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Here are seven summer saving hacks specifically designed for high school students. From creative budgeting tips to clever side hustles and everything in between, these tips can help you get the most out of your summer funds. So grab a pen and paper (or open up your Notes app) and get ready to take some notes on how you can make your money count this summer!
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Summer break is nearly here, and you know what that means—time to rest and relax, and also make some money! As a high school student, it can be tough to find creative ways to make your summer allowance last. But don't worry, we've got you covered.
Here are seven summer saving hacks specifically designed for high school students. From creative budgeting tips to clever side hustles and everything in between, these tips can help you get the most out of your summer funds. So grab a pen and paper (or open up your Notes app) and get ready to take some notes on how you can make your money count this summer.
As a high school student, it's important to identify which summer activities and expenses are the most important to you. Differentiating between what you need and what you want is key: while hanging out with friends may be fun, do you really need to have the newest phone or buy the trendiest clothes? If being able to afford a summer vacation or college application fees is more important, come up with a plan on how much money you will allocate for each expense. You may also want to consider budgeting for smaller items like food, entertainment, and transportation.
Taking the time to decide what expenses are most necessary can help you make better financial decisions during the summer months and prepare for any unexpected expenses that may come up. It's all about finding a balance between having fun and managing your money wisely. Setting savings goals can help keep you inspired to keep saving all summer and beyond. Make sure your goals are clear, attainable, and have a clear time range for when you want to reach them.
Creating a budget is essential if you want to save money during the summer. Before you start shopping for clothes or planning weekend activities, take the time to figure out how much money you have and how much you can afford to spend. This will help you make better decisions on where to spend your hard-earned cash. Start by making a list of all your regular monthly expenses, like utilities, phone bills, and rent if applicable. Then add in items that are more specific to summer, such as summer camp fees or travel costs. Make sure to include hidden costs for things that don't seem like much during the summer, like increased gas expenses from road trips and more frequent visits to restaurants. Once you have your total estimated outflows down on paper, subtract it from your total income and voila – you have your spending budget for the summer!
Tip: Using a planning app that keeps track of your savings goals can help you see how you're doing. Here are the top budgeting apps for students
On the Money Masters Blog, there are great tips on formulating a budget, check them out here. For example:
Summertime is a great way to make some extra cash, and there are a few different ways to do it. For example, you can get a part-time job at your local grocery store or theater. Or, if you're not quite old enough to work as an employee (or don't want the hassle of finding a job first), why not start freelancing? A freelance gig might be something like pet-sitting for your neighbors, helping them with yard maintenance, or even building websites for businesses. With the internet at your fingertips, the possibilities are limitless!
Read more: Where To Find Summer Jobs for High School Students
One of the best ways to make your budget go further is to look for bargains and deals. Whether it's a discounted movie ticket, a free museum day or a reduced-cost coupon, don't be afraid to ask around and compare prices. These days, it's easy to search online for deals. You can also check out coupon websites, join loyalty programs to get discounts and download store apps to score extra savings. Keep an eye out for special promotions as well—especially during holidays, such as Memorial Day and Independence Day.
Read more: 5 Money-Saving Shopping Tips
Keep up with your favorite stores on social media for news about coupons, sales and exclusive offers. Don't forget the basics either—compare prices at different stores, sign up for email alerts from companies you like and look out for flier specials that may lead you to your desired item at a lower cost. Don't let overspending ruin your summer fun. Taking the time to do some research might just be the difference between experiencing something great this summer or not doing anything at all!
If you're looking to save money this summer, it might be time to think outside the box and take advantage of free resources. From free museums and summer movie nights, to music festivals and outdoor concerts, there are all sorts of events happening in your area that could help you entertain yourself without breaking the bank. Plus, plenty of libraries offer activities like game nights and even special museum passes. Additionally, take advantage of online resources like YouTube tutorials or free online courses. Or sign up for a local volunteer program—not only does it make a difference in your community, but also looks great on applications for college and scholarships! Overall, there's lots of ways to have fun this summer without spending too much money—so don't forget to plan ahead, make the most of free resources and explore what's out there!
Here are 13 Free Resources For High School Students To Get Ahead While School Is Out
You could cut down on unnecessary spending to save money this summer. Sure, you may feel like you deserve to treat yourself every now and then, but if your goal is to save money, it's important to be mindful of what you're spending. A few tips for cutting back on unnecessary spending:
Take a look at your past purchase history to see what areas you often find yourself spending more than necessary. That way you can become more conscious of your behavior and make the necessary adjustments.
Forget heading out to the movies or the bowling alley! Instead, get creative with entertainment and find free or inexpensive activities around town. For example, take advantage of parks or public beaches nearby or plan a movie night at home with friends.
Read more about low costing hobbies to do in your spare time.
Resist impulse purchases by setting spending limits for yourself. Establish a budget that works for your lifestyle and stick to it at all cost. If it doesn't fit into your budget, then it's most likely an unnecessary purchase - so say no! This will help keep you accountable and mindful of where your money is going.
Sometimes, the best gifts come from the heart rather than a store. If you have family or friends who you think will appreciate something special, why not get creative and make something? It could be a piece of art, a knitted scarf, a music mix—whatever it is that shows a bit of your personality. Not only will this allow you to express yourself, but it could save you some money too! Just think about how much it would cost to source these materials at the store. Plus, many of these DIY gifts are actually easier to make than you might think. The internet is loaded with tutorials and how-to articles that can help you get started. So why not give the gift of homemade items this summer? With just a bit of thought and some crafting skills (or practice) you can pull off creating something unique that your family and friends will appreciate for years to come!
Here is a list of the best DIY gifts to make for your friends and family.
If you have a summer job or earn money from other sources, consider opening a savings account to save some of your earnings. This will help you develop good saving habits that can benefit you in the long run.
Here are the top saving accounts for students.
While summertime is a great opportunity to kick back, relax, and enjoy yourself, it can also be a great time to save money and prepare for the future. High school students can save money and get a head start on saving for college and other future goals. The seven summer saving hacks outlined above are highly effective ways to save money during the summer. From taking advantage of student discounts, to planning meals and taking advantage of free and cheap activities, high school students can save money while still having fun and enjoying their summer break.
Start saving now and make the most out of the summer season. Who knows, you might even have enough money in the bank by the end of the summer to make a few big purchases!
Speak a financial planner at Vincere Wealth Management to get started on your college funding journey WITHOUT touching your retirement fund.
As Managing Partner of Vincere Wealth, Josh assists clients in navigating financial challenges and making sound financial decisions. Having someone guide you in making sensible financial decisions today can have a substantial impact on your future financial wellbeing. Josh takes great pride in guiding customers through the complexities of taxes, real estate, businesses, employer stock and international financial planning.
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