How To Handle Unexpected Expenses In College

College comes with dozens of expenses, some of which you may not be prepared for. You’ve planned for your student apartment and all the expenses. You’ve thought of everything. Or have you?

Just because you’ve got your expenses nailed down to the dime—rent, utilities, gas, regular car maintenance, pet fee, pet food, laundry, groceries, books, cleaning supplies, clothes and sundries—things come up. Your car breaks down, your cat gets sick, your roommate suddenly moves out.

So what do you when you suddenly have to choose between making the rent or getting to work and keeping your job? Here are some ideas for planning ahead and planning on the spot.

Have a contingency plan for transportation.

If your car breaks down and it is your only mode of transportation, you’re going to find yourself with bigger problems than just coming up with the money to buy a new transmission. Try riding public transportation at least once per week to prepare yourself for the unthinkable—you may find that you don’t need a car after all, saving yourself hundreds of dollars each year.

Keep a savings account.

College students everywhere cringe at the thought of saving money. It’s hard enough to make money while you’re in college—it seems like someone is always taking it from you. But you should do your best to put 15-20 percent of your income into a student savings account each month. It will be your saving grace when something goes wrong.

Have a credit card for emergencies only.

Many credit card companies offer student credit cards with low limits—some as low as $1000 or $500. Having a credit card on hand with a low limit will discourage you from using it everyday but can save your hinny when you need to pay rent at your apartment and make repairs or a trip to the vet on the same day…it happens.

Talk to the landlord.

If you are an exceptional tenant and have never missed or been late on rent—and have a reasonable landlord—you may be able to cut a deal with them to make two payments per month until you are back on your feet. Don’t count on this one, especially if you’ve never taken the time to get to know your landlord. It never hurts to ask, though.

Call your parents.

Nobody likes to admit defeat. Especially not to mom and dad. But in some situations, especially ones that can lead to eviction, it’s best to suck it up. Even if your parents can only help a little bit, every little bit counts.

Lower your class load.

If you’re at the start or end of a semester, you can lower your class load, which in turn, will reduce the amount of money you’ll be spending on tuition, books and supplies. If you’re on scholarship, make sure you stay above 12 credit hours to keep full-time status and your tuition assistance.

College is as much about getting a higher education as it is about learning how to be a responsible adult and learning how to live life in the real world. In the real world, you have a contingency plan or you pay dearly for your mistakes. Plan ahead and plan well and you may just sail through college unscathed. No guarantees on what comes after that.