Welcome, college students! We know you’re busy juggling classes, exams, and all the joys (and stresses) that come with campus life. But amidst the chaos of dorm rooms and late-night study sessions, there’s one thing every college student needs to have in their arsenal: an emergency fund.

Yes, we get it – money management may not be at the top of your priority list right now. But trust us when we say that having a safety net for unexpected expenses can make a world of difference. So get ready to discover why setting up an emergency fund is crucial during your college years and beyond.

Every Student Must Have One

moneyImagine you’re cruising through your college years, enjoying the newfound freedom and independence that comes with leaving home. Life is exciting, and you’re focused on making memories and chasing dreams. But what happens when an unexpected expense pops up? Maybe your laptop crashes right before a major assignment is due, or perhaps your car decides to break down at the worst possible moment. This is where having an emergency fund becomes a game-changer. It’s like having a superhero cape tucked away in your back pocket – ready to swoop in and save the day when you least expect it.

Having an emergency fund means being prepared for life’s little surprises. Think of it as investing in yourself and your future. By setting aside money specifically for emergencies, you’re taking control of your financial well-being.

Jump-starting Your College Emergency Fund Is Simple

Starting a college emergency fund may seem like a daunting task, but it doesn’t have to be. In fact, getting your emergency fund up and running is simpler than you might think. Here are some tips to get started:

  • Determine how much you want to save for emergencies. Start by setting a realistic goal that’s attainable within your budget constraints.
  • Next, create a separate bank account solely dedicated to your emergency fund. This will help you keep track of your savings and prevent any temptation to dip into it for non-emergency expenses.
  • Finding creative ways to boost your savings. Consider taking on part-time work or freelancing gigs in addition to your studies. Look for opportunities on campus or online that align with your skills and interests.

Not Every Unexpected Expense Deserves Your Emergency Fund

Your college emergency fund is not a bottomless pit of money. While having some savings set aside for unexpected expenses is crucial, it’s equally important to use those funds wisely and discerningly. When faced with an unexpected expense, take a moment to evaluate if it truly warrants dipping into your emergency fund. While it may be tempting to tap into your emergency fund every time you encounter a minor inconvenience or splurge-worthy purchase, resist the urge. Remember that these funds are meant for genuine emergencies such as unexpected dorm living costs, medical bills, car repairs, or sudden job loss.

Your College Emergency Fund Will Keep Benefiting You Long After Graduation

Planning for the unexpected is not just a skill you need while in college; it’s a lifelong habit that will serve you well even after graduation. While your college emergency fund may seem like a temporary safety net, its benefits extend far beyond your university years. This sense of stability can help alleviate stress and allow you to focus on other aspects of your life, such as starting your career or pursuing further education. In fact, maintaining an emergency fund during college instills valuable financial habits that will stay with you throughout adulthood. It teaches discipline and responsibility when managing money, ensuring a solid foundation for future financial success.

In this fast-paced and unpredictable world, having an emergency fund is a must for everyone, especially college students. It may seem daunting to start saving while juggling classes, exams, and social life, but the benefits of having a college emergency fund are immeasurable.…

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Buying a house of your own and having home ownership is the dream many of us aspire to have. When searching for the perfect home, there is a lot of effort put into it. You scour the market and look for the best house with the best deals that suits your wants and needs. When finding the right loan to pay for the financial aspect of the house, you should do the same. Act just as diligent when looking for the right mortgage as you would shop for your dwelling. There are lots of rates and quotes, make sure you get the best out of it. Here are a few tips on how you can find the best deals regarding mortgages.

Shop ahead

house of moneyYou should definitely shop around and start looking for loans and mortgage professionals ahead of time. In fact, look for one before even searching for a house. This will make sure that your credit will be in order so that you will avoid mistakes that can take a long time to fix. By doing this, you can make sure that the lender will offer the best program for you.

Compare rates

Before starting, you should look up the rates online. Look at the rates locally. For example, if you live in Ontario, you should look up mortgage rates to get a better idea of how much you can loan. When finding a lender, don’t just visit one company. Visit several companies and institutions to get the best quote and the best deal. Remember to not only look solely at the interest rates. Look at that plus all the fees that come with it. They include origination fees, points, and all the other ones that will be charged by the one lending. There will also be costs that do not come from charges by the lender. Take the required escrows for homeowner insurance and property taxes into consideration. There are also additional costs like real estate transfer taxes and title insurance.

Get and give detailed information

mortgage puzzleAsk a lot of detailed questions. Interview the person who will be handling your loan. Ask about qualifications, experience, licensing, references, reviews, and all other things that are on your mind. Ask about the loan-to-value ratio, credit requirements, and down payment requirements. These things tend to vary from each lender. Ask about all the documents required so that you can prepare them beforehand. When asking for quotes, give the officer detailed information about your situation. This will help you a lot and save you the effort.…

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