For many of us, our financial situations are drastically different in the summer time compared to the school year. While class is in session, our main focus is getting good grades, being leaders on campus and socializing on the weekends to build our network and maintain relationships. These things leave very little time for us to make money and for full-time students who do work, they usually can only find time to work a maximum of 20 hours per week.
During the summer, this is a completely different story! Students often work summer jobs or have summer internships, and have the opportunity to make a lot more money than they do during the school year. So as we all make the transition from “broke college student” to “big baller,” here are a few habits that you should adapt to help you manage your money over the summer.
5 Money Habits You Should Adapt this Summer from Money Honey's Founder, Khadija Bingham
1. Pay yourself first The first thing you should do when you get every paycheck is put some money into your savings account. We invest in a lot of other people’s dreams, but we often forget the importance of investing in ourselves. Putting money away in your savings account allows you to have money for a rainy day and will also allow you to have a few extra bucks in your pocket when you return back to campus.
2. Budget and prioritize your money Making a budget is the key to successful money management. Create a weekly budget, prioritizing your savings account and bills first and everything else after. Categories in your budget could include – savings, bills, transportation, food, charity and entertainment – to name a few.
3. Bring your lunch to work A great way to save money over the summer is to bring your lunch to work. People spend $50 or more per week on lunch, depending on which city you are working in. If you meal prep over the weekend, and prepare all of your lunches, you not only save money but you also save on unnecessary calories.
4. Give a little The opportunity to make money is truly a blessing, and when we are blessed it is important that we bless others in return. Giving can come in many different forms. It can be through tithing at your church, donating to your favorite charity or even giving a few dollars to a homeless person. The amount doesn’t matter as long as your intentions are pure. Studies show that people are a lot happier when they spend money on other people.
5. Treat yourself You work very hard and you deserve to treat yourself from time to time. Splurge on yourself and spend a little more money than usual, but keep it to a limit. Set goals and treat yourself when you reach different milestones. For me, I always treat myself to new shoes when I have positive performance reviews. It’s my way of rewarding myself for my hard work.
For more financial literacy tips, please visit www.money-honey.net!