For many collegiettes, summer time means no school, parties, beaches, ice cream, relaxation and very often, work. Whether you work part-time, full-time, work two jobs or don’t work at all, here’s some great tips on how to save your hard-earned cash this summer.
1. Visit Your Bank
First things first, talk to a professional. Come on, you’re an adult! If you haven’t visited a bank yet, it’s time to start. All banks offer different options for savings, and the best way to find the perfect fit is to talk to someone who knows what they are doing. Some banks may offer to automatically deposit a percentage of your pay cheques into a savings account, while others may offer automatic bi-weekly, monthly, quarterly or even annual options. This is also a great time to check on your student loans, if you have them. Get to know your financial situation before you make a plan to save, or spend your earnings.
2. Reconsider Your Tips
If your job involves getting tips, such as waitressing, bartending, etc. take advantage of them! In certain cases your tip income may be more than your hourly wage income. BUT, watch out, while it’s great to have cash on you, it can also make it easier to spend money. Consider putting half of your tips into the bank, or into a piggy bank, or split it up into separate funds. You’ll still end up with a good amount of money on hand without having so much that you could lose track of your spending.
3. Watch your Spending
The nice thing about debit and credit is that all of your purchases are tracked and recorded. Check out your bank account to see how much you ACTUALLY are spending each week (heads up: it’s likely a lot higher than you think), and then see where you can cut back. If you typically spend cash rather than credit or debit, hold onto your receipts and calculate them at the end of the week/month; though you’ll likely lose a few receipts, it’s a great reality check.
4. Cut Back
Do you stop by your local Starbucks on your way to work to get your morning caffeine fix? The average work week has 5 days, and a decently priced Starbucks drink is $4.15, that adds up to $20.75 a week, and approximately $300 in a summer. Consider treating yourself once or twice a week and making coffee at home for the other days. The same goes for packing a lunch rather than buying one, or going out for dinner with your crew every weekend. Consider hosting a potluck, barbeque, or picnic instead of going out for dinner, and see how much you save.
5. Set Goals
Consider your upcoming plans for this summer as well as what you’re saving up for. Perhaps you’re dying for the newest Kate Spade tote, saving for concert tickets and saving for an amazing spring break vacation. Label and put aside 3 jars and put $10, or $20 in each jar each week. By the end of the summer you’ll be shocked at how much money you’ve saved. This is also a great way to treat yourself for all your hard work after the summer is over!
6. Look for Side Jobs
This is a great one for those who haven’t yet been able to find a summer job and are looking for some additional cash. Summer is the prime time for vacationing, so look for friends and/or family who might need a house sitter, pet sitter or babysitter. Love dogs? Post an ad for dog-walking in your community. Summer camps (especially day-camps) are also often in need of employees for a few days in the summer, and though it may not be much, it’s better than nothing!
If you’ve got a lot of spare time, clean out your closet and sell or consign items you haven’t worn in a while. Same goes with old furniture, books, shoes, jewellery, musical instruments, gym/exercise equipment and décor.
Work hard, save hard, play hard! Have a great summer collegiettes!