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a little different university.
Your Economic Security
Money does not buy us happiness. We all know that. But we all also understand that economic security is a significant contributor to our well-being. This blog focuses on how you can take any opportunity to increase your financial literacy, manage your finances, set goals for satisfactory income, save money, to make move once you feel like you can invest some of your resources, and think of strategies on how to get access to quality health care. You cannot buy your happiness, but you can certainly learn how to build your economic security to boost your overall well-being and quality of life. This blog is here to help you and as you will learn, there is a lot you can do to feel better more economically secured right today!
In simple terms, your economic security comes from your ability to produce, think, create, learn, and adapt, not just your job. Imagine a future where you can afford what you want without worrying about the price. This blog helps you bridge the gap between your current financial situation and that future. We will look at the importance of good income, savings, investments, and financial literacy for economic security. Understanding the difference between needs and wants, managing expenses, and prioritizing financial well-being contribute to building economic security.
Looking at the results of our studies (Kočí, 2023), Economic insecurity is the topic number one that represents an Achilles heel for our students. The top ten life areas that our students assess the poorest relate to their economic insecurity. Those are insufficient investments, savings, and income. But there is nothing surprising, right? I think we all would be shocked if we witnessed our students to be happy about income, savings and proud of themselves how smartly they invest. How could they? They rather wonder how to take care financially of their accommodation, food, transportation, communication (telephone & internet bills), health (e.g. medicine, medical insurance), social and leisure activities, other regular living costs, such as clothing, toiletries, tobacco, pets, insurance or even childcare (in case they have families), debt payment.
a little different university.
a little different university.
Would you be interested in building your economic security?
Creating economic security involves multiple steps that are both practical and achievable:
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Good Income
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Explore part-time jobs aligned with your interests.
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Choose a job that complements your strengths and brings joy.
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Scholarships are also viable options to supplement income without compromising your focus on studies.
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Satisfactory Savings
Track your earnings and expenses. Set financial goals, adapt your lifestyle, reflect on your progress, and cultivate a habit of regular saving.
Satisfactory Investments
Identify your life values, align them with financial goals, and strategize steps to achieve these goals. Investments should reflect what you appreciate in life to enhance overall happiness.
Proper Expense Management
Be conscious of your spending. Utilize budgeting techniques, prioritize needs over wants, and regularly review your financial habits. Small changes can accumulate over time.
Financial Literacy
Enhance your financial knowledge through courses or books. Consider online courses such as "Financial Planning for Young Adults" or "The Fundamentals of Personal Finance Specialization."
Access to Quality Health Care
Understand health care options available through your university. Utilize student health plans or explore inclusion in your parent's plan. Regularly check with professionals to discuss your health care strategy.
Building economic security is an ongoing but very manageable process. Keep on your mind that you can build your economic security as well as all the ten building blocks of well-being.
References:
Kočí, J. (2024). Building Well-being of University Students. Praha: Univerzita Karlova, Pedagogická fakulta. ISBN 978-80-7603-506-5.
Koci, J. & Donaldson, S. I. (2024). Well-being and Success of University Students: Applying PERMA+4. New York, NY: Routledge. ISBN: 9781032457185; DOI: 10.4324/9781003378365.
Koci, J. (2023). How to build well-being in university and college students – Methodology of academic well-being promotion. Prague: Charles University. ISBN: 978-80-87489-38-3.
Koci, J., & Donaldson, S. I. (2022). Zdraví a mentální well-being studentů distančního vzdělávání. Prague: Charles University. ISBN: 978-80-7603-357-3.
a little different university.
a little different university.