What you do with your paychecks in college can affect your financial life long after you toss your graduation cap. By saving money and repaying debt now, youre doing Future You a huge favor.

Of course, you need to take care of Present You, too. Set aside what youve budgeted for this years expenses that arent covered by financial aid or family contributions. And give yourself a high-five for making money in the first place.

If you have money left over or come into extra cash thanks for the birthday check, Grandma! here are a few ideas of what to do next. Keep in mind that everyones financial situation is different, so some tips may be more relevant to you than others.

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 and youll still be able to easily withdraw or transfer money when you have to pay for that new transmission.)

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

Without an emergency fund, youd likely have to borrow money to cover curveballs, says Lynn Ballou, certified financial planner and senior vice president and partner with EP Wealth Advisors in Lafayette, California. Those who end up in financial trouble at whatever point in life are those that have no emergency savings, she says.

Pay some of your extra earnings toward high-interest debts, like those that may come from credit cards or personal loans. Youll save money on interest, and youll be headed toward a healthier credit score. Plus, as Ballou puts it, you dont want to start your adult life digging out of a financial hole.

If you dont have these kinds of debts, consider beginning to pay off student loans if youre able, says Erin Lowry, author of Broke Millennial: Stop Scraping By and Get Your Financial Life Together. As long as youre enrolled in school, theres no penalty for starting to pay your loans and then stopping. So its OK to pay a little bit every month or a single lump sum after a fruitful summer gig, Lowry says.

If youre 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, youll probably need money immediately, Lowry says. Theres a lot of adult things that you suddenly have to do.

For housing alone, these adult things could be paying a security deposit and first months rent, and perhaps a moving truck, renters insurance, furniture and utilities. Other expenses may include a car and a professional wardrobe.

To get a sense of how much to save, Lowry recommends researching the cost of living wherever you plan to live. (Make an educated guess if youre not sure yet.)

Saving is important, but so is living life. As Lowry puts it: Money is a tool thats meant to be used, and you cant constantly focus on the future.

Youre about as free as youre ever going to be if you dont have kids, pets, mortgage payments or a salaried job. So Ballou suggests using this time and some of your earnings to travel. Youll never ever get an employer who will tell you, You know what, I think you deserve a gap year, she says.

Certified financial planner Marguerita Cheng recommends using or saving up extra earnings for experiences, rather than things. Instead of buying the latest and greatest iPhone maybe you save that to go on a nice trip with your friends after you graduate, says Cheng, who is the CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland.

If traveling is too expensive for you, spend some of your income on going out with friends, Lowry says, and otherwise investing in the experiences of being in college.

This article was written by NerdWallet and was originally published by The Associated Press.

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Laura McMullen is a writer at NerdWallet. Email: lmcmullen@nerdwallet.com. Twitter: @lauraemcmullen.

The article College Students, Make the Most of Your Summer Earnings originally appeared on NerdWallet.

An Uber driver involved in a crash while on the clock is being forced to pay thousands of dollars to fix her car, and she said the reason is a gap other rideshare drivers need to know about.

Jennifer Reed has been driving for Uber for about a year to make extra money while she pursues her dream of becoming a Pilates instructor.

Last week, she was waiting to pick up a rider, when she rear-ended another car on I-40 near the Nashville International Airport. The result was a few bumps and bruises, and damage to the front and side of her car. Her airbag also deployed, and her seat belt is now broken.

She reported the accident to her personal insurance company only to learn she wasnt covered.

They said as soon as I turn on my app, my personal insurance turns off because my car is considered a business, said Reed.

On Ubers website, the company says it provides insurance to every driver. Reed reported her accident through the Uber app, only to find out the companys insurance wouldnt cover her either.

Their reason was I didnt have anyone in the car, said Reed. The whole reason I was in the car was to drive for Uber. What is the point of having insurance if they dont protect you?

Reed said she has struggled to get any clear answers from Uber, and she fears she isnt the only rideshare driver to be a victim of this type of situation.

Other Uber and Lyft drivers need to know there is a gray area that you can fall into, and this can set you back thousands of dollars, said Reed.

Uber states its insurance policy for drivers on its website. It says if a driver is in an accident and is not using the Uber app, their personal insurance will apply. However, if a driver is available or waiting for a ride request and is involved in an accident where they are at fault, Uber offers third party liability insurance to cover bodily injury and property damage. This only covers damage to another person or another vehicle. If the driver is en route to pick up riders or is on a trip, Uber will cover third party liability, and damage to the drivers vehicle subject to a $1,000 deductible.

Reed was forced to pick up another job to help make ends meet, and said she feels both insurance companies have taken advantage of her. She added Uber needs to clarify its policy so drivers fully understand what is covered.

Its unfair. Its criminal and they are shirking their responsibilities, said Reed.

For more information on Ubers insurance policies visit: https://www.uber.com/us/en/drive/insurance/

This article was originally written by Emily Luxen for WTVF .