For most people going to university means leaving the comforts of home and having to start fending for themselves. If this is going to be or is your case already than you should create an emergency fund for when things aren’t going as well as they should. Spending the money on a few luxuries can seem appealing, however here are my top reasons to why you will need to save up instead.
Opening a savings account or just putting away the extra money you have will help you when life becomes unpredictable. You never know, something may happen tomorrow: you may lose your job, something may happen at home or you may get sick and need to buy medicines, etc. On these rainy days having an emergency fund will be the one thing that can help you.
Sometimes, university proves to be harder than expected and you cannot focus on both that and having to do shifts at work. During, busy times, like when there are a lot of assignments due or even exam periods, you might need to cut down on work shift or even stop them altogether, due to work hours not corresponding with your college commitments. This is when your emergency found comes in handy, you can relax for a bit knowing that you have some money saved up and you won’t have to worry for the time being.
You may manage to survive college without needing to buy any books because you can just use the library ones, however, there will come a time when that critical book you desperately need is not available and now you are stuck with having to buy it. Don’t worry the emergency fund will cover it, along with any other unexpected expense you might need. Honestly, having money saved up could help you avoid putting financial pressure on yourself when the unexpected happens. Always be prepared, it will save you in the long run.
Isn’t it annoying when your friends are all planning their holidays and when they ask you if you want to come you are forced to tell them that you can’t because you don’t have any money saved up? Well no more. Now, you can use part of the money you have been saving up with your emergency fund to relax on a beach or in the city for a couple of days. Another scenario where travelling is involved may be that you are offered a job somewhere away from your college or home town and need to go there, find a place to live and think of all the expenses in the meantime. But you are prepared for everything and have some money saved up for you to follow your dreams.
If you manage to get through your university years without any need for your emergency fund, give yourself applause cause you have earned it. However, having an emergency fund would still not have been a waste, because now it can become the first step to having some financial stability in looking for a house, getting a mortgage or putting towards future savings. If you wanted to go on that big holiday you have always dreamt of, now is your time. Or if you wanted to find a new house to rent for an undecided amount of time than this is your chance.
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