BRING ON SUMMER!

My favorite time of year… No homework… Hangin’ out at the beach… Summertime can mean some serious chillin’ out, no question about it. But it can also mean the chance to make some serious change—including a nice wad to head back to school with in the fall. Even if you don’t have to earn money this summer, why not work at some low-key gig or even do an internship for credit?!

Summer employment not only helps build your savings (and keeps your parents off your back), it shows your initiative, gives you job skills, and helps build connections—all of which benefit you down the line. And you might meet some pretty cool friends too.

 
 

Step 1: Find a job/internship
If you don’t already have one, there are many places you can look for summer job opportunities, including: your school’s career office, your local newspaper, walking through your downtown to find stores/restaurants with job openings posted, or visiting www.summerjobs.com. For internship opportunities, check with your major department at school, or search online at companies that hire graduates in your field of study.

Step 2: Live below your means
If you’re serious about saving money this summer, here’s the key: Live BELOW your means, especially if you’re living at home with the folks. Yeah, I know you may be diggin’ to take those windsurfing lessons, build up your DVD collection, and buy your fifth new bathingsuit of the season, but slow down! Saving money is about making choices. If you spend all you make each paycheck, you won’t have any money leftover; it’s that simple. Think about it… Kind of a drag heading back to school when you can’t afford to buy books, catch a movie and pizza off campus, or just get the latest Linkin Park CD!

Step 3: Set a savings goal
A goal gives you something real to work toward, and helps keep you from being tempted to dump all your change on Peppermint Patty ice cream all summer long! Decide on an amount that you want to take back to school in the fall. Let’s say your goal is $1,000. If you work from June 1 through August 15, that’s 10 weeks, so you need to save $100 a week to make your goal. Check out this example…

  • If you earn $7/hour flipping burgers or scooping ice cream and you work 40 hours/week: $7 x 40 hours x 10 weeks = $2,800

  • Subtract 15%, or $420, for taxes (which you’ll most likely get back in a refund next spring) and you’re left with $2,380 or $238/week.

  • Now, take out your $100 savings and you’re still left with $138 for spending!! If you can’t make it on $138 a week during the summer living at home, I’ve got two words of advice: GET REAL! Click here for some more tips on saving.

    • Okay, I'm outta here. Have a great summer and think SAVE.

    Later,

    P.S. To see more FinMan tips, check out my home page!
     

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