Now that you have a summer job lined up, how are you going to save some of those Benjamins so you can be financially prepared for college next year?
Here are some money-saving tips for your summer employment.
- Live at home. Saving on rent and food can be a big boost to your bottom line, as these are often your biggest expenses.
- Set a savings goal. Do you want to save 50 percent, 75 percent, 90 percent of each paycheck? Set a goal and stick to it. Watch your savings pile up over the course of the summer.
- Work at a place that provides room and board. Jobs such as a summer camp counselor often provide room, board, a nice paycheck and memories and friends that will last a lifetime. It’s easy to save close to 100 percent of your paycheck when the necessities are provided by work.
- Create a budget. The most important step in achieving any financial goal is the budget. Proper budgeting and knowledge of where your money flows allows you to set aside your surplus for saving, investing and important purchases.
- Have fun! The school year is long and stressful. Remember to have fun, relax and burn some stress this summer. We’ll see you next year.
If you are still looking for a summer job, check out Handshake for summer jobs and internships.