►Got Goals?
The New Year often brings motivation to map out new goals to accomplish this year. If you plan on jotting down a few goals, don’t forget your financial goals as well! Financial goals help you stay engaged with your positive financial habits when you create your budget, track expenses, and save.
Goals should be S.M.A.R.T
If you are unsure of how to create an attainable goal for this year, you can follow this easy SMART Goal method to get a framework. When creating a financial goal, your goal should have all 5 of the following elements.
Your goal should be:
SPECIFIC – List all of the details of your goal.
MEASURABLE – Detail the amount, how you will track progress, and how you will know when you’ve reached your goal.
ATTAINABLE – How will you reach your goal? What are the actions?
RELEVANT/REALISTIC – Why is this goal important to you? How will it add value to your life?
TIME-BOUND – When will you reach this goal?
Using the elements above, you can take your goal planning from this:
“I will save more this year”
to this:
“I will save $500 by July 31st for a weekend trip home. I’ll do this by decreasing my discretionary spending by $71 per month and moving that amount into my savings account on the 20th each month.”
The latter provides a clear framework of actions to take each month to reach your goal. What financial goals will you be creating this year?
► Read more on New Year’s financial goals here.
►Want to challenge yourself to save? Try these 3 fun savings challenges.
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►Get to know Financial Wellness
Finances are personal and unique, especially for medical students committing to schooling longer than the traditional four-year college student. At UMKC School of Medicine, we value your success and tailor financial wellness to your specific experiences. From living on campus to preparing for residency, we’ll be with you to plan every expense every step of the way.
1:1 Financial Coaching
Our main service is financial coaching that is 100% student-focused. We can help students create and stick to a spending plan, discuss using credit and paying debt, and much more. We would love to talk to you about your specific financial situation and goals and empower you to practice healthy money-management habits.
To get started, please reach out to Kristian at brennonk@umkc.edu to schedule a meeting.
Student Loan Review
It’s no secret that financial aid is confusing. Students often have many questions regarding their aid and how it affects their tuition, living expenses, and overall level of debt. We provide assistance with semester-based budgeting that accounts for student loans and additional aid. This helps students estimate expenses and ensure they take out the right level of aid for their education.
Resource Center
Looking for more information on a specific topic? Our Resource Center can provide clarity on personal finance topics that are relevant and updated often. Visit the Resource Center here.
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►Upcoming Events:
(RSVP through the Financial Wellness Center on RooGroups)
January 18th @ 4 pm – Spring Kickoff: Game and Craft Night
We’ll have a variety of classic board and card games, plus youcan decorate your own ceramic bank. Game night snacks willalso be provided to fuel the competition! Located at Jazzman’s Cafe.
January 25th @ 6 pm – FAFSA Finished
In this workshop, we’ll talk about how the FAFSA is used andwhat financial aid is available. Located at 402 Student Union
January 27th @ 6 pm – Applying for Scholarships
In this session, we’ll walk you through the UMKC GeneralScholarship Application, share tips, and discuss additionalscholarship opportunities. Located at 402 Student Union.
