BUDGETINGCOLLEGE

Summer Budgeting Tips

Do you plan on budgeting for the summer? Now is the time to start getting a plan in place and set some goals so you can achieve your summer dreams ahead of the fall semester. These steps can help you manage your funds to last the whole summer, despite those fun trips to the county fair or spontaneous weekends across the border in Canada.

List Your Known Major Trips and Activities

Start putting together a list of all the fun things you plan to do this summer. This could be a trip to the amusement park or a potentially unplanned activity with friends that might cost some money. Once you have your list, start outlining how much you plan to spend on each event. This will give you a starting point for your estimated summer expenses. If you’re the driving friend, don’t forget to budget for things like food or gas because your car will not run on friendship. Consider economic trends as you plan for the price of travel, as it can have a great bearing on the cost of your activities.

Finding Your Magic Number

Now that you have estimated your summer expenses, it’s time to decide on a realistic savings goal. This amount can be a bit exaggerated as you may not know exactly how much things cost or how many trips or activities you might participate in — and that’s OK! It’s better to set aside extra money than not enough. As you work to determine your magic number, consider your monthly budget to ensure you still have funds available for bills or necessary expenses. You may find yourself revisiting what you can afford to do, but following these tips will give you a baseline of where to start so you can end your summer with money to spare.

Summer Jobs Can Increase Those Funds

Are you planning to work this summer? That’s even better for your budget! With income now a factor, you can include additional savings within your budget plan. You can do this by saving a specific amount every check to put toward a reasonable short- or long-term goal. These goals could be anything, such as a trip you wouldn’t have been able to afford, savings for the upcoming semester, or possibly increasing your emergency funds. At the end of the day, giving yourself a cushion for any unexpected expenses will set you up for success in the future.

Remember, everyone’s financial situation is different. Some live off a fixed income while others have continuous income. Knowing this, your steps will likely look different from everyone else’s. Don’t forget to shape your summer budget based on your current financial situation. Try your best to stick with it for amazing results this summer — and remember to have fun along the way.

Sources:

https://www.cnbc.com/2023/04/27/how-to-set-up-a-budget-an-easy-guide-for-college-students-and-grads.html

https://www.collegeavestudentloans.com/blog/the-summer-before-college-how-to-financially-prepare/