How College Students Can Save Money this Summer

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How College Students Can Save Money this Summer
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• Most college students dream of summer vacation
  fun in the sun, relaxing activities and plenty of
  free time. Unfortunately, not all fun summer
  activities are free or even cheap. Your summer
  vacation could be much more expensive than youd
  like it to be.
• Take steps to save for the upcoming term while
  still enjoying all the awesomeness that summer
  has to offer!

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Create a Feasible Budget

• No matter where you are in life, a budget will
  always be your friend, and theyre especially
  useful to college students. This summer, create a
  realistic, feasible monthly budget that you can
  stick to. A feasible budget should include the
  following expenses

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• Rent
• Household items and other supplies
• Groceries and dining out
• Utilities and other household bills
• Transportation (Its the summer! Leave the car at
  home and walk or take public transit)
• Clothing

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• Entertainment
• Travel expenses (if applicable)
• For the best results, create drafts of your
  budget first. Then, scale it down by removing
  luxury items and activities you cant afford, as
  well as things you dont need. Keep working the
  budget until its in a place where you can afford
  the essentials, have room for fun and save money.

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Stay Within Your Means

• Its easy to live beyond your means during the
  summer, as there are plenty of fun activities
  that could bust your budget. If you want to save
  money, live within your means even if it seems
  you have the money to spend.

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• Money in your savings account is fallback
  money, meaning it should only be used for
  emergencies. So, if theres ever an issue that
  requires immediate attention, you will have the
  money to cover it. For example, needing to
  purchase a book or other materials for a course.
  Its okay to treat yourself sometimes, but try to
  stay within your monthly budget.

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Open a Savings Account that Automates Savings

• Most banks offer automated savings accounts,
  meaning the same amount of money is automatically
  deposited into the account on a scheduled basis.
  For most young people and college students, this
  deposit usually coincides with their pay dates.
  This way, they arent tempted to spend their
  entire paycheck, as a specific portion is first
  moved to their savings account.

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• Automating your savings is perhaps the most
  effective way to save money, especially if you
  restrict your own access to the account. Just
  remember to set an automation schedule that works
  for you, open a savings account with a high
  interest rate and only saving what you can afford.

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Always Plan

• Its simple math to save more, you must spend
  less. Surprisingly, if you spend less, you can do
  more. For example, if you plan an activity for a
  certain week, you should spend less the prior
  week. This will give you more financial
  flexibility, allowing you to enjoy the activity
  to the fullest.

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• Implementing this strategy throughout the summer
  could actually enable you to do more social
  activities, as it will prevent you from spending
  your entire entertainment budget on one activity.
  Financially planning for future events can also
  be applied to other areas, such as buying luxury
  items and finding housing.

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• For affordableapartments near Brock University,
  check out Regent Student Living. Contact us today!