How to Save Money During Summer Break

saving moneyIf you are thinking of spending your summer days at the mall or on road trips, you may want to reconsider.

It seems that whenever we are out of school, we immediately drain are checking account. Quite frankly, it’s because we’re bored. And when we’re bored, we spend money quickly.

So if you’re finding it hard to save your money throughout the summer, follow these simple tips.

Get a job: Before you say “duh!”, consider how many college students are hesitant to get a job because they are afraid they won’t have time to squeeze in some summer fun. Remember you’re in college now, so it’s OK to be a little choosy. Pick something that is related to your major. If you want to be a teacher, try landing a job at a daycare; if you’re a business major, aim for that bank-teller position.

Set up a budget: You need to know where all your money is going. It’s easy for us to calculate the obvious expenses like rent and utilities, but we often forget about the other expenditures like trips to the convenient store or car maintenance. Make sure your budget is detailed, and make sure you stick to it. If it’s not in your budget, you’ll probably survive without it.

Choose the cheaper entertainment: Opt for a day at the lake instead of the water park. Choose the local library over the bookstore. Check message boards for community events. There’s always free or cheap local activities, especially during the summer time. 

It may be tempting to spend a lot of money on entertainment particularly if your friends are pushing you to hang out with them. Tell your friends about the cheaper activities, and invite them with you.

Set up a college savings account: They’re easy to manage, and they often come with perks like, little or no balance required, easy access to checking accounts and free account online access. Nobody said saving is easy, but if you manage your money correctly, it won’t seem so tough. Start out by placing 10 percent of your paycheck into savings, and go from there.

Be a mooch: If possible, choose to stay with your parents for the summer instead of living on your own. You’ll save money on virtually all your living expenses. You may have to help out around the house, but just think of all the money you’ll save.

Make use of the college I.D.: Look for places of entertainment that offer student discounts. Movie theaters often offer college students matinee pricing at any time of day, and restaurants close to campus often give discounted student rates. Your card can also save you money on air travel and computer software.

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