You’re in the final stretch before the end of the school year, and if you’re like a lot of your classmates, your bank account might be running on empty. If you don’t want to miss out on the fun, then you need to figure out your money.
A busy class schedule, hours of studying, and a plethora of extracurricular activities can make earning money during the school year challenging. So, to make sure you’ve still got some money left over for next year, here are six actions to take to help you put your summer earnings to good use.
1. Identify how much you need
Start your summer off by taking a trip down Credit Card Memory Lane and totaling up your spending during the spring semester. Then, go back through any cash withdrawals to roughly figure out how much cash you spent. Double this total amount for two semesters and give yourself a cushion of a few hundred dollars for something that might be on the agenda next year that you didn’t do this year (like studying abroad or having a car on campus). The final number is how much money you should strive to have in your bank account come fall.
2. Set smaller goals
It might seem unrealistic that you could save that much in a matter of months, especially since you’ll have expenses over the summer, too. Instead, try breaking that number down into smaller, more achievable goals. Maybe that means you set a weekly or monthly goal for yourself. For example, how much money do you need to save per week to meet your goal by the end of the summer? How many hours of work does that come out to, given any potential summer spending? This will make your overall savings target seem more manageable.