Finance

4 ways to avoid overspending

Anonymous — Wed, 29 May 2024 15:27:03 +0000

4 ways to avoid overspending Anonymous (not verified) Wed, 05/29/2024 - 09:27

It may come as no surprise that consumerism has increased across the United States. This phenomenon has been covered in various news articles and is often associated with marketing, cultural expectations and impulsiveness.

If you struggle with shopping, overspending or living above your means, you’re not alone. Here are a few tactics to reject consumerism and stop overspending.

Why do we overspend?

Overspending doesn’t necessarily look the same for everyone. If you find yourself spending more than you can afford, it’s important to identify why. Here are some of the most common reasons people overspend.

Social pressure: You may feel pressured to ‘keep up’ with your friends’ or family’s spending habits. For instance, your friends may want to go out to an expensive restaurant that’s out of your price range, but you don’t want to miss out, so you go anyway and spend over your budget.
Lifestyle creep: If you get a new job or internship that increases your overall income, you may start to experience 'lifestyle creep.’ This happens when your expenses unintentionally creep up as your disposable income increases. For instance, you may go shopping or eat out more often because you can now afford to. However, if you spend too much it may not always feel like you have more money in your pocket.
Emotional spending: Have you ever indulged in retail therapy? Heightened emotions, both positive and negative, can cause people to spend more money and make more impulse purchases. In many cases, this may lead to more anxiety over your finances or buyer’s remorse.
Impulse purchases: Seeing influencer recommendations and ads on Instagram or TikTok can be tempting, especially when it feels like something you might want or need. For instance, you may see a piece of clothing or home product that you think would look good or be useful. However, it’s important to remember that influencers rely on sales commissions to make money and are motivated to sell as many products as possible.
Credit misconceptions: Many people have misconceptions related to credit card use. In some cases, people may think that credit cards give them access to more money than they may have in their checking accounts. However, this money doesn’t come for free. If you use credit cards without adequate funds to pay your bill at the end of the month, you may incur fees or interest, which means you’ll end up paying more than you would have.

If you identify with any of these scenarios, you’re not alone. Here are some tips to help you curb your spending and avoid impulse purchases.

1. Review all your current expenses

Do you know exactly where your money is going? One way to find out is to review all your expenses and break them up into categories.

You can do this by printing a copy of your bank and credit card statements or using free online apps like Rocket Money. If you can, try to look at two months’ worth of expenses. This will give you a better overview of your average spending.

As you look through your statements, try to break up your spending into two main categories:

Essentials: This includes things you need to buy or pay for like your rent, utilities, phone, Wi-Fi, gas, groceries, etc.
Non-essentials: This includes things you can probably live without like shopping, eating out, movies, concerts, etc.

If you notice that you are spending a lot of money on non-essential items, it can be helpful to break down this category even further. For instance, you may look at how much money you spend on clothing, entertainment, eating out or trips.

Understanding exactly where your money is going can help you figure out how you can cut back. If you need additional help budgeting, check out this article for more tips.

2. Avoid autofill options

Having your credit or debit card information saved on your phone or browser is convenient. However, having the option to ‘autofill’ your payment method can also make it easier to go over budget on impulse purchases. To avoid this, try removing your card information to see if it helps you spend less on non-essential items.

Additionally, some apps may have automatic reloading options. One example of this is the Starbucks app, which allows you to automatically reload your card when your balance is insufficient or running low. These features make it easier to lose track of how much you’ve spent. Instead of reloading your card each time you run out of funds, try adding a set amount at the beginning of the month. Once that money has been used up, commit to waiting until the next month to add more. That way you’ll be able to stick to your budget better and know exactly how much you’ve spent in a given month.

3. Avoid shopping on impulse

Impulse purchases, even small ones, can add up quickly. If you see a product you’re interested in, try to take a pause and avoid buying it right away. This can help you avoid purchasing things in the moment or on a whim.

