Savings and Banking

Savings

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

  1. What do you have that you can sell? Go through your closet and sell stuff using local consignment stores or these types of sites:
  2. Identify areas in your monthly budget where you can reduce spending. Cut or modify expenses like:
    • Cable
    • Unlimited cell phone data
    • Gym memberships
    • Subscription services
  3. 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.
  4. 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.

Banking

It is difficult to manage your money today without a bank account, but which bank is right for you?

Banking Tips

Video link: https://www.youtube.com/embed/rfHyQ-8eLC4?rel=0