Unexpected Expenses

When building a budget, it can be hard to anticipate every cost that you will have, especially if there is an emergency. As a student, it will also be important to prepare for the unexpected. Through our Cost-of-Living Survey, 55% of students indicated they had unexpected expenses arise. Many of these costs were ones that went above expected expenses on their budget, including unexpected vehicle issues, emergency pet bills, extra charges for internet/phone, and more.

We recommend that student’s budget for emergency and other unexpected expenses. This is often referred to as an emergency fund. It is a good idea to have an emergency fund that can support you for up to 3-months. This can protect you from insecurity if there are unexpected costs, or employment loss.