Here's how to make sure you're ready for any unexpected disasters that may pop up this term.
An FKD Feature exclusive

The semester is quickly approaching, and the last thing on your mind is how you’re going to survive a potential financial disaster during the next few months.

While you might want to spend your days thinking about how to decorate your dorm, or which laptop is best for those annoying papers, you should still prepare your finances for the inevitable.

A typical college student shouldn’t have many liabilities to worry about, but if you can’t handle shelling out $500 to $1,000 while you’re away, you need a plan in place. Here are the steps you should take to prepare.

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Avoid Financial Disaster this Semester
This semester, make it a priority to keep your finances secure so that you won't break a sweat when something goes wrong.
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1.) Be Prepared
If something happens, it's usually something crazy you never expected, but need to be prepared to handle. For example, your car breaking down is a big one, but what about a window getting blown out or broken into? Is your insurance going to cover it? What's the deductible? For students, your laptop or phone dying is an obvious issue. Most college students can't survive without either. You might be able to get away with repairing one, but even that will likely run you a hundred dollars or more.
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2.) Stock Your Emergency Fund
If you can manage to save around $500, you should be prepared to handle a decent chunk of an emergency expense. Maybe you have relatives that can help you out, or maybe you have a way to make extra money quickly to recuperate. The last thing you want to do is rely on your credit card. That's just going further into disaster territory and burdening yourself in the future.
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3.) Make Backup Plans

You've sworn to not use your credit card, but your savings aren't enough for repairs or replacements.In these cases, you just need to get creative.

If your laptop or PC dies, see if you can rent a computer at the library or lab, while looking for tech support or a super smart friend to repair it.

If your car dies, look into public transport or if you can get in on that carpool life.

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4.) Have a Reliable Source of Income
The best way to ensure you have enough savings to handle the curve balls life throws at you is to have a steady stream of income. Even if you only work 10 hours a week, something is better than nothing. Avoiding credit card debt is one thing, but you should also avoid taking out more student loans for these situations. When you’re employed, you at least have the comfort of knowing a paycheck is coming.
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Do yourself a favor and have a system in place for avoiding financial disasters in the first place. Having a paycheck, savings, and using common sense will get you far, and knowing how to handle this situation now will help you in the future.

 

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Posted 07.29.2016 - 03:00 pm EDT