Financial Wellness

Resource Center

Resource Spotlight:

Click the image to visit the resource.

We’re still expanding our resource center. Check back soon for more tools.

Prioritizing Financial Health

Financial wellness takes financial literacy one step further by applying it to our own lives, rather than just learning about a topic. Overall financial well-being is an outcome of pursuing these positive financial behaviors.

Students should prioritize their financial health in school just like they prioritize their studies. Learning to manage money and create good financial habits while on a student income will help you properly manage your salary after graduation.

You can log on to AAMC Financial Wellness to take a financial health quiz to determine where your financial health currently is as compared to the U.S. average. Then, create goals and tasks to increase your wellness as you progress through school.


Utilizing a Budget to Meet Your Goals

A budget is a tool that helps you achieve your goals while in medical school. Whether that is planning entertainment funds with friends, preparing for residency interviews, or managing a salary after graduation, it is important to utilize a spending plan to achieve these goals.

Using a budget can help you figure out how much money you need to support your lifestyle, what you need in student loans, and if there are expenses that can be reduced or cut. You budget for the things you absolutely need, like tuition, food, etc. But you also get to budget for other fun things like eating out, trips with friends, and saving for a new car or laptop.

Use the below resource to plan for the entire school year at once!

Grab the Academic Year Student Budget

Additional Resources & Tutorials

Financial Literacy

Budgeting Tools

50/30/20 Budget

This easy budget method takes your monthly income and divides it into 3 categories and provides suggested percentage breakdowns for how much to spend.

For example, if  you have $400 of income per month, you’d budget 50% for bills ($200) 30% for Spending ($120), and 20% for Savings ($80)

Download the Budget

Roo Budget

Designed for UMKC Roos, this hybrid between a budget and a bill tracker makes your monthly money management a breeze. Take your income and divide it into 3 categories and then list your bills. Cross off the bills as you’ve paid for them.

Download the Roo Budget 

Common Financial Transitions

Moving off Campus

Our friends at the Volker Financial Wellness Center put together quick tips and a great guide to help you move off-campus. Grab the resources here.

Remember, your monthly rental amount should not exceed 25%-30% of your income. Create a mock budget with your new rent amount to ensure it’s sustainable. Visit with your Financial Wellness Counselor 1:1 for a new personalized off-campus budget.


Preparing to Graduate

Congratulations on completing your education! Whether you are going into a Residency or launching right into your field, listed below are resource links and tips to make the transition financially smooth.

Helpful Resources:

Student Loan Repayment:

Click here to go to our Student Loan Repayment resource center.

Financial Literacy & Graduation:

To get off on the right financial foot after graduation, make sure that you complete these three things:

  1. Establish a budget with your new salary.
  2.  Organize and create a loan repayment plan.
  3. Identify financial goals to save for.