Summer is not just a time for relaxation and fun—it’s also a great opportunity for high school and college students to take proactive steps towards managing their finances and setting themselves up for success. Whether you’re saving up for college expenses, planning for the future, or looking to gain valuable financial skills, here are some effective money strategies to consider during the summer months:
#1: Work and Earn
Summer jobs or internships can provide valuable work experience and a steady income. Whether it’s lifeguarding at the local pool, working in retail, or interning at a company related to your field of study, earning money during the summer can help you build savings and develop budgeting skills. The best way to learn how to manage money is to simply do it. Find a budgeting software you like (or a worksheet) and manage your income and expenses.
Additionally, summer jobs and internships not only provide income but also valuable skills and experiences that can boost your resume and future career prospects.
#2: Explore Freelance Opportunities
If you have a particular skill or talent, consider freelancing during the summer months. Whether it’s graphic design, writing, tutoring, or photography, freelancing allows you to work flexible hours, earn extra income, and build a portfolio that could help after graduation.
#3: Learn About Investing and Saving
Summer break is an ideal time to educate yourself about investing and saving for the future. Take advantage of online resources, books, or courses to learn about money options (stocks, bonds, mutual funds) and practice investing! These little investments can add up. Start saving for college tuition, a car, or even retirement by setting up a savings account or exploring investment options that match your risk tolerance and financial goals.
#4: Take Advantage of Educational Opportunities
Summer can also be a time to expand your knowledge and skills through educational programs or workshops. This is the perfect time to find scholarships and grants to reduce your next year’s college costs. You can also learn more about personal finances from local seminars, webinars, or experts. If you’re not planning to work, consider signing up for summer classes through a local college or your university. It’s another great way to reduce costs (especially if you go through a community college) and knock out some GenEds!
#5: Plan for College Expenses
For high school students entering college soon, summer is a crucial time to prepare financially. Finalize your research on financial aid options, like loan types and scholarship offers. You can also start comparing college costs between your top options. Estimate your anticipated expenses and create a budget that includes tuition, books, housing, transportation, and personal expenses.
Summer presents high school and college students with a valuable opportunity to not only earn money but also develop essential financial skills, plan for the future, and prepare for the next academic year. Start now, and use this summer wisely to build a solid foundation for your financial future!
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.