School may be out, but a new type of work may be on your mind. Whether you started your first job this summer or youโre a college student on break, we want to remind you just how important saving is when you need your summer income to last the entire year.
No matter if youโre lifeguarding at the beach, waiting tables, or interning at a cool tech startup, hereโs our tips to maximize your summer income.
Set your goal: Dream big, but make your goals achievable. Have a clear idea of what exactly you are working towards this summer โ like money for college expenses like rent or loans, or building your savings or emergency fund โ and how much youโll need to save to comfortably achieve that. Having a clear goal in mind will help you stay focused and motivated.
Create a saving tactic: Saving isnโt easy, and especially not during summer. Creating a savings tactic will not only put money in your savings bucket, but your spending bucket, too. Consider using one of these savings methods so you can enjoy your summer while securing your finances:
- 50-30-20 rule: This is a great rule of thumb for beginner savers. Allocate 50% of paycheck to essential expenses like rent, groceries, or your car payment. After that, 30% goes towards non-essentials like entertainment or eating out and the remaining 20% goes directly to savings. The 50-30-20 rule is great way to understanding budgeting, saving, and understanding just where your money is spent.
- Use a budgeting app: What if we told you budgeting and saving can be done right at your fingertips? Utilize digital budgeting platforms or apps that are designed to help you monitor your spending habits, set budgets, and build your savings. Plus, you can watch your accounts grow and track your progress over time.
Open a checking and savings account: If this is your very first job, itโs time to stop stashing money in a piggy bank and open a bank account instead. If your job offers direct deposit, having a place to deposit your hard-earned money quickly and easily makes it all worth it. Even better โ you can save automatically by having a portion of your paycheck go directly towards your savings. Head to your local Penn Community Bank branch and weโll have a friendly customer service representative help you out. No need to stress โ we make finances a (summer) breeze. Plus, having a debit card is super cool!
Donโt get burned (out): Sunscreen isnโt going to save you from this one. When you need to be on your โA gameโ and start rolling in the cash immediately, itโs easy to get burned out. Be sure to not overload yourself with too many hours or too many jobs. Focus on having a consistent schedule and a solid paycheck each week, instead, so you can make your work ethic last all the way through August.
For more savings and budgeting tips and financial resources, please visit www.PennCommuityBank.com.
