With so many expenses an emergency fund may pass the thought of many college students. I mean there’s so many bills and expenses to be paid, as if we think twice about blowing that extra cash on a treat or two. However, here’s my top list of why every college student should have an emergency fund.
Keep That Spare Cash Stashed Away For The Rainy Days
When you’ve moved out of the family home and you’re paying the rent just fine, without mum and dad’s help, you’re probably thinking life is going pretty smooth. However, life is so unpredictable and because of this, you need to have an emergency fund saved up, for the rainy days. You never know; you could lose your job tomorrow and have no incoming cash leaving you unable to pay the rent. It’s these rainy days, or maybe even weeks, that you’re going to be thanking yourself, for having an emergency fund all saved up.
There’s Always Going To Be Unexpected College Expenses
You may have cruised through first year borrowing all your college textbooks from the college library, with no problems at all. However, there will come a time where that college textbook you need, just isn’t in the library and you need some cash to go and purchase it from the store yourself. Yep, you guessed it the emergency fund is going to cover it, once again. Honestly, having the finances saved up means you will avoid putting these financial pressures on yourself when the unexpected college expenses do happen, for all you know you could accidentally smash your laptop on the way to your college lecture. Always be prepared for the unexpected, it will save you in the long run!
A Job Offer May Arise That Requires Travel
Okay, so you’re just about to graduate from college and your dream job offer has just been propositioned to you, however, it’s overseas! This would mean you would have to pack up your already well-adjusted life and literally afford a plane ticket, a place to stay and all the in-between moving costs to get your life up and running before you start your new job. This is where the emergency fund comes in handy, as you would’ve already saved up the money to do this, so you will be following your sweet dreams, without any hesitation.
Might Have To Commit To College And Neglect Work
Sometimes, college can be overwhelming, with many assignments and exam prep, not to mention the exam period. During, these busy times, it can be a bit challenging to keep up with work shifts and this may lead to you having to cut back on work shifts, or not work at all, due to work hours not corresponding with college commitments. This is where your going to fall back on your emergency fund and thank your lucky stars that you had financial savings.
You Can Put The Emergency Fund Towards Future Savings
If you get to the end of your college degree with an untouched emergency fund, then you are rocking it! You should never look at your untouched emergency fund as just money that could’ve gone to better use, Instead, see it as a postive as you now have money you can freely invest. Why not urn your emergency fund into bigger future savings of yours; making you one step ahead of yourself.