Here are some tips to help you avoid impulse purchases:

Shop with a goal in mind: Create a list of what items you specifically need or want. For instance, you may need to replace a shirt that is damaged, or you may want to invest in a new computer. Having a list can help you avoid temptation and focus on only getting what you need.
Wait to buy: If you see something you want online or on social, avoid buying it right away. Instead, try to give yourself a week or two before making a decision. Chances are you may forget about the product completely or realize it’s not something you need right now.
Don’t save items in your cart: While you’re waiting to buy something, it may be tempting to ‘save it’ in your cart or on a wish list so you don’t forget about it. However, this can create more temptation when you go back to your cart and see something you wanted to buy but didn’t. Instead, let it go. If you are still thinking about it in a couple of weeks, you’ll probably remember what it was and where to get it.
Avoid sales: Sales can often cause people to spend money on things they wouldn’t have otherwise bought. This is because you may be enticed by a lower price tag or a good deal. If you’re trying to stop overspending, try to avoid shopping during sales season. If you’ve created a list of specific items, you can shop sales for those things but be wary of getting influenced by the price tags of other items.

4. Practice mindfulness

Overspending can be a hard habit to break. That’s why it’s important to practice mindfulness whenever you’re shopping. Here are a few questions to ask yourself before making purchases. If you answer mostly yes, it may be a good purchase. If you answer mostly no, it may be best to skip it.

Have you thought about buying this for at least two weeks?
Does this product solve a genuine problem in your life?
Will you still be using this a year from now?
Do you know where this product will go or be stored in your home?
Could you borrow or rent this item instead?
Is this a quality item that will last a long time?

Asking yourself these types of questions can help you determine which purchases are worth it (and which ones aren’t). You may also want to consider things like how many hours of work it would take you to pay for an item. This tactic can also work well for non-product purchases like eating out or going to the movies. If you need to spend several hours of work to afford it, think about whether or not it’s worth it to spend that money.

Resources

There are a variety of resources available for students, staff and faculty to support your financial well-being. Here are a few to check out.

Resources for students

Peer Wellness Coaching

Students can meet with a trained peer wellness coach for a one-on-one consultation to discuss finances, goal setting, budgeting, careers, academics and more.

Let’s Talk

Counseling and Psychiatric Services (CAPS) offers free drop-in sessions to help provide insights and connect students with additional resources.

Counseling and Psychiatric Services (CAPS)

CAPS offers free short-term individual counseling and screening services for students.

Basic Needs Center

The Basic Needs Center on campus provides support services for students seeking access to essential resources like food, housing and more.

Bursar

The Bursar’s Office on campus can help you understand your tuition bill, payment options, tax information, refunds and more.

Financial Aid

The Office of Financial Aid can help you explore ways to pay for college, including scholarship opportunities, loans and more.

Student employment

Students can search for on-campus and off-campus job opportunities, including internships. Simply log in to Handshake with your IdentiKey to explore positions.

Resources for staff and faculty

Wellness workshops

The Faculty and Staff Assistance Program (FSAP) offers free workshops to help improve employee wellness. You can attend workshops throughout the year to learn about retirement basics, health savings accounts, Medicare, home buying and more.

Faculty and Staff Assistance Program (FSAP)

FSAP provides free mental health services for all �� Boulder staff and faculty, including consultations, individual counseling, couples therapy and more. Employees do not need to use PTO or sick leave to take advantage of this benefit.

�� Advantage

�� Advantage is a one-stop shop to find and take advantage of benefits, resources, perks and advantages �� has as part of it’s benefits programs.

Benefits Hub

All �� Boulder employees can access perks through the State of Colorado, including information about budgeting, investing and student loans. They also offer a variety of deals and discounts for local businesses and travel.

Mobile food pantries

The Basic Needs Center offers free mobile food pantries to all �� Boulder students, staff, faculty and community members who are facing food insecurity or having difficulty affording groceries.

TIAA consultations

�� employees are eligible to meet with financial professionals from TIAA for free. You can use these sessions to discuss budgeting, debt, retirement planning and more.

Paycheck savings options

Did you know you can automatically transfer money from your paycheck into your savings account? Simply log in to your employee account and update your ‘Direct Deposit’ options under ‘Paychecks.’

Voluntary retirement plans

�� offers three voluntary retirement plans for both 401K and PERA employees. These plans allow you to save more money into a retirement fund of your choosing through pre- or post-tax paycheck deductions.

Tuition Assistance Benefit

Want to earn a degree? Employees may be eligible to take advantage of the Tuition Assistance Benefits, which can cover college courses taken by an employee or dependent at any of ��’s campuses.

