Budgeting This Summer

Summer is the time to take a break from all of the studying that was done during the school year and work to save money. Being young and working at the same time can be difficult, especially living in a big city like Toronto. I plan on working this summer and I have come up with some ways to save while living in Toronto.

The first thing I am going to limit is expensive purchases. I am only going to work for about 4 months so I want to make sure that I don’t spend almost every paycheck lavishly. I plan on buying something that I would need for the new school year. For example, I need a new laptop, so I have been looking online for the best laptops for students to I can prepare myself for when the back to school sales come up. Or I plan on saving up money to go on a trip in December or I could buy myself a special gift at the end of the summer like a handbag or shoes. Buying something for yourself that would benefit you in the long run is important.

Photo via RawPixel.com

 

Paying off your credit card as quickly as possible could help you with budgeting and saving money this summer. I am currently in that stage where I want to pay off my credit card and be debt free. Everyone has been there, it’s normal to go over your credit card limit. Paying it off this summer could lift a huge weight off your shoulders.  

Photo via Pixabay

 

If you are looking to move somewhere else during the summer, living with people who are willing to split the cost of groceries and such also helps you money-wise. I live with awesome students who split the cost of food orders, cleaning supplies, groceries, etc. so it helps me save up some money. Especially during the summer, you and your friends may want to go out and enjoy the weather. Suggesting maybe splitting the uber cost or taking turns paying for dinner could help both you and your roommates!

 

Photo via George Becker

 

This summer is the time to live stress free and have fun, especially while working! Figure out what you are comfortable with money-wise and make a plan for this summer. With all the hard work we’ve done during the school year, we deserve to have the next 4 months of summer to relax and have fun. I hope you all have an amazing summer!