• what does financial health mean to you?

     

    Financial Health describes your personal financial situation and good financial health meets your individual needs:

     

    Physical needs - food, shelter, clothing, transportation.

     

    Mental needs - avoiding worry about debt and saving for fun

     

    Social well-being - money for time with friends and family

     

    Freedom to pursue opportunity - planning for new endeavors.

scroll down!

  • > bank balance

    $0

  • > Talar's journey

    Talar walks to school because it is healthy for her and her bank account.

  • > things to think about

    The most important behavior with the biggest impact on financial health is being an active saver – for example, regularly saving money for unexpected expenses

    (ref: Financial Consumer Agency of Canada).

     

    Taking control of your finances as a student will reduce stress: make a budget, save and plan for debt reduction, and understand your financial rights and responsibilities.

     

    Ultimately your financial decisions, behaviors, routines and habits will impact your overall well-being.

  • > bank balance

    $-2

  • > Talar's journey

    Talar stops and buys a bottle of water, because hydration is important.

  • > things to think about

    Incentives are recognized for their potential to promote sustainable healthy behavior.

     

    Unhealthy financial behavior exchanges immediate reward for long-term harm.

     

    But try giving yourself a reward when you recognize healthy behavior, such as hitting your savings milestone or paying off a level of debt.

  • > bank balance

    $-2

  • > Talar's journey

    Talar goes to school; priceless.

  • > things to think about

    Understanding your relationship with money is the first and most important step to taking control over your financial health and future.

     

    Why? To gain control over your decisions you need to know why you react to money the way you do.

     

    A poor relationship with money leads to overspending, under-earning or refusing to save.

     

    A relationship with money is about becoming conscious and empowering yourself to make new and better financial decisions for your life.

  • > bank balance

    $-40

  • > Talar's journey

    Talar goes to the bookstore and picks up a textbook.

  • > things to think about

    Conscious and unconscious attitudes about money are formed from your environment (home, school, or society) and the opinions of family and peers.

     

    We form opinions on what money is for, what it means to life and whether it is good or bad.

     

    Conflict comes from inheriting ideas from other people instead of developing our own.

     

    What are some words you associate with money? What would your friends and family say?

     

  • > bank balance

    $-42

  • > Talar's journey

    Talar brings her own lunch; it’s healthy and cheaper than going to the cafeteria. She saves $10.

  • > things to think about

    Is your relationship with money a tool? A partnership? A controlling factor on you?

     

    Healthy relationships are prioritized: spend time inspecting your money--how it comes in and how it goes out, for what purposes, when and how much.

     

    It’s ok to not like some of what you see. Forgive the bad, keep a sense of humor and treat your money with respect as a partner.

  • > bank balance

    Salary $56

  • > Talar's journey

    Talar goes to work at the coffee shop.

  • > things to think about

    You’re going on a journey with your best friend, money--where do you want to be together in the future? What does that look like?

     

    You can look at money and see lack or abundance.

     

    You can see limits or freedom.

     

    Understanding money is about gaining clarity with yourself because you are the power in control of your financial future.

  • > bank balance

    $+14 total

  • > Talar's journey

    The day is done, and Talar had a good day and made a profit.

  • > things to think about

    You may draw on family, savings or work to provide for your education at Seneca, and the Ontario Student Assistance Program (OSAP) is open to Canadian citizens, permanent residents or protected persons. Follow to learn more about how Seneca’s Financial Aid Office can help!