Health plan programs

�� employees can take advantage of a variety of free programs through your health insurance plan, including sleep support, pregnancy planning, fitness and more.

If you struggle with shopping, overspending or living above your means, you’re not alone. Here are a few tactics to reject consumerism and stop overspending.

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7 tips for creating an effective budget

Anonymous — Mon, 27 Feb 2023 07:00:00 +0000

7 tips for creating an effective budget Anonymous (not verified) Mon, 02/27/2023 - 00:00

Budgeting can be daunting, especially if it’s your first time managing your own finances. Regardless of your income, budgeting is a great tool for everyone to use. In fact, it can help you save money, keep up with bills, work towards your goals and plan for the unexpected.

Here are a few simple steps you can take to create an effective budget.

1. Calculate your income

Whether you work part-time, full-time or receive a living stipend from your family or academic program, a good budget starts with calculating your income.

Here are some important definitions to know:

Gross income: This includes everything you make before taxes and other deductions are taken into account.
Net pay: This is the amount of money that actually makes it into your bank account (sometimes referred to as ‘take home pay’).

For budgeting purposes, it’s most important to focus on your net income, because it can give you a better sense of how much money you actually have at your disposal. If you’re paid weekly or bi-weekly, add up your net income to get a monthly total. This is the number you will want to use when planning your budget for each month.

Important note: If you receive tips or commission, your net income will likely vary from month to month. If this is the case, calculate your income based on the worst-case scenario by looking at what your lowest paycheck has been over the past six months. Similarly, if you’re living off of savings, it can be helpful to look at what you have in total and determine how much you have to spend each month to ensure your current and future expenses can be covered.

Now that you know your net income for each month, you can move forward to the next step!

2. Is it fixed or variable?

Expenses fall into one of two categories: fixed or variable.

Fixed expenses are expenses that stay the same month to month. These expenses typically include things like your rent, internet and phone bills.
Variable expenses are expenses that vary from month to month. These can include things like groceries, eating out, utilities, personal care, social events and other one-off purchases. Unlike fixed expenses, variable expenses tend to depend on our choices and decisions rather than obligations.

Make a list of all your fixed and variable expenses. This will help you get a better idea of how you can adjust your habits and spending to fit within your budget. Here are some examples of what this might look like.

Fixed expenses

Rent or mortgage payments
Car or loan payments
Phone bill
Insurance
Internet
Childcare

Variable expenses

Dining out and groceries
Entertainment
Gas
Parking
Clothing
Personal care
Healthcare
Hobbies and recreation

Now that you know your fixed and variable expenses, you can start tracking your spending.

3. Track your spending

Now that you understand the categories of expenses, you can start to track your spending. It’s usually most helpful to look at the past three months to get a sense of how much you typically spend.

You can track your spending in a couple of different ways.

Bank statements

Print off three months worth of bank statements that show all of your spending transactions. Comb through your transactions for each month and categorize them. For instance, you may highlight all of your grocery expenses in pink while you mark all of your dining out expenses in green. This will help you visually sort your transactions to give you a better idea of your spending habits. For instance, you may notice that you have a lot of pink items (i.e. groceries). Or you may notice that you eat out more often than you grocery shop. For each category, add up the total you’ve spent each month to give you an idea of how much of your income goes towards different things.

Online tools

If manually printing, sorting and adding up expenses doesn’t sound like something you want to do, you can also use online tools to help. Mint is a great option for those who would rather take their budgeting digital. This free app allows you to connect your bank accounts into one central hub, so you can see all of your expenses at once. From there, you can categorize each expense into different categories, like groceries, entertainment, dining out, subscriptions, etc. Once you’ve categorized all of your transactions, Mint will provide you with a simple chart to show you where your money is going each month. For instance, you may notice that you spend 30% of your income on dining out but only 5% on groceries. Additionally, Mint allows you to see how your spending has changed over time, which can be helpful when preparing for seasonal changes (e.g. utility costs may increase during colder months).

Once you’ve categorized your expenses, it’s time to evaluate your habits and non-negotiables.

4. Figure out your non-negotiables

While it may seem obvious, it’s helpful to determine what your non-negotiables are in terms of budgeting. For instance, paying for rent, utilities, phone service, groceries and healthcare are common non-negotiables for people. However, non-negotiables can also include things like a weekly coffee or other self-care activities that can impact your life in smaller ways.

