How College Students Can Save Money this Summer - PowerPoint PPT Presentation

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How College Students Can Save Money this Summer

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To enjoy all the awesomeness that summer has to offer, create a flexible budget, stay within your means, always plan ahead, and open a savings account. – PowerPoint PPT presentation

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Title: How College Students Can Save Money this Summer


1
How College Students Can Save Money this Summer
2
  • 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!

3
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

4
  • 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

5
  • 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.

6
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.

7
  • 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.

8
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.

9
  • 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.

10
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.

11
  • 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.

12
  • For affordableapartments near Brock University,
    check out Regent Student Living. Contact us today!
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