Emergency Fund

While you are in college, it is likely that expenses will come up that stress your monthly budget.  You may need to have your car repaired, or you may need to replace a lost book, or you may have to travel home for a family emergency.  With a good plan, you can overcome these types of challenges.

Even the best money managers face unexpected expenses.  The key is to be prepared with an emergency fund.  Save a few dollars every month and put it aside in an emergency fund.  Make this part of your monthly budget and slowly build a fund that you can use when an emergency arises.

Keep in mind, your emergency fund should only be used when you have no other option to cover unexpected expenses.  Concert tickets, new clothes, and the latest video game release are not emergencies.

• You may find the Cash Course Emergency Fund worksheet helpful.
• Here are additional tips for Handling the Unexpected.
• Calculate your savings over time or by your monthly saving

The purpose of this page is to provide basic financial information that may be useful to college students.   The information on the UTEP Money Matters website is not intended to be official financial counseling.  When you are prepared to invest your money, you may wish to meet with a professional financial counselor.