Financial Wellness

Financial wellness involves a comprehensive understanding of financial concepts and using that knowledge to set and achieve personal financial goals. These resources offer a variety of tools and in-depth information to help students understand overall financial well-being.

Watch:  Rethinking Money: A Pathway Towards Financial Wellness

Cash Course

Cash Course (see link on the sidebar) is a free, online financial education resource designed specifically for college and university students, offering courses, worksheets, quizzes, videos, and other resources to help students build financial skills and prepare for their future financial lives. Here are the instructions to register:

1. Go to CashCourse.org. 

2. Click Register Now! 

3. Select Yes, I have a code and enter the 4-digit access code (6692)

4. Provide your name and email address. 

5. Verify your account. 

6. Pick a username. You can make up your own or use the prepopulated suggestion. 

7. Click the Let’s Get Started! play button

Managing Money with a Partner

Communicate early and often with your significant other about your financial goals and values. By setting shared goals, creating a budget, deciding on the right account structure, planning for big expenses, and maintaining open communication, you and your partner can achieve financial harmony.

1. Be open and honest 
Talking money with your partner can feel awkward. Maybe you grew up in different financial situations, or perhaps you were raised with opposing attitudes about money.  Regardless, never hide expenses, debts, income, or savings.  All good relationships are built on trust.  We are all tempted so, to keep each other honest, look at all accounts at least once per month.

2. Communicate without being angry or defensive  
If the thought of a monthly money meeting with your partner is unpleasant, make it an event you’ll enjoy. Schedule a date or a pleasant event at home to create an easy-going atmosphere.  Allow your partner to finish their thoughts, and make sure you're talking in a kind and respectful manner.  If you reach an impasse, discuss compromises so each of your goals are at least partially met. Consider taking the "What's Your Money Personality" quiz (see sidebar link) and discuss what you found.

3. Create clear expectations
Creating a household budget is a lot like sharing household chores. The goal is to discuss a clear plan you both can agree to. Consider writing your financial plan down to avoid miscommunication or future confusion. Include savings for major expenses (home, car, vacation, etc.).

4. Consider combining income and expenses in marriage.
Legally, a marriage creates a financial partnership.  Combining all of your income and expenses into one budget simplifies your financial relationship.  It doesn't matter which partner earns more money.  Come to an agreement on your budget for your "needs" expenses and include savings and investing as a "need".  Then, discuss how you will spend on "wants". 

5. Consider meeting with a neutral third party.
If you and your partner are struggling to see eye to eye on finances, enlist the help of a professional. You might start with a financial advisor, or a therapist or coach can help you navigate sticky situations and conversations about finances with kindness and compassion.

Watch:  Avoid the #1 Cause of Divorce

This information is being provided for educational purposes only; it does not constitute an endorsement or approval by the University of Kansas. The University of Kansas bears no responsibility for the accuracy, legality or content of the resources listed.