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6 Ways to Avoid Money Emergencies in College

Oct 9, 2016

So, you're new to the college scene. Quite possibly you have never really lived on your own. You probably still are getting some support from your parents, but there's just no way to be ready for all of life's little emergencies.

Things are going to happen, but there are things that you can do to avoid getting yourself in a real financial pickle in college.

Plan Ahead

Preparing for the future is what college is all about, so why not start by building a little safety cushion for hard times. Stow away a little cash for when unexpected situations arise. 

Maybe you work a part-time job, or maybe you pick up odd jobs on the side. In any case, always pay yourself first as the saying goes. Establish an emergency fund and no emergency will be that big of a deal for you.

Be Frugal

Most college students aren't into coupon-clipping and comparison shopping, but why not? This may be the time in your life where money is the biggest problem, so start trying to save every penny you can right away. 

There is just no sense in paying more than you have to for the things that you were going to buy anyway. Be on the lookout in the local paper, sales ads, and all around for the best deals.

Be Preventive

Look ahead at those things that might happen that can be prevented. For example, most people don't fix anything on their car until they get stranded somewhere. Look ahead. Maybe it's time to change that battery before winter sets in. Maybe you want to get those brakes looked at before you wear down the rotors. 

Preventive maintenance means cheaper repair bills in the future. The car is only one example. Your body is another. Be preventive with your health as well. Have regular check-ups both in the medical and dental department to avoid that big bill when something really goes wrong.

Live Within Your Means

There's going to be times when the people around you are going to do something and you just don't have the money to go along. Don't let them talk you into it. There are plenty of ways to spend your time. Watch a movie. Listen to some music. 

Take a walk. Don't spend money that you don't have, and you'll be much less likely to raid the emergency fund before an actual emergency arises.

Get a Bicycle

Biking around campus doesn't take gasoline, just good old-fashioned willpower. Not only will you save money on fuel and wear-and-tear on a vehicle, but you'll also be getting some exercise as well. 

Make sure you invest in a good titanium lock though, because bicycle thefts are a huge problem on college campuses.

Get a Cash Loan

Despite all of your good intentions, you still may find yourself in a situation that your emergency fund just can't handle. If you really can't get the money any other way, try to get a personal loan from a company like Nine Tails Inc. By using something as collateral, you can get quick cash. Just make sure to pay it back to avoid interest costs!

These are just a few ways you can make sure you are ready when money emergencies strike in college. Living out on your own can be a challenge for sure, but it doesn't mean you have to be caught by surprise when the unexpected comes along.

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