I am the poster child for losing things. I've literally lost 5 phones within a years. Crazy, right. What do we do broke college students do in crisis, especially those that require us to come out of pocket? Currently, on lost phone number 5 and a new phone is not in the sights right now. Here are a few tips to aid you in those 'Economic Emergencies".1. Start an emergency fund. You never know when things will take a wrong turn, so it is always good to set aside money for a rainy day. Put aside a little bit every week, month, or paycheck into a high yielding savings account. Now, here's the kicker. Don't touch it until you absolutely need it!
2. A credit card. You know how they say to get a card for emergencies, well that's a pretty good idea. Be sure to sign up for a card that you can afford the interest on and always pay back the full amount. Never pay only the minimum, that's where the interest kicks in.
3. Get insurance. This is where I made the mistake. When you lose a phone, insurance will aid you in getting a replacement. The monthly payments can range from $5-$15 a month depending on the phone, but I say it's a worthy investment. Also try out phone locator apps such as FindMyIphone!
4. Back up. Be sure to keep all important information locked away. Even getting a safe is a great way to keep and have important information in one spot. Back up emails and data on your laptop or email account to refer to when the time comes.
Life is constantly throwing curve balls, but we can always bounce back. Share your story on how you handled an economic emergency and leave a comment!
Signed,
A Broke Student
