Save Money Students, make the most of your summer earnings

What you do with your paychecks earned in college can affect your financial life long after you toss your graduation cap. If you have money left over or come into extra cash, here are a few ideas of what to do next.

Build an emergency fund: Stash some of your earnings in a high-yield savings account that should be tapped only to cover unexpected expenses, like a car repair. (In a high-yield savings account, your money will earn more interest than in a traditional account.)

If you’ve earned a lot and can drop $500 into the account, you’re off to a solid start. Or if it’s more realistic to gradually build those savings — say, by automatically transferring $10 a month to it from your checking account — you’ll still be in better shape than if you had no fund at all.

Pay down high-interest debt: Pay some of your extra earnings toward high-interest debts, like those that may come from credit cards or personal loans. You’ll save money on interest, and you’ll be headed toward a healthier credit score. Plus, as certified financial planner Lynn Ballou puts it, you don’t want to start your adult life digging out of a financial hole.

Start saving for post-college life: If you’re contributing to an emergency fund and still have money to save, keep it in a separate account. These savings will be useful after college. “When you graduate, you’ll probably need money immediately,” Lowry said. “There’s a lot of adult things that you suddenly have to do.” — Nerdwallet