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Emergency Fund

emergency fund

We were all told at some point how to respond to a state of emergency such as bad weather or environmental threat, but not many of us were trained on how to create a financial emergency kit to save our financial records and personal identity in an emergency. As a student, you need to keep — in a secure location — a permanent file that holds your most important documents such as your social security card, passport, birth certificate, car title, and all other documents deemed necessary for your identity and financial records.  This financial emergency kit should be secure but accessible to you in case of evacuation or an emergency.

Establish your own emergency fund as a student independently from your parents. This kind of habit-forming will serve you well for the rest of your life as you will always maintain a certain level of financial security. On average, an emergency fund should equal between six to nine months of your personal expenses.

The information about emergency fund has been drafted from Penn State's Financial Literacy and Wellness Center.