Make a list of your non-negotiables and keep these in mind when looking at where you can cut back.

5. Cut back where you can

Now that you have a good idea of where your money goes and what your non-negotiables are, it’s time to figure out what may not fit into your overall budget. Take another look at your transactions and ask yourself: Are there any expenses that I’d like to cut back on or eliminate altogether?

For instance, you may realize that you don’t need four streaming subscriptions or you would prefer to save some money by packing your lunch. Make a list of these items.

Now that you have your list, go through and try to set a budget for each item. For instance, if you currently spend $75 per week eating out, it may be helpful to commit to cutting back to $40 per week. Be sure to keep in mind that your budget still has to fit your life. If you really want to eat out twice each week, try to come up with a number that will allow you to do that while being mindful of how much money you spend each month.

Hint: Mint can be great for these types of budget changes, as it allows you to set a specific budget for each category. For instance, you can set a budget of $40 per week for eating out. The app will automatically alert you when you are getting close to that budget or go over. It can also offer personal spending insights. For instance, it may inform you that you spent more money this month than you did last month on a specific category in your budget.

Now that you've identified spending habits you can change, it's time to set some financial goals.

6. Set financial goals

Reviewing your spending and creating a budget to save money is great, but what’s the point? Having a budget in place will help you set and achieve your financial goals. For instance, you may want to pay off student loans, buy a car, travel, buy a house or plan for retirement.

These types of financial goals can help inform your budget and allow you to determine how much money you can afford to put towards them.

One financial goal that everyone should have is building an emergency fund. Emergency funds are savings accounts that allow you to prepare for emergencies or unexpected expenses. These can include things like layoffs, car accidents, medical bills and other expenses that you can’t always plan out in advance. Emergency funds should account for three to six months of expenses. Luckily, you have a pretty good idea of how much money you need each month, so you can easily figure out how much you’ll need to create an emergency fund.

Once you know what you need for your emergency fund (or other goals), create a savings plan that fits into your current budget. For instance, you may dedicate $10 or $50 each month to your savings account. Or you may ask to have a certain percentage of your paycheck sent to another account so you never see it, but you know it’s there.

Take some time to think through your goals, estimate how much money you need to achieve them and create your own savings plan based on your current income and expenses.

Now that you've identified some financial goals or milestones you'd like to reach, it's time to put your plan into action.

7. Review your budget regularly

You’ve officially created your first budget! Pat yourself on the back for a job well done, but also keep in mind that personal circumstances can change. Be mindful about reviewing your budget each month or quarter, especially if you get a new job, move, plan a family or experience other significant changes that could affect your income or expenses. Regular reviews of your budget will help you make adjustments as needed so you can continue to stay on track.

MoneyCoach

MoneyCoach is a free site that allows you to watch personal finance videos and quiz yourself on topics like banking, credit cards, debt, loans, taxes, investments, insurance and more.

Available for: Students, staff and faculty

Elevations Credit Union

�� Boulder has an Elevations Credit Union office in the UMC. They offer online support resources and virtual events to help you manage your money better.

Available for: Students, staff and faculty

Financial assistance funds

Whether you’re looking for support with campus programs, academics or other areas, there are student resources available. Check out available assistance funds, scholarships and other financial programs on campus.

Available for: Students

Basic Needs Center

The Basic Needs Center provides support for students facing food insecurity, housing emergencies and more. They can connect you with on-campus resources as well as local, regional and national support services.

TIAA consultations

You don’t have to be a financial expert to prepare for retirement. As a �� Boulder employee you’re entitled to free one-on-one consultations with TIAA financial professionals. They can help you clarify your goals, understand where you stand financially and work toward your financial goals.

Available for: Staff and faculty

Down payment assistance

�� Boulder works with Landed to provide down payment assistance to employees. Landed’s program can help you reach a 20% down payment as long as the employee contributes at least 5%.

Note: Other institutions, like Bank of America, also provide down payment assistance programs for first-time homebuyers.

Available for: Staff and faculty

Budgeting can be daunting, especially if it’s your first time managing your own finances. Here are a few simple steps you can take to create an effective budget.

