Emergency Fund

 

Protect Against Unforeseen Events

An emergency fund is essential for unexpected expenses. Aim to save 3 to 6 months of expenses based on your budget and job stability. As a student, start with $500 to $1000 and work towards one full month of expenses saved. 

The 2024 FAFSA delays highlight the importance of students having an emergency fund. 

Build Your Emergency Fund

Get creative in how you will save up $500 to $1000. Do this as quickly as possible. These are temporary, flexible, and create a quick flow of cash.

1. Sell old items, such as clothes or an old phone.

2. Work extra hours.

3. Babysit, mow lawns, or pet sit.  

4.Temporarily cut your budget.

5. Use your tax return. 

These are a few ideas on how to save $500 to $1000 quickly.  Share with us your creative ideas. 

Stashing the Savings

Keep your fund in a savings or money market account for easy access and allow it to grow interest. High yield savings accounts are popular due to higher interest rates.

Using the Emergency Fund

Use your emergency fund for urgent needs only. Follow this guideline to decide if it's the right time to use your savings.