How to manage your money during summer break
June 4, 2012
For most college students, summer break is anything but. You may not be running off to classes or pulling all-nighters to finish up essays, but summer means you're getting a sample of the postgraduate 9-5 routine, and that's hardly a vacation.
But summer break is also important to your financial well-being during your years in high education. When it comes to getting and saving money, summer is essential. Consider these tips to maximize your summer earnings - and hold onto them.
1. Consider your internships carefully. There's no questioning the value of a good internship. Devoting yourself fully to a position in an industry you're passionate - or even just curious - about will pay off in contacts, a resume boost and most importantly an understanding of what the postgraduate world will feel like. But unfortunately not all internships are equally worthy of your time. While some pay a stipend, it's often shoddy, and most will expect you to work for free in exchange for the experience. It's easy to be taken advantage of as an intern, so make sure you're not sacrificing your earning potential for a position that won't pay off in the long run.
2. Weigh the advantages of returning to old jobs. Maybe you've already got a bombardment of emails from the staff at the local amusement park, and they definitely want you back this year. Businesses that boom during the season will look to hire summer managers, and if you've already proven yourself worthy then you could be a frontrunner, helping you jump that minimum wage hurdle. But don't return to a job merely for the familiarity, especially if there's something new and exciting around the corner.
3. Don't blow all your cash before you head back to school. There's usually a glorious week or two between the end of your job and the start of the new semester. With all that money you've been collecting in your bank account, the temptation to travel or splurge is high. Suppress it. Travel should be planned, not spontaneous, to maximize savings, and you don't want to splurge now with money you might need down the road.
4. Apply for scholarships. Just because you're in school doesn't mean you can't keep sending out scholarship applications to give you a little financial boost during the coming year. Applying for scholarships might be the most intelligent financial move you can make this summer.
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