4 Emergencies You Should Try to Save for as a College Student
Posted By: Anica Oaks on October 10, 2019 |
NerdWallet says people should bank up to six months pay for emergencies. Why should a college student care about this money? There are things that no one can plan for or expect. Illnesses, injuries, deaths in the family, equipment breakdowns, and layoffs are just a few of the things that can sidetrack anyone. Here are four things university kids should think about saving back for just in case the unthinkable happens.
Whether it is a car accident, a fall down the stairs, or wrecking on a bicycle, injuries happen. Students playing sports may break a bone or suffer a severe strain that takes them out of commission for a few weeks. If you are off from work, then there has to be a way to pay the bills. Otherwise, it may mean moving in with someone especially if you need help to take care of yourself.
Auto body repair services are something everyone will need at some point. A blown head gasket or transmission problem can cost hundreds or thousands of dollars to fix depending on the issue. College students may not work full-time hours to allow for more study time.
A big car problem could be a huge setback.
When someone contracts a health problem like mono or the flu, it can last for weeks. What happens when there is little money coming in for the bills because the student cannot work? If you are contagious, then you might have to stay away from others for a long period. This could leave a person in a position to find a different job or get a roommate to help pay the bills.
Loss of work
Whether it is a layoff, work injury, or loss of a job, no money coming in is no place for a college student. Unexpected work loss is a hard thing to overcome. If it is near mid-terms or finals, then a student may not have the time to go searching for a job right then. In that case, it may be weeks before the college student can get working. In the meantime, the bills are piling up and shut off notices are coming in the mail.
Many college students do not realize the possible problems that occur in life. Planning for the unexpected by keeping an emergency fund available is a smart way to avoid money issues. By having at least a month of pay in the bank, you can pay for car repairs and have 30 days to make other arrangements. If you can save up six months’ pay, then that is the best scenario.
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