With school ending for the regular year, many teens will opt to take on the responsibility and priority of securing summer employment.
For many teens, having a job during the summer enables them to enjoy summer without having to ask mom, dad and/or other elders for money. For other teens, a summer job is a great stance taken when it comes to independence.
Take a look at some ways you can save money from your summer job that will enable to reap great financial reward in your future!
1. Get Those Bank Accounts
Bank accounts are generally free for persons under 18 but you will need to check with your bank to get additional details about free accounts. For you teen bankers, consider setting up two separate accounts with one that allows you card access and the other separate account with a high interest rate. In regards to the account with the high interest rate, your money work harder for you. If you have limited access to one account and simply place money in the other without a second thought, you will have a great “nest egg” after you view it months down the road!
2. Ask For Help In Saving
When I was a teen, I had a great summer job that paid me handsomely! I worked as an intern/summer student and was able to save a tremendous amount of money. Within that job, I would cash my checks with my mom and have a percentage of that money transferred into a bank account that I shared jointly with her. A friend of mine worked as a manager at the Detroit Zoo and had her boss set aside a percentage of her earnings in an account. After our summer jobs were over, both of us were amazed at the amount of money we saved. So you teens out there with summer jobs, ask mom, dad, grandma or another elder to help you with your savings. Even if they have to “force” you to save, let them. You will be so thankful in the long run!
3. Can’t Find A Job? Create One!
So you cannot find a job at a company or a store. Then create one! Why not begin a dog walking business by simply advertising your services on a paper and leaving copies of that paper on neighbor’s door. Do the same if you are one who can really wash a car. Do you love children? Begin your own babysitting business with neighbors who are just down the street from you. Sometimes all it takes is word of mouth for your business to really fly. Most of the time, mom and dad will help you out when they see you want to create money so ask around if you can help in various capacities. Then count your earnings and begin to save them over the summer.
4. Frugality Please
OK… so as a teen, there is always the latest and greatest to get when it comes to just about anything! From music to clothing, teens always see something they have to have and want to purchase. Here is when being an adult comes into play. You really want to take the time and contemplate if your wants outweigh your needs. I am not saying that you cannot enjoy a movie here or a small luxury there but you have to consider what is important and the ratio you have to spending and saving. Sometimes as a teen, you may have to bypass an outing in an effort to save money. Also, if there is something new and exciting you need, you may consider asking yourself is it something that is within your… budget. Yes, I brought out the “b” word when it comes to money. So as you enjoy your summer, remember that you are growing into adulthood and that saving for your future is something you should not only think about but work toward doing on a regular basis.
Do you have additional tips that could help you or teens save money during a summer job? Share them and watch related video below: