Tips for Parents
Helping students maximize their earnings
Many students will be working to make — and save — money this summer so they can use it to pay for school costs. The idea is to get ahead so that they have money for textbooks and tuition, living expenses and laundry. Yet the temptation to earn and spend during the summer months can be strong for some students, especially if they aren’t the wisest money managers.
Here are some strategies you can share with them to help them maximize their summer money:
- Set a weekly budget and stick to it. Only take out a certain amount from the bank and/or ATM at the same time each week. This ritual may help you better recognize when you’re going overboard and hitting the ATM — and going over budget — at other times throughout the week.
- Don’t rely on plastic. If you have a habit of putting things on your credit card, simplify for the summer.
- Keep costs to a minimum. Carpool to work to save on gas costs or take public transportation. Perhaps you can still go out to dinner with friends but cut out $2 by not ordering a beverage. Try thinking of other simple cost-cutting measures that can really add up!
- Set a savings goal. After the first month of summer, revisit your summer savings goal and see what kind of progress is being made. Are you on target? Behind? Ahead? Check in on your goal every other week or so. This will allow you to be completely conscious of your money — even that which is squirreled away in savings.
Students can have fun and save money too. It just takes some smart planning, creative thinking and a bit of discipline. You can help them get on a healthy financial path.
Here are some simple, yet effective ideas to share with your student:
- Skip the beverage, dessert and that shared appetizer to save money when having dinner with friends
- Go to the less expensive matinee
- Check out the Friday paper for free or low-cost fun during the weekend (festivals, concerts in the park, etc.)
- When road tripping with friends, consider camping — it’s good fun and costs less than paying for a hotel room
- Volunteer at an event — chances are you can get in for free while also lending a hand!
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