You work all summer and think because you’re making money you can buy whatever you want all summer long, but then fall comes and you have nothing to show for your hard earned money. Pledge
that this summer will be the one that you actually save your money. Put it in savings and use it to buy something big that you’ve wanted forever, or save it for a rainy day (or life, after you graduate and your parents cut you off). Here are five ways to save the money you earn working at your summer job.
Extreme Couponing
I’ve been recently obsessed with TLC’s extreme couponers show. While most of us neither have the time nor the space to go at it as intensely as they do, you can still save a lot of money by clipping coupons. When you’re shopping for food check out the local fliers and buy only the things that are on sale. If you’re shopping for clothes check the stores’ websites before you go and see if they have an printable coupons. Some places also offer a discount if you sign up your e-mail with them.
Carpool
Gas is at a scary high. (I filled up yesterday and it was $3.91 per gallon. Yikes.) Once you get to know your summer co-workers, see if they want to start carpooling with you. It’s a great way to save money and make friends! Take turns using different cars so neither one of you end up with a high maintenance bill at the end of the summer.
Have a stay-cation
Instead of driving to a vacation spot and spending money on food, hotels and gas, try making your vacation right at home. Call out of work, pack your bags and head to… your backyard! Set up a tent and have a campfire or make a beach on your lawn. If you want to get away from the house and have a “tourist day.” Do all the local tourist-y type activities around where you live. Bonus points if you dress up like one ;)
Always save 10%
Whatever your paycheck is, save 10% of it; every week. And don’t touch it when you want a new swimsuit! Only use this savings for real emergencies. No matter how tempting it is, try to leave it alone until you absolutely need it. If you’ve already got a sizable amount look into putting it into a Certificate of Deposit. You won’t be able to touch the money for a given amount of time (any where from 6 months to 5 years) but it comes with a higher interest rate so you’ll make more over that period of time.
Track your spending
Websites like www.mint.com help you track how much you spend and budget your money. They have mobile apps so you can keep an eye on your balance where ever you are. They turn your finances into a pretty pie chart – which helps you see easily what exactly you’re spending your money on. That way you can decide whether you need to decrease spending in a certain category or you have some spare change to put back into your savings.