Savings and Banking

Here’s a Dave Ramsey principle we agree with: If you make less than $20,000 per year, you should aim to have at least $500 in emergency savings. If you make more than $20,000, then aim for at least $1,000. Don't forget to pay yourself first.

1. What do you have that you can sell? Go through your closet and sell stuff using local consignment stores or these types of sites:
   • thredUP
   • Poshmark
   • Amazon
2. Identify areas in your monthly budget where you can reduce spending. Cut or modify expenses like:
   • Cable
   • Unlimited cell phone data
   • Gym memberships
   • Subscription services
3. Nationally, the top expense for college students is dining out. Commit to meal prepping and eating most your meals at home.
   • Create weekly menus and choose ingredients that can be used in multiple meals.
   • Shop with a grocery list. Purchase your main food items in bulk whenever possible.
   • Take a day to prep your meals for the week.
   • Buy reusable containers to store your prepped food.
   • Shop at the same grocery store and utilize rewards programs.
4. Fuel your emergency fund by picking up a side hustle.
   • Apply for student worker positions at UC.
   • Look for on-campus restaurant gigs through Aramark.
   • Make deliveries around your class schedule through Favor.
   • Get paid to test apps.
   • Drive your own car and be your own boss with DoorDash, Uber or Lyft.
   • Market your skills such as animation, voice over, and photography online using sites like Fiverr.

It is difficult to manage your money today without a bank account, but which bank is right for you?

• Avoid bank fees by asking for a student checking account.
• Learn the difference between a money market account and a savings account.
• Why do you need a bank account? Students are required to sign up for direct deposit for refunds that are issued by University of Cincinnati. These include financial aid and tuition refunds.