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Tips for understanding health insurance basics

Anonymous — Thu, 04 Aug 2022 06:00:00 +0000

Tips for understanding health insurance basics Anonymous (not verified) Thu, 08/04/2022 - 00:00

Health insurance is probably one of those things you wish you would’ve learned about in high school or as part of your undergraduate degree. While insurance plans can be complex, understanding your policy is an important part of managing your health (and wallet).

If you feel overwhelmed navigating healthcare or insurance systems, you’re not alone. That’s why we’re here to help. Here are a few tips and tricks to help you understand the basics and make the most of your health insurance plan.

Did you know?

All �� Boulder students can access care through Medical Services, regardless of what kind of insurance plan they have. This includes students with the Anthem Gold Student Health Insurance Plan (SHIP) as well as private insurance plans.

Learn more about using your insurance at �� Boulder

Why is health insurance important?

Health insurance helps cover the cost of medical treatments, appointments, mental health visits, prescription medications and other health-related expenses. Like car insurance, health insurance can provide us with a sense of security in case accidents or unexpected illnesses or injuries happen.

While you may have your own private health insurance plan, many students choose to enroll in the Anthem Gold Student Health Insurance Plan (SHIP) designed specifically for �� Boulder students.

Important insurance terms to know

It’s important to know that every health insurance plan is unique. The “rules'' for your insurance plan may be different from that of your friends. Here are a few important terms to know and look out for to help you understand and use your health insurance:

Premium: This is the amount you pay in order to be part of a health insurance plan. If you are on a family member’s insurance plan, they are likely the one who is paying the premium. If you choose to enroll in the Anthem Gold Student Health Insurance Plan, your premium ($1,988) is paid through your tuition account once per semester.
Deductible: This is the amount you pay for services each year before the insurance company starts paying its share of the costs. For instance, students with the Anthem Gold SHIP have a deductible of $500. This means that you are responsible for paying the first $500 worth of care you receive. After you’ve paid the full $500, your insurance company will start helping to cover expenses. Some insurance plans are considered high deductible plans, where the deductible can range anywhere between $5,000 and $10,000 per year.
Copay: A copay is a fixed amount that you pay upfront when you receive care. Copays can apply to appointments, prescriptions or other services. Sometimes copays count toward your deductible amount, but not always. For instance, students with the Anthem Gold SHIP have a $40 copay that does not count toward their deductible.
Coinsurance: Coinsurance means that you pay a percentage of the total cost of your medical care. For instance, students with Anthem Gold SHIP have a 20% coinsurance that starts after their deductible is met. This means that if you get an x-ray for $100, you would pay $20 and your insurance company would pay the remaining $80. Coinsurance typically applies to major medical services or expenses, like imaging, surgery, etc.
Out-of-pocket expenses: This term describes all of the costs you pay for yourself. For instance, if you pay the cashier at the pharmacy or the receptionist when you check in for an appointment, these are considered “out-of-pocket expenses” because they are coming out of your own wallet.
Out-of-pocket maximum: Most plans put a maximum limit on the amount of money you have to personally pay for medical expenses. For most plans, the limit can range from a few thousand dollars to tens of thousands. For instance, students with the Anthem Gold SHIP have an out-of-pocket maximum of $8,750 per year. After you meet this amount the insurance plan pays 100% of any additional medical expenses you incur. If your plan uses copays, they may or may not apply to your deductible, but they will count toward your out-of-pocket maximum.
In-network/out-of-network: Most insurance plans partner with doctors to get better pricing and coverage for health services. Doctors and health centers that are partnered with your insurance plan are part of an “in-network” group. Doctors and health centers that are not part of this group are considered “out-of-network”. Out-of-network services usually have a separate deductible and out-of-pocket maximum that is higher than your in-network deductible/maximum. Because of this, out-of-network services often cost more or may not be covered by your insurance plan. Researching doctors, hospitals or other providers in advance can help you save money and avoid surprise bills. For students with the Anthem Gold SHIP, you have access to a very broad Anthem PPO Network.
Supplemental coverage: Insurance plans don’t always cover everything. Supplemental coverage is designed to help cover the bills and costs that your insurance plan doesn’t pay for. �� Boulder has its own supplemental coverage program known as BuffCare. This plan is available for students who choose to use their own private health insurance plan at �� Boulder. BuffCare is designed to give you peace of mind in the event of an illness or injury by covering out-of-pocket expenses for care provided by Medical Services.

