How To Save With A Summer Job
Summertime is the ultimate season for spending! Whether it’s buying a new wardrobe, eating at your favorite ice-cream shop, attending festivals and concerts, or booking a weekend vacation, summer activities are bound to cost you. Working a summer job can help you enjoy summer festivities, plus save money if there is proper planning and budgeting. Placing funds aside out of each paycheck motivates good saving habits for your future!
CHOOSE A SUMMER JOB WITHIN REASONABLE COMMUTE
Summer gas prices can become steep and who likes to constantly fill up the gas tank? According to Federal Highway Association, transportation is a household’s 2nd largest expense. Housing that is within a convenient proximity to work and entertainment can decrease costs up to 9% of household income.
A January Savings Report published by American Public Transportation Association reported an average savings of $700 per month when substituting some daily private transportation to public transportation.
Looking to Save on Transportation? Try some less-expensive forms of transportation: bike-sharing services, ride-sharing services, walking, carpooling, or public transportation.
TAKE ADVANTAGE OF DIRECT DEPOSIT
If your summer job offers direct deposit--- sign up! This is one of the most convenient and painless ways to save money, avoids check-cashing fees, and reduces the unwanted urges of spending.
For some strange reason, having cash-on-hand influences me to spend it. After I break a $100 bill, I’m “magically” left with only 20 bucks by the end of the day. (I know…sounds terrible, but I’m getting better.)
Choosing direct deposit gives me the ability to automatically split my paychecks into separate accounts, which limits my spending.
WORK 2 PART-TIME SUMMER JOBS
Aside from gaining a variety of job skills, working two part-time summer jobs provides multiple sources of income, while still leaving you free-time for activities and a peace of mind.
Now remember, this doesn’t mean to overwhelm yourself with a heavy workload! Self-care is important so it’s essential to choose two jobs that will not increase your stress.
As a current college student, working part-time at my university and working a summer-internship is allowing me to keep a steady flow of income. Paying monthly tuition bills can be stressful, but my jobs are helping me save money for the upcoming fall semester, while giving me a little extra green to enjoy summer!
SAVE & EARN INTEREST ON YOUR MONEY
Make an appointment with a financial counselor at your nearest credit union to discuss savings accounts and creating a realistic, budgeting plan. Everyone’s expenses are different, but financial professionals can assist you in brainstorming long and short-term goals.
I See Me…How Do You C.U.?
Check out ABECU’s free Savings Module and Budgeting Tool for helpful resources!
Any suggestions or tips for saving with a summer job? Leave a comment below!
