Summertime听in college is听the best. It鈥檚 one of the last times in your life that you will have a long stretch of time听off to do as you please. Oftentimes,听summer听also means getting a job to fund living expenses听for the听school year.
Stretching your summer savings to make sure they last through the school year can be a challenge. Even though you worked all summer, you may have a modest nest egg. Concerts, nights out听and trips must all be carefully considered.
Let鈥檚 look at some ideas to stretch those hard-earned summer camp dollars.
Create a budget
The first step to financial planning is learning how to budget. One way to budget is to divide your savings over the amount of time you need them to last. Factor in breaks and vacations, including the month-long winter break.
Look at what you have. Is it enough for all of your expenses? Do you need a job or internship this year to help supplement your summer haul? If so, better to start planning now then to scramble for a job when the money runs out.
through Student Employment, or read more听.
Avoid big purchases or听buy used
We all have that friend who spends the majority of their summer savings in the first month of school. Don鈥檛 be that person.
If you need some new outdoor gear, a computer, car听or other big-ticket item, shop for used items on Craigslist, eBay听and through word of mouth. You can typically save well over 50 percent off听the list price by picking up gently used items. Developing the habit of shopping for used items now will save you lots of money in the future.
Seek out free, low-cost activities
Many activities on campus and in town are free for students. Hiking, for one. Movies on campus. Many campus organizations offer free meals to attend one of their events, and you can learn something cool in the process!
Finally, get involved. Join a club, assume a leadership role, work a campus job, volunteer, attend an event, go to the gym, or play an intramural sport (potential fee involved for intramural听sports). By staying busy, active听and engaged you鈥檒l hardly miss spending money to have fun and you鈥檒l be bettering yourself for future employment opportunities.听
is your campus resource to听help听with budgeting, student loans, debt, saving, credit, investing听and even听retirement planning.鈥�
