room and meals, books and supplies, transportation, and personal and health insurance. The Financial Aid and Scholarships Office breaks down COA here. It is important to note, that the student’s choice of housing will affect their cost of attendance. When a student understands what their COA is/will be they can gauge what their monthly budget will look like by dividing that amount by nine months. Students can request a 1:1 appointment with a peer coach for assistance with personalizing their budget.
2. Students ought to know how their cost of attendance is/will be funded.
Regardless of the funding sources for your student’s education (e.g. scholarships, grants, loans, familial contributions, savings, or a combination of these), it is important for students to have a clear understanding of how their education is supported financially. We encourage parents and/or family members to talk this through with their student so they at least know the full picture of their cost of attendance. When students have a clear understanding of the financial means by which they attend UCLA, they are empowered with practical and contextual knowledge. Having a clear understanding of the financial sources that support their education also helps students mitigate financial intricacies and confusion (especially around student loans).
3. Incoming and returning students should complete the Achieve-Financial Wellness Online Course
This online module offers students key financial decision-making skills which can help set the tone around financial decisions at the beginning of each academic year. The course is mandated for all incoming students (due this academic year on Monday, October 10, 2022) and remains available year-round for all returning students. Download the step-by-step guide to accessing the module here.
4. All students should know about the financial and non-financial resources on campus.
UCLA is home to thousands of students who are supported by a variety of on-campus resources. Students should keep these resources in mind throughout their time at UCLA and seek support when necessary. Financial support-specific resources are listed here. A general list of broader student services is available here.
5. Encourage students to request a Financial Wellness appointment.
Whether a student feels unsure or confident with their personal finances, it is always a good idea for them to engage in financial conversations. Financial Wellness Peer Coaches are trained by financial professionals and cross-campus partners to lead conversations on practical financial education, resources and strategies.
6. Connect with Financial Wellness on social media!
Students are always on-the-go, so FWP makes sure to maintain an active presence on our social media platforms. Follow us for financial education tips, stories, news, and more!
BONUS TIP just for parents and family members! Have you listened to the Bruin Family Insights Podcast episode featuring the Financial Wellness Program? Listen to it here.
Graphics:
Vanessa Diaz is a Social Media and Marketing Financial Wellness Peer Coach. She is from North Hollywood, CA and is a transfer, commuter, and first-generation student. She transferred from Los Angeles Valley College in the Fall of 2021, and is majoring in Sociology with a double minor in Entrepreneurship and Community Engagement and Social Change.
Author:
Belginy Molina is the Program Coordinator for the UCLA Financial Wellness Program. In her role, she assists in the development of financial literacy educational services on the UCLA campus. Her mission is to serve the interests and needs of all students (regardless of socio-economic status or background) by helping them become more knowledgeable and confident in navigating their personal finances.
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