Life on campus is full of surprises. The things you learn, the people you meet, and the delightful twists and turns of a Friday night out with friends are the good kind.

Unfortunately, you’ll run into your fair share of bad surprises, too. You wake up one morning to find your tires slashed, your roommate accidentally tossed your art supplies, or you chip a tooth that needs immediate attention.

What do these all have in common? They arrive with a big bill you weren’t expecting to pay, and you might not have the cash at hand to handle them.

That’s where emergency savings come in. An emergency fund can help you be prepared for an unpredictable future.

Why Do You Need an Emergency Fund?

An emergency fund is your ticket to independence. Anytime something goes wrong, you can dip into these savings first without resorting to other means.

When you don’t have any emergency savings, you might have to ask your parents for help. But let’s face it, asking mom and dad for money is embarrassing. Your parents may not even be willing or able to help.

There’s also your student credit card, but that might already be maxed out if you just paid for lab fees and books.

When all else fails, you might consider an online installment loan. These installment loans are convenient short-term options that have simple online applications. They may even be available if you have bad credit because of your maxed-out credit card.

In emergencies, you’ll want to research your options carefully before you borrow an online loan for help.

Interest and finance charges are the cost of borrowing money, regardless of your lender or installment loan. Some are higher than others, and you’ll pay more if you’re borrowing an installment loan for bad credit.

Your savings, on the other hand, come with no strings attached. Unlike the average online loan, you don’t have to pay interest or finance charges for using them, so it’s cheaper in the long run.

How Much Should You Save in Your Emergency Fund?

You may have heard that an emergency fund should contain six months of your essential expenses. If you can afford that, fantastic.

More realistically, most college students can’t save this much without a full-time job or help from relatives. And even then, it could take longer than your 4-year program.

Half a year of expenses is something you should shoot for when you’ve graduated and are working full-time. While on campus, focus on what you can save right now, whatever it may be, and be consistent.

Start with a goal of just $50, then try to double it. Eventually, you’ll want to aim for $500 or $1,000. This amount might help you cover stitches after you cut yourself cooking, replace your laptop if someone steals it from the library, or fix a flat tire.

How to Save for Emergencies

Saving money is notoriously hard, but it is possible. Follow these tips to jumpstart your emergency fund.

Set up a Budget

To make saving easier, you’ll want to make a budget. This spending plan lays everything out for you, letting you know much money you earn (through a part-time job, loans, and scholarships) and how much money you spend.

This oversight can help you spot bad spending habits and set better priorities.

Cut Expenses Where You Can

If you’re prepared to buckle down, you can cut a lot of costs in your budget by focusing on the small things.

Pay attention to all the tiny, infrequent purchases you make, like the iced mocha during your study sessions at the library or off-campus lunch you grab on the way to class. Do you really need them? You stand to save a lot by making coffee and meals at home.

From there, you can shave off some costs by retooling the essentials.

• When it comes to groceries, meal prep so that you can shop strategically using coupons.
• Download a rebate app to earn cash back on any necessary shopping.
• Save on books by sharing textbooks, finding online free publications, and buying used copies.
• Consider moving into a cheaper place farther away from campus, splitting it with more roommates.
• Learn when gas is cheapest, so you never overpay at the pumps.

Add More Income

If you don’t really have expenses you can cut, try adding more cash to your budget. The easiest way to do that is by leveraging any windfall, like a bursary or tax refund.

Next up, look for ways to earn some cash on the side. It doesn’t always have to be a traditional part-time job. You can explore these side hustles that fit in during your spare time. Or you can bring in some money by participating in paid campus studies.

Bottom Line

Campus life can throw some pretty mean curveballs your way. While you can’t always predict when they’ll happen or how they’ll manifest, you can prepare for an eventual unexpected expense.

Living with some extra savings in your back pocket can make your college experience a lot easier, so think about how you can start an emergency fund today.