Financial wellness is the basic understanding of, and ability to function within, one’s economic and tax system. This includes balancing needs and wants in a way that allows for the development of short and long-term financial goals and budgeting skills, as well as the ability to avoid unnecessary debts, pay one’s bills and debts on time, and to live within one’s means. This also includes behaviour choices that ensure adequate income, insurance, health benefit coverage, and investing and saving for future needs. Strong financial wellbeing allows for the capacity and opportunity to make contributions that support others (friends, family/children, and not-for-profit organizations).
Financial wellness includes, but is not limited to:
- Managing short/long-term financial goals
- Budgeting/cost saving skills
- Having a working understanding of finances/taxes
- Living within one’s means/adequate income
- Avoiding unnecessary debts/paying bills and debts on time
- Planning for emergencies (savings fund)/ Retirement planning
- Understanding of our own state of wealth
- Differentiating between needs and wants
- Charitable donations
- Adequate insurance coverage/benefit plans
Resources
Looking to enhance your financial wellness? Below are some resources both on and off campus, as well as general information related to financial wellness.
On Campus Resources
- Student Awards & Financial Aid
- Budgeting Basics
- International Student Resources for Taxes and more
- Budget Calculator
- Scholarships (undergraduate)
- Bursaries (undergraduate)
- Funding Options (graduate)
- Student Health Insurance and Benefits (Undergraduate, Graduate)
Off-Campus Resources
- File Your Tax Return
- Get Smarter About Money
- Financial Aid (OSAP)
- Your Bank or Financial Institution’s webpage
- Money and Finances (Government of Canada)
General Information
- Practical Money Skills
- Financial Literacy Resources (Chartered Professional Accountants of Canada)