Cultivating Your Financial Garden This Summer
Summer is here, the sun is shining and I have realized that I am a very complex plant. My mood automatically gets better with the extra hours of sunshine. Thus, I think it is very appropriate that May is mental health awareness month. I always like to be honest about my own mental health journey. I have been attending therapy since January 2020 and in May 2021 I was prescribed antidepressants, which I still take. About a year later, I realized that my dosage was off and needed an increase during the last semester of my PhD. I am by no means a mental health provider, but during one-on-one coaching sessions, I try to introduce the idea of challenging the negative beliefs we have towards money, retirement, and investing. I also make a priority to recognize how mental health and finances can sometimes be entangled.
While the summer months often bring a lighter course load, they can also mean a lower income for some scholars with 9 month appointments. If that is you, and summer financial planning is about how to make ends meet, please look at these resources from the UW-Madison University, the Madison community, or anywhere in the US. As the academic year winds down and summer approaches, you can find yourself in a unique position. Usually we anticipate the opportunity to immerse ourselves fully in our research without the distraction of coursework. Yet, as we delve deeper into our fields of study, there is another important area we should not neglect: our finances. If you have the capacity, let’s leverage the time and mental space summer provides to set and work towards financial goals that align with our scholarly ambitions. Here are a few things you can work towards:
Review Your Financial Health
Just as we’ve done in our previous newsletters, take some time to reflect and check-in with yourself. What are your financial wins this year so far? What didn’t work out? What could you do differently moving forward? Consider setting up a regular ‘money date’ with yourself, every so often. This can be an enjoyable, empowering practice to understand your financial health better and make you feel in control.
Control What You Can
We are constantly bombarded by headlines of things we cannot control, such as inflation rates or the possibility of a recession. As researchers, we’re well-versed in focusing on areas where we can make a tangible impact. Apply this to your finances: learn more about aspects within your control, like savings, budgeting, expenses, and investing.
Educate Yourself
Just as you would pursue learning in your field of study, strive to increase your financial literacy. In a past newsletter, I listed a variety of resources such as books (“The Simple Path to Wealth” by JL Collins, “Atomic Habits” by James Clear, etc.), documentaries (Netflix’s “Get Smart with Money”), and podcasts (Smart Money Podcast by Nerdwallet). For those of you who prefer structured learning, consider online courses like Khan Academy’s Personal Finance or FDIC’s Learn Money Smart.
Set a Financial Goal
Whether it’s saving for a conference trip, building an emergency fund, or even starting a side hustle, have a goal for your summer of financial planning! Just as your research goal keeps you motivated and focused, a financial goal can guide your monetary decisions and habits.
Consider Getting a Coach
Finances with Carolina offers one-on-one coaching programs, which can be incredibly helpful, especially if you’re feeling overwhelmed with managing finances or don’t know where to start. You can start the coaching process by filling out this form.
I hope the summer brings you as much joy as it brings me, remember that it’s an excellent opportunity for both scholarly growth and financial advancement. The skills and habits you develop in managing your finances will serve you well beyond your PhD journey. Looking forward to connecting with many of you this summer.
