Student and senior couple missionary share habits and mindset to build financial wellness
Like a wheel in motion, wellness turns smoothly only when all areas of life—physical, mental, financial and emotional—are in balance, said Elder Michael Spilker, Church missionary for Women Services & Resources.
For Sunhyeong “Sunny” Kwon, a psychology senior from South Korea, financial wellness is a key part of that balance. “If you’re not good with your money, you’re not looking toward the future or preparing for things you might need later. That creates stress and affects your mental health,” she said, adding that money management and financial security play an essential role today.
Sister Clara Spilker said finances often affect every other type of wellness. “Financial issues are one of the top causes of divorce, which shows their impact on relationships,” she said. “If you don’t have enough for food or shelter, you’ll be stressed because you’re worried. Lack of financial wellness trickles down into many areas of life.”
Lack of financial wellness trickles down into many areas of life.
Tighten your belt
As a self-funded student, Kwon said always being on a tight budget is a struggle. Part of her tuition, rent, food, groceries and utilities already suffocated her budget, she said. “Self-discipline and continuously practicing budgeting helps with my money management process.”
She began by setting a weekly spending limit, prioritizing needs over wants, avoiding online shopping and writing down all expenses to visualize how much she spent. “This self-control doesn’t just come overnight,” she emphasized.
Elder Spilker shared the same sentiment. “Even as a certified public accountant for more than three decades, it was hard to budget every year or month,” he said. “But doing it for a short period, say three months, can establish a pattern.”
Both the Spilkers and Kwon stressed the importance of tracking money, not just planning it. “Writing down even small expenses helps reduce the urge to overspend and makes you more stable for the future,” Kwon said. “Don’t just calculate in your head. Sometimes the actual money in the bank account is way less than what you think.”
Elder Spilker said budgeting tools depend on the person. “Apps that link to cards can automatically track spending, while spreadsheets suit detail-oriented folks,” he explained. “Most people are surprised how much they spend on little things—even after one week.”
Save for a rainy day
Spend with a plan—do it intentionally ... Choose what you want to save for.
For married students, Elder Spilker said, financial wellness means thinking long term—wanting to be comfortable in retirement, help children or travel. “It’s okay to go without now if you’re thinking about the future,” he said. “If you don’t, it’s easy to overspend today to feel happy.”
Reflecting on his marriage, he said he and Sister Spilker took turns being the more conservative partner to keep each other accountable. Sister Spilker added, “Spend with a plan—do it intentionally. If I spend it on Netflix, maybe I won’t have as much for vacation. Choose what you want to save for.”
She said intentional choices affect both financial and emotional wellness. “If after ten years you spent a lot traveling and have awesome experiences but little savings, at least you can say, ‘We decided to do that.’”
Helping at the WSR budgeting booth on Sep. 18, Kwon said her perspective changed about credit cards. “I used to think credit cards were always bad, but now I see that if you’re responsible, building credit helps you later—especially for loans or buying a house.”
Elder Spilker cautioned that many students misunderstand how credit works. “A misconception is thinking minimum payments will pay it off soon—not true,” he said. “Interest adds up fast; minimums are set so companies make more.”
Elder Spilker added that while paying with cash once made spending more visible, today’s credit and contactless payments can feel effortless—but also easy to lose track of.
Kwon said running the “Needs vs. Wants” activity at the booth reminded her that perception matters. “Students debated whether haircuts, eating out or dating were needs or wants,” she said. “It made me realize what I think is a need could actually be a want in disguise.”
Self-control is the antidote
Kwon said budgeting became a necessity once she left home and managed her own expenses. “Now that I’m independent, I have to be careful,” she said. “It’s not as simple as, ‘I’ll make the money again next month.’”
Although living on a limited income forces her to budget, she said it also helps her build discipline. “There are long days when I tell myself, ‘I deserve something fancy,’” she said with a laugh. “But I can easily make comfort food with what I have at home.”
That discipline, she added, applies beyond finances. “When you have that self-control, you don’t make mistakes you’ll regret later.”
Self-discipline and continuously practicing budgeting helps with my money management process.
Faith and financial wisdom
Elder Spilker shared a story about a wealthy optometrist who lacked good habits and ended up paying double for a car because of interest. “Just graduating and getting a job doesn’t make you a good money manager,” he said. “Good habits and being informed carry through life.”
He emphasized the importance of saving early. “Starting to save in your 20s versus 30s multiplies outcomes by a surprising amount,” he said. “Learn early—there’s no reason to wait.”
He encouraged students to seek advice. “Talk to parents, professors, faculty or friends."
From a gospel perspective, Elder Spilker said financial wellness is spiritual stewardship. “Everything we have is the Lord’s,” he said. “Be intentional. Pray about your financial decisions. Be a wise steward.”
For married couples, he added, unity is key. “Be one—share one bank account. What’s mine is yours. That’s how we should approach everything in celestial marriage.”
Elder and Sister Spilker also encouraged students to take Personal Financial Management (ENTR 318) to learn principles that build lasting personal and family stability.