Money Management International
College students across the country are anxiously awaiting the day when the last final has been taken, books have been returned, dorm rooms are all packed up, and grades have been passed out. Summer is finally here, and students everywhere are busy planning parties and exciting summer trips. For many, the big question is how to fund these awesome summer activities.
So what are some ways college students can enjoy their summer without “breaking the bank?”
Consider these alternatives to exotic summer travel and expensive summer activities:
- Instead of a taking a vacation, try a “staycation.” Stay at home and take advantage of state parks, offering hiking and camping opportunities.
- Visit local museums and take in some of the culture nearby cities and towns have to offer.
- Utilize savings such as Redbox rentals in place of going to the movies.
- Check out Groupon and Living Social for opportunities to save on activities both locally and while traveling.
Finding ways to increase income is key when planning summer fun on a budget. In addition to income from paid work, consider other ways to increase cash such as selling back books and other unneeded school supplies. Consider taking inventory of clothes, furniture, and other things, and look for opportunities to sell or trade items at second hand stores and consignment shops. Having a garage sale is another great way to rid yourself of unwanted items while obtaining extra cash. Visit MoneyManagement.org for additional ways to earn more cash.
No matter how much money is earned or gained over the summer, it’s important to remember to always pay yourself first. Saving at least 60 percent of income during the summer break is a hefty, but smart goal to work towards. Having a savings cushion can keep a financial setback from becoming a financial emergency when faced with unexpected expenses during the new school year.
Another important reminder is to remember to have fun. Working towards a degree, although rewarding, can be a stressful task. Taking time out to enjoy your life is important and a necessary component of your overall success.
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About Money Management International
Money Management International (MMI), the nation’s largest full-service credit counseling agency, offers financial education and advice over a variety of financial topics such as managing money and expenses, understanding credit report and scores, paying down debt, and many more. To schedule an appointment for one-on-one financial counseling with a certified credit counselor, visit www.moneymanagement.org or call 866-531-0511.