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How to Ready Yourself for Unexpected Expenses in College

Jul 15, 2018

While situations might catch you off guard, they don’t have to throw your whole life into a tailspin if you plan correctly. Consider these four ways you can plan for unexpected situations.

Stick to a Budget


One of the best ways you can manage your finances involves making a budget. Unfortunately, most people are used to living paycheck to paycheck and don’t utilize the beauty of a budget. Every single month, you should know where all of your money is going. Sit down and take a timeout to allocate money for different expenses.

Deposit Money into an Emergency Fund


Many financial experts strongly encourage the use of an emergency fund. You can start that fund with $1,000. As you get yourself out of debt, you should put more into that fund. Ideally, it’d be great to have a year’s worth of expenses saved. If you ever lose your job or experience health challenges, you’ll be able to have the funds to cover yourself for a year.

Take Preventative Measures


You can shore your finances up against whatever life has to throw at you. For instance, if you have a car that breaks down, you should study your insurance plan to learn if towing expenses will be covered through your insurance provider. Preventative measures also include upkeep and maintenance.




You should know how much oil your car needs and how often it needs to be changed. You also need to know when your tires are old and if they need to be replaced. Don’t wait until you’re on the side of the road with a flat tire to decide to get your tires replaced. Stay on top of your maintenance ahead of time and you won’t get caught off guard.

Live Below Your Means


You get to decide what your means are. It’s important to live below them though. Things will happen in life and you don’t want to be in a position where you don’t have enough to cover your required expenses. When you live below your means, you’re able to set some money aside in a savings account. Rainy days will happen.

Just because you get a raise at work doesn’t mean you need to spend all of the money you earn. Take the money that you earn from your raise and put it into a separate account. Put it in an investment account and allow that money to grow. You’d be amazed at how much you didn’t miss it. Plus, it can come in handy when you really need it.

It’s important to note that you don’t want to live a life where you’re constantly looking over your shoulder. No one is out to get you. Don’t live life with the mindset that something will always go wrong. Still, when you set these different plans into motion, you’ll be able to breathe a little deeper. This is because you know that no matter what happens in life, you’ll be covered.


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