As the school year draws to a close and finals draw near, the average college student begins contemplating options for summer. Whether a summer job is around the corner, or rather a summer vacation of travel and fun in the sun, there is a tendency to let financial well-being fade into the background in a list of priorities. You don’t want to end your summer regretting the choices you’ve made. So be wary! For those who are not careful and take responsibility for their finances, summer can sap finanaces and leave you broke. With this in mind, here are some helpful tips designed to keep you on track for financial well-being during your summer.
First and foremost, when the semester ends, keep deadlines in mind in planning out your summer and thinking forward to your next semester or career path. I know what you may be thinking: Heck yes! Freedom! Deadlines? It is easy to sweep deadlines aside and instead opt for shopping, amusements and beach days. However, pushing things to the side, one can not escape the realities of loan repayment, university deadlines and financial aid documentation.
Secondly: think summer! Think savings! Start saving for your next semester. Form a budget where you start to put aside savings and map out your spending. Another area of savings is found in taking summer courses. Now, more than ever before, there are options for summer classes, which can amount to thousands of dollars in savings in the long run and enable students to graduate early (Driscoll, 2012).
After forming a personal budget plan, establish a form of income to offset your costs. By doing so, you will earn money to finance summer spending, while boosting your earning potential through relevant internships, volunteer or work experiences related to your career interests (SALT, 2014). Keep in mind that even if you can’t manage to find a work experience with clear links to your area of study, a part-time/full time job experience shows future employers that you responsible with your finances and provides other valuable life skills to your resume.
While building life skills through work experience, establish your professional profile. Now more than ever before, it is easy to organize a professional profile with websites like Linkedin. With such sites, you can set up a profile; organize your skills and experiences in a resume; and further prepare yourself for work beyond your college career. According to LinkedIn reviewer Jill Duffy (2013), “LinkedIn remains a great site that delivers real results for both networking gurus as well as people who are sometimes wallflowers in real life.” It is thus in creating a professional profile that such websites enable you to network within your career field and make connections with potential employers.
Although work and professional profiles are an essential part of your future career, it is still important to take at least a week off to enjoy your summer. Travel to new places, take a vacation and, most importantly, have fun. It is just as important to relax and restore during the summer (Burnsed, 2011). However, keep a budget in mind and plan your expenses so as to make the most of your experience without breaking the bank!
In closing, make the most of your summer as a college student by budgeting your time and money. Remain financially responsable by keeping track of deadlines and expenditures, as well as developing career skills and a professional profile. Take a break and experience new things. Your summer is what you make it, so make it count and get PAID.
Sources:
Burnsed, Brian. (June 29, 2011). 5 Tips to Use the Summer Before College Wisely. Retrieved April 30, 2014, from http://www.usnews.com/education/best-colleges/articles/2011/06/29/5-tips-to-use-the-summer-before-college-wisely
Driscoll, Emily. (June 22, 2012). Five Things Every College Student Should Do This Summer. Retrieved May 5, 2014, from http://www.foxbusiness.com/personal-finance/2012/06/22/five-things-every-college-student-should-do-this-summer/
Duffy, Jill. (November 27, 2013). Review: LinkedIn. Retrieved April 29, 2014, from http://www.pcmag.com/article2/0,2817,2143275,00.asp
SALT. (2014). Why Having An Internship Matters. Retrieved April 27, 2014, from https://www.saltmoney.org/content/media/Article/why-having-an-internship-matters/_/R-101-4665
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