How to read your insurance card

Insurance cards are unique for each insurance company and plan. However, many of them provide similar information, regardless of what kind of insurance you have. Here is an example of what an Anthem Gold SHIP card looks like.

Front of health insurance card

Back of health insurance card

Check your insurance card for the following information. Keep in mind that your insurance card may look different than the sample listed above and not all insurance cards use the same terms or display all of the same information.

Insurance carrier: The top of your insurance card will typically list the insurance company that your plan is provided by, such as Anthem, Kaiser, Blue Cross Blue Shield or another insurance company.
Member ID: This number is used to identify you within an insurance system. For instance, your doctor’s office will use this number in order to bill your health insurance plan account for services. Depending on your insurance plan, this could be listed on your card as a subscriber ID or another similar term.
Plan numbers: This section can include your group number, plan code, RxBIN and more. These numbers are used to track the specifics of your plan, so your provider can bill your insurance for in network services, out of network services, prescriptions and other expenses.
Cost sharing: These numbers provide you with information about your deductible, copays and coinsurance, if applicable. For instance, with this insurance plan, you pay $40 for general care and specialist visits, $20 for mental health visits and a deductible of $500.
Phone numbers: Your insurance card should list phone numbers that you can call if you have questions about finding a provider, what services are covered, billing information or general support. If you’re not sure which number to use, call Member Services and they can redirect you to the correct department.

*Some insurance information may be abbreviated on your card. For instance, Rx typically stands for prescriptions. If you are unsure about an abbreviation or any of the information above, call the member services number on the back of your card for support. You can also review your insurance plan information online through your insurance company’s website or member portal.

Additional resources and support

There are a number of resources on campus that can help you navigate health insurance questions.

Health & Wellness Administrative Services

The Administrative Services team oversees all aspects of medical insurance, billing, and medical records at �� Boulder. They can also help answer questions about health insurance, billing, or medical records.

Learn more about Administrative Services

Anthem Student Health Insurance Plan (SHIP)

If you are currently enrolled in the Anthem Gold Student Health Insurance Plan, you can learn more about coverage, benefits and more by visiting the �� Boulder health insurance website.

Learn more about �� Boulder Gold SHIP

BuffCare Program

Insurance plans don’t always cover everything. Supplemental coverage is designed to help cover the bills and costs that your insurance plan doesn’t pay for. �� Boulder has its own supplemental coverage program known as BuffCare. BuffCare is designed to give you peace of mind in the event of an illness or injury by covering out-of-pocket expenses for care provided by Medical Services.

Learn more about BuffCare

Medical Services

Medical Services specializes in college health and is available to all �� Boulder students, regardless of your insurance plan. Students can visit Medical Services for primary care, sexual and reproductive health, physical therapy, nutrition and more. They also have a full-service Apothecary Pharmacy on site to fill prescriptions and provide over the counter medications and supplies.

Schedule a medical appointment

Counseling and Psychiatric Services (CAPS)

CAPS can help you navigate mental health coverage and help you find a local provider in Boulder that works for you and your insurance plan. You can also find mental health services based on your insurance plan by visiting Thriving Campus.

Schedule a screening appointment

While insurance plans can be complex, understanding your policy is an important part of managing your health (and wallet). Here are a few tips and tricks to help you understand the basics of your health insurance plan.

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Tips and tricks for your finances, mental health, productivity and more

Anonymous — Tue, 06 Oct 2020 23:00:10 +0000

Tips and tricks for your finances, mental health, productivity and more Anonymous (not verified) Tue, 10/06/2020 - 17:00

The Health and Wellness Summit officially kicked off yesterday! If you missed yesterday’s presentations, slides will be available on the Summit Schedule page.

Here are a few highlights from some of yesterday’s sessions:

Financial Resilience: Bouncing Back from Financial Hardships

Presenter: Carissa Krug, Medical Services

Whether you’ve had a recent financial setback or want to proactively plan for the future, this session provided a number of great tips to help recover from financial hardships and plan for unexpected future expenses. Here are a few exercises you can work through with a pen and paper.

