6 Ways to Work Toward Financial Wellness While Pursuing Your Degree

Key Insights:

• Financial wellness involves effectively managing your money so you can meet current obligations while working toward future financial goals. While some people pursue a degree to improve their financial wellness, there are actions you can take today to strengthen yourself financially.
• Paying attention to your student loan amounts, minimizing credit card debt, and paying bills on time can all contribute to greater financial well-being.
• Ultimate Medical Academy (UMA) understands that adult learners often juggle numerous obligations. Our student services teams are here to offer academic support when facing challenges as you go back to school.

One survey found that 73% of undergrad students felt that school was a good investment in their financial future, and 84% believed that earning a degree would improve their quality of life.¹ But you don’t have to wait until graduation day to become stronger financially. Here are six actions you can take, starting today, to begin to work toward greater financial wellness.

#1: Get a Diagnostic on Your Student Loans

Student loans are the second-highest type of consumer debt, according to the Education Data Initiative, only being beaten out by home mortgages.³ These loans can help fund your education, but it’s important to keep an eye on the amount you borrow so you always know where you stand.

Learners at Ultimate Medical Academy (UMA) can call our Student Finance team at 888-212-5421 to get up-t o-date information on their student account. Check that you are only borrowing as much as you need to cover tuition and school-related costs. The less you take out now, the less you will have to pay back later — with interest.

#2: Keep a Pulse on Extra Purchases

Little purchases here and there can add up, especially if you make them regularly. A $7 coffee may seem like a minimal expense, for example, but do this every day of the year, and it can wind up costing you $2,555 annually. Keeping your eyes on extra purchases can help you identify areas where you may be able to work on your spending to move toward greater financial wellness.

One way to do this is to go online and review your debit or credit charges from the last month. Look for charges or purchases that you’ve made several times and come up with a plan to reduce them. Maybe you decide to start taking coffee from home every day, or only let yourself stop once a week (or once a month) for your favorite hot or cold drink. Look for other unnecessary expenses you could live without and remove them from your spending plan, too.

#3: Find Ways to Increase Your Income

Another way to improve your financial well-being is to increase the amount of money you have coming in. This can be particularly helpful if you’re on a tight budget. If you’re already working, think about whether it’s time to ask for a raise. If you’re not working or have some free time, brainstorm ways to earn extra cash that won’t conflict with your school schedule.

If you like to drive, for instance, consider working for a ride-share app. If you can play an instrument or know a lot about a certain subject, develop a small set of clients you can tutor or coach. Babysitting or providing support for housebound older adults are other ways you may be able to earn more income.

#4: Only Charge What You Can Pay Off Next Month [H2]

TransUnion’s December 2025 Credit Industry Snapshot revealed that the average consumer owes $6,715 in credit card debt.⁴ If you owe this kind of debt on cards with high interest rates, it can be difficult to pay them off. Interest may accrue so fast that it could take you years to reduce your balance to zero.

If possible, try to pay your full credit card balance every month. This can help keep you from having to pay back a large amount of interest. If you currently owe too much to pay off your balances, work toward paying these cards off. Then, commit to only charging what you can pay off the following month, so you don’t build a balance again.

#5: Pay on Time

A late payment on a credit card can show on your credit report for up to seven years.⁵ This could impact your loan rates when you go to make a big purchase in the future, such as when you’re ready to buy a home or vehicle. How can you make sure you pay your bills on time?

Set up autopay when you can. This puts your bill payment on autopilot, as the correct amount is deducted from your checking account each month. When dealing with bills for which autopay isn’t an option, make a notation of the due date on your calendar and set up reminders. This way, you won’t accidentally forget to make a payment.

#6: Budget for Financial Wellness

Just as you would create a plan to eat better and exercise to improve your physical health, you can also devise a plan (a budget) to improve your financial health. This helps you understand in advance how much money you’ll need each month, in addition to deciding where your income will go.

While in school, budget for things like tuition and books, in addition to housing, utilities, and groceries. If you have any dollars left at the end of the month, you may decide to put this money in a savings account, which you can then use to get a start on school loan payments once you’re obligated to begin paying them back.

UMA recognizes that many students juggle work and family life while going to school. That’s why we have a built-in support system while on your academic and career journeys. Our Learner Services advisors are here for you at 888-216-0544. We encoura ge you to reach out with questions and concerns.

FAQs

• What does “financial goal” mean? A financial goal is a goal that you set in regard to money management. You might set a financial goal to save a certain amount of money, for example, or to limit your spending to a specific dollar amount. You can have both short-term financial goals (i.e., saving $20 each pay period) and long-term financial goals (i.e., saving enough money for a down payment on a house).
• What is financial well-being? Financial well-being means that you have both security and freedom of choice financially, according to the Consumer Financial Protection Bureau, both today and in the future.⁶
• Why is financial wellness important? Effectively managing your money can help reduce your stress levels,⁷ while also giving you a pathway to greater financial security and freedom. Being confident financially can also positively affect your mental health and longevity.⁸