Financial Wellness Resource Center
About the Resource Center
Whether you’re creating your first budget, building credit, saving for a goal, or planning for life after graduation, these free resources can help you make informed financial decisions.
Explore the topics below to find tools, guides, and information to support you as you work towards your financial goals.
New to managing your money? Start with the Financial Education and Budgeting & Saving sections.
Financial Education Resources
Financial literacy gives you the knowledge and confidence to make informed decisions about your money throughout your life. Whether you’re paying for college, buying a car, purchasing a home, or saving for retirement, understanding how to manage your money can help you work toward greater financial stability and achieve your financial goals.
Building a budget is one of the most important steps you can take toward achieving your financial goals. A budget is simply a plan for how you will spend your money.
Understanding how money is earned, saved, borrowed, and spent is the foundation of strong financial wellness.
These resources can help you understand where your money is going and create a spending plan that works for you.
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Credit allows you to purchase something now and pay for it later. When used responsibly, credit can help you achieve important financial goals. However, borrowing money also creates a responsibility to repay what you owe.
Before applying for credit, it’s important to understand:
- How credit scores are calculated
- What information appears on your credit report
- How lenders use your credit history when making lending decisions
- How to build and maintain good credit history
Your credit history may affect your ability to:
- Rent an apartment
- Buy a car
- Qualify for a mortgage
- Establish certain utility accounts
- Qualify for some jobs
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Credit is the ability to borrow money, while debt is the money you owe after using credit.
Managing debt begins with understanding exactly what you owe. Keeping track of balances, interest rates, payment due dates, and loan terms can help you stay on track and avoid unnecessary interest charges.
Do you have debt? If you have outstanding balances on credit cards, store cards, medical debt, bills that were sent to collections, or if you have loans, it is imperative that you know how much you owe, to who, the due dates, the interest rates, and other terms of the debt in order to stay on track to paying off your debts on time.
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Whether you are looking to save money, spend it, or invest it; it’s important to understand your banking options and how to keep your financial information safe.
These resources can help you compare banking products, understand consumer protections and online banking, and learn how to protect yourself from fraud and identity theft.
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You may have heard the term “your money can make money for you” this refers to seeing your money grow without having to do additional work to earn more money. Many people choose to invest their money to receive a higher return.
Some investments are considered “low risk” and that means you are likely to see your money return to you with a small increase. There are “high risk” investments that have the potential to earn a higher return, but there’s also the possibility of losing your initial investment amount as well.
Before investing money, it’s important to know your different options, and understand the risks involved before putting any money in a high-risk investment. You also should not put every cent you have into a high risk investment and maintain an emergency fund in a secure savings account.
Investing can be an excellent way to grow your money over time, but it’s important to understand both the potential rewards and the risks before getting started.
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Taxes are an unavoidable part of managing your money. If you are working to earn money, you are likely paying taxes each paycheck, and many individuals will need to file their income tax each year by April 15th.
Most years at the WCC Valhalla campus there is the VITA Tax Program that runs from February to April. Volunteers are available to assist low- and moderate-income individuals and families to file their taxes for free.
Find information about filing taxes, tax credits and IRS resources
Recommended resources
As a WCC student, you have access to a plethora of support services. Financial challenges often affect other areas of your life, and other life challenges can affect your finances. Westchester Community College offers many services to support your academic, personal, and financial success. These links will take you to the various resources available on campus to support you through your journey at the college.