Quantify your obligations. Consider your current financial obligations. Write down your debts and upcoming expenses. This could include student loans, a car payment, a trip you want to take or other expenses. Quantify each of your items with dollar amounts so you know how much you owe or are planning to spend. This can help you determine a strategy for saving or making payments.
Imagine your ideal future self. Imagine yourself in the future. Where do you work? How do you spend your free time? With who? What do you wear? How do you get around? Who do you help? How? What does the richest version of your life look like? Jot down answers to these types of questions and select 2 or 3 that are most important. Use your ideal future to help guide your financial decisions today.
Know where your money is going. Take a look at your financial statements and categorize your expenses into spending categories. Where is your money going? Are you spending more than you’d like? Identify ways you can shift your habits to work towards your ideal self.
Think big. Instead of focusing on small purchases, like a weekly latte, see if you can identify spending categories that will have a larger impact. Finding ways to cut down on larger purchases or recurring bills can be more helpful than cutting out small, joyful expenses.
Use your resources. Everyone has access to different resources depending on their situation. Identify what resources are available to you and use them. This may include LinkedIn Learning courses, budgeting apps, financial planning services or personal finance books. Here are few �� resources that can help:

Student resources:

Staff and faculty resources:

Impact of COVID on Student Mental Health: What We Know and How We Can Help

Presenter: Tina Pittman Wagers, Psych/Neuroscience

COVID-19 has had major implications on our individual and collective mental health. College students have been impacted especially hard by the unprecedented changes taking place around the world. The good news is that there are tools we can use to improve our mental health. Here are a few worth noting:

Take a breather

When we are facing increasing levels of uncertainty, stress, anxiety or depression, it can be helpful to take a step back. Slow down and focus on the most basic forms of self-care, like eating balanced meals, sleeping for 7-9 hours each night, staying active and finding ways to create consistency in our lives. It can also be helpful to organize our spaces, take breaks from work, school or the news and set boundaries for ourselves around work, school and socializing both in terms of space and time.

Recognize signs of distress

It’s important to recognize signs of distress in ourselves and others. Here are a few common signs that someone is experiencing distress:

Agitation
Withdrawn
Poor self-care (not showering, eating, sleeping)
Changes in mood
Unable to get out of bed
Decline in overall functioning

Remember that everyone responds to distress differently and this list may not include all possible signs or symptoms.

Start the conversation

If you notice someone may be in distress, don’t be afraid to start the conversation. Here are 3 things you can do to help someone who may be struggling:

Invite: Open the conversation nonjudgmentally by expressing your concerns or things you’ve noticed. (“You don’t seem like yourself lately - is there something going on?”)
Validate: Acknowledge how the person is feeling and validate their lived experience. (“That sounds difficult.” “It makes sense why you are feeling stressed.”)
Ask permission: Ask if you can connect them with resources that can help. (“I know about some resources on campus that may be able to help. Can I share them with you?”

Remember that you are part of their support system, but you do not need to be their personal therapist. If you feel overwhelmed, you can reach out to resources on campus to support yourself as well.

Know when to seek help

It can be hard to tell the difference between a temporary slump and something more serious. It may be time to ask for help when:

Your symptoms start interfering with the things you are trying to accomplish
You can’t “bounce back” like you used to
Your symptoms overwhelm your internal resources
New or concerning symptoms arise
Your current skills or coping strategies are no longer working

If you or someone you know is in distress, Counseling and Psychiatric Services (CAPS) offers brief individual counseling, consultations, workshops, groups and crisis support for students. Call 303-492-2277 to learn more. Faculty and staff can reach out to the Faculty and Staff Assistance Program (FSAP) for support, including brief counseling, workshops, groups and more.

Mindfulness on Campus: Creating a Culture of Compassion & Wellness

Presenters: Kat Dailey, Health Promotion and Paulette Erickson England, LCSW, Faculty and Staff Assistance Program

�� Boulder is currently working to create integrated mindfulness programs across campus to help students, staff and faculty participate in mindful and contemplative practices.

Mindfulness is a type of meditation that allows you to focus on what you’re sensing and feeling in the moment without interpretation or judgement. Mindfulness can involve breathing techniques, guided imagery, meditation and other practices to help relax the body and mind and reduce stress.

During this session participants were guided through several mindfulness exercises, including a loving kindness meditation, a 3-minute breathing meditation and a body scan. Here is an example of a loving kindness meditation that you can practice at home.

