Tips for Saving Money This Summer - Money Smart Week

April 13, 2012

Saving money sounds so grown up and responsible. Who wants to do that at 15, 16, or 17? Summer jobs and the extra money that comes with it are meant for shopping or going to the movies with friends. If your parents give you an allowance, then that’s free "whatever" money, right?

But what happens when summer is over and the job takes a backseat to school, homework, and after school activities? Now your spending money is coming from Mom and Dad, and that can be pretty awkward after earning your own. Not to mention, asking for an extra $20 can be even more deflating when weeks before your pockets were lined with plenty of the green stuff after getting your allowance.

Well, here’s a way for you to avoid the embarrassment of asking your parents for money come September. Celebrate Money Smart Week by learning to save some of your earnings from your summer job or allowance.

Here are some tips to get you started:

1. Set a goal for how much you would like to save.
2. Eat meals at home with your family before you go out for the evening. Not only is it healthier, but it saves you $10 as well.
3. Rent a movie once in while instead of going to the movies. Make it a fun night with friends and cook dinner at home as well. For extra fun, make it a themed party.
4. Avoid impulse buying when you go shopping. I know easier said than done, but it is possible. Hold the item you are considering buying in your hand or shopping cart. Walk around with it while continuing to shop. By the time you are ready to checkout, take another look at the item and see if your desire for it has waned. If so, you have just saved yourself some money.
5. Find a safe place to keep your money. You can open a savings account or keep it hidden in your room. It depends on how accessible you want it to be and how much you trust yourself not to dip into it.
6. If you are responsible for paying some of your own bills, budget for necessities and for fun.
7. Always remember to pay yourself first though. Again, decide on an amount and stick to it with every pay check or allowance given. 

Crystal M-S