Savings and Banking
How much should you have in your emergency savings fund?
Here’s a Dave Ramsey principle we agree with: If you make less than $20,000 per year, you should aim to have at least $500 in emergency savings. If you make more than $20,000, then aim for at least $1,000. Don't forget to pay yourself first.
Four Ways to Quickly Establish Your Emergency Savings Fund
- What do you have that you can sell? Go through your closet and sell stuff using local consignment stores or these types of sites:
- Identify areas in your monthly budget where you can reduce spending. Cut or modify expenses like:
- Unlimited cell phone data
- Gym memberships
- Subscription services
- Nationally, the top expense for college students is dining out. Commit to meal prepping and eating most your meals at home.
- Create weekly menus and choose ingredients that can be used in multiple meals.
- Shop with a grocery list. Purchase your main food items in bulk whenever possible.
- Take a day to prep your meals for the week.
- Buy reusable containers to store your prepped food.
- Shop at the same grocery store and utilize rewards programs.
- Fuel your emergency fund by picking up a side hustle.
- Apply for student worker positions at UC.
- Look for on-campus restaurant gigs through Aramark.
- Make deliveries around your class schedule through Favor.
- Get paid to test apps.
- Drive your own car and be your own boss with DoorDash, Uber or Lyft.
- Market your skills such as animation, voice over, and photography online using sites like Fiverr.
It is difficult to manage your money today without a bank account, but which bank is right for you?
- Avoid bank fees by asking for a student checking account.
- Learn the difference between a money market account and a savings account.
- Why do you need a bank account? Students are required to sign up for direct deposit for refunds that are issued by University of Cincinnati. These include financial aid and tuition refunds.