Loving Kindness Meditation:

Sit in a comfortable position and close your eyes. With your hands over your heart, speak the following words to yourself:

“May you know love, may you know peace, may you be well, may you be safe.”

Now think about someone you love dearly. It could be a pet, friend, family member or coworker. Repeat the same phrase while thinking about that person.

Next, think about someone you’re in conflict with or someone who could use loving kindness and support in this moment. Sending love and kindness to someone who is difficult to love can help us exercise our compassion muscle. Repeat the same phrase as you think of this person.

Finally, think about all of the people and living things on the planet. Extend them compassion by repeating the same phrase one last time.

“May you know love, may you know peace, may you be well, may you be safe.”

This is just one example of a mindfulness practice that is simple and easy to integrate into our day-to-day activities. Additional mindfulness resources and activities are available across campus, including:

Feel Good Fridays: Join a guided meditation provided by Counseling and Psychiatric Services (CAPS) in partnership with the �� Boulder Art Museum. Open to students, staff, faculty and community members.
Rec Center Meditations: Follow along as your favorite Rec Center instructors walk you through a guided video meditation that you can practice at any time. Open to students, staff, faculty and community members.
Mindful Mondays: Join Health Promotion for weekly mindfulness programs where students can engage in active mindfulness lessons and learn about existing resources on campus. Open to undergrad and graduate students.
Contemplative Resource Center: Join the new Contemplative Resource Center on campus to learn how to integrate mindfulness into your daily life, including pedagogy, mindfulness and yoga workshops. Open to students, staff and faculty.

Rethinking Productivity, Noticing and Reflecting: Strategies and Tools for Responding to the Changing Landscape of Work

Presenter: Stephen (Steve) Voida, Information Science

As we continue to deal with work and school challenges associated with COVID-19, we must ask ourselves what it means to be productive working and studying from home. This presentation provided a number of tips and tricks to help you use your time intentionally, redefine productivity and work happier. Here are a few to try:

Mono-tasking: If possible, try to stick to doing one task at a time. One way to do this is to set a timer for 25 minutes. Turn off your notifications and focus on the task at hand until the timer ends. When the timer goes off, take an intentional break. Get up from your workstation, grab a drink or do a quick stretch before returning to your work.
Do not disturb. If you feel inundated with emails, IMs, texts or social notifications, take a break from the noise. If possible, be clear with others about when you will be available to respond. This can be as simple as including a line in your email signature or letting friends know that you’ll be unavailable during class time. Dedicate time to turn off notifications and spend time doing the things you need or want to do distraction-free.
Time diary: Keep track of your time and evaluate how you spend your time throughout the day or week. You can use a pen and paper, Excel or a time management app to track your time. Once you have a record of your time, dig deeper. Where are you spending your time? Why are you spending more time on some areas than others? Are you spending time on things because you enjoy them or because they’re difficult? Explore where your time goes and why to help ensure you’re focusing on the right tasks.
Accountability groups: Creating accountability groups with your friends, classmates or coworkers is a great way to stay connected and reflect on where your time is going. Talk through what worked, what didn’t and what you learned from how you spend your time. This is a great exercise to use when you’ve had a particularly hectic day.

Upcoming presentations

There are two days left in the Health and Wellness Summit! You can still register online to access the presentations. Here are a few to check out:

Wednesday, Oct. 7

Rethinking Resilience for People of Color: The Strength of Survival | 10-10:50 a.m.
I've Got Friends in Role Places: Community Building Through Storytelling and Math | 11-11:50 a.m.
Cultivating Compassion and Connection | 12-12:50 p.m.
Vocal Empowerment for Wellness | 2-2:50 p.m.
Health and Wellness Expo | 3-5 p.m.

Thursday, Oct. 8

Keynote: Tools for Resiliency and De-stressing in the Moment with HeartMath | 9-9:50 a.m.
The Science of Wellness and Stress Resiliency | 10-10:50 a.m.
Tips for Online & Remote Learning | 11-11:50 a.m.
Mindfulness and Art: Embodied Awareness Through Art Making | 12-12:50 p.m.
De-Escalating Conflict in 2020 | 2-2:50 p.m.
Health and Wellness Expo | 3-5 p.m.

View the full schedule

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