Money Management: Summer Jobs, Summer Spending

Lily Share ‘21, Health & Leisure Editor

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Money management is a great skill to learn: it will teach you life skills and can help relieve mental stress. Many high school students often get jobs, especially during the summer. However, the idea of managing this newfound income or an allowance can seem a little daunting for some people and prove difficult. Babysitting, dog walking, and retail are all great ways to make some extra money but it’s important to remember that with more money comes more responsibility.

One simple way you can stay on top of your account balance is to regularly check your online bank statement. With banking apps, it’s easy to log in and immediately see your balance as well as any transactions and deposits that have been made. Another important factor in managing money is keeping track of weekly income. A good rule of thumb is to never spend more than you receive in a week as this could lead to an empty bank account. Instead, try figuring out a good percentage to spend each week, and save the rest in your account (or wallet if you don’t have a bank account).

When you have saved for a while and decide you want to accumulate an item of greater value, it’s a good idea to make sure this is something you’ve wanted for a while and not just an impulse purchase. Something to keep in mind is that everything goes on sale, and although we may feel an urge to buy what we love immediately, there’s really no need to pay full retail prices. Oftentimes, shopping smart is just looking up the item you want and researching different websites until you find the best deal. It’s always a good idea once you’ve decided to buy something more expensive than usual to look for discounts and calculate the savings. It may seem like a lot of work but trust me, you will be glad you saved your money.

Saving money and getting great deals on merchandise will ultimately lead to a more relaxed state of mind and sense of control over your money and life.