How To Maximize Your Bank Account This Summer

By Ashley Paskill on April 30, 2021

This article is brought to you by GradGuard. We protect college students and their families from the financial risks of college life, like providing a refund for tuition or replacing a stolen backpack when your school may not. When the unexpected happens, GradGuard’s tuition insurance and renters insurance can help you get back on track.

Even though you do not have the same expenses such as tuition, school supplies, and any other things that take your money during the school year, summer can be expensive in its own right. From vacations to new outfits for a job or internship, even summer expenses can add up. There are ways to help maximize your bank account and save some money to help offset expenses over the summer and have money for the school year.

Save on summer travel

Traveling is one of the most expensive parts of summer. Between flights, hotels, food, and other necessities, the expenses add up quickly. Fortunately, there are ways to save money while traveling. Keep an eye on airfare trends as buying plane tickets at certain times and traveling on certain days can help you save a lot of money.

Instead of eating out for every meal while on vacation, consider grocery shopping and cooking at least some of your meals to save some money. Even if you do not have a kitchen in your hotel room, there are ways you can get creative with your food so you do not have to heat anything up while still saving money.

Consider traveling with friends to help split the costs of things like a hotel room. If you have friends who live where you are traveling to, see if they have a spot you can stay so you can save money by not having to pay for a hotel room.

Instead of traveling, you may consider taking a staycation. Take time to explore the area around where you live. Check out local hiking trails, national parks, or historical sites. Visit a city near where you live and take in the sites there. That way, you can travel either by car or public transportation so that you can go home the same day. This helps save on hotel prices.

Get a summer job or internship

Getting a summer job will help you put some money in the bank while helping you learn skills that can be applied to whatever field you are studying for. You may even be able to find a job in your field of choice, depending on prior experience and what is available. Getting a paid internship is also something that can help you boost your resume while putting some money in the bank. That way, you will have a head start on saving money for the fall semester. Just be sure your boss knows when you go back to school so that you can focus on your schoolwork.

Get a free bank account

It is likely that you have a bank account already, but you may not be aware of how many fees are attached to your account. Take a look to see what fees are being applied to your account. If there are fees, consider switching to a bank that does not have any fees. You can even open a bank account online so you do not have to worry about finding a local branch of a bank.

Image: Jonathan Cooper via https://unsplash.com/photos/0O2Pp6-mOkY

Evaluate your education plan

While there may be some opportunity to take electives throughout your college career to learn new things, you should still be focused on what your major of choice is. There are plenty of clubs and less expensive ways to find new passions than to spend money on extra classes. You should also have a clear idea of what classes you need to take over the next academic year and plan your finances accordingly. If you know you will need specific supplies for classes, make sure you have enough saved. Make sure you know what classes you have to take and where you are in your education.

Apply for scholarships and grants

You may have financial aid in the form of loans, but with loans, you will have to pay it back once you graduate. To help save money down the line, consider applying for scholarships and grants. There are a ton of websites that are designated scholarship databases. You may also be able to apply for scholarships based on any organizations you belong to. Spending an hour a week over the summer applying for jobs can help you save money in the future.

Sell back textbooks

After the school year, you may find that you have held onto your textbooks from the previous year. While you may use the ones related to your major in the future, any others that were for GenEd courses may be just taking up space. To make some of the money back, sell your books through your college bookstore or through an online resource. You might not be able to make back every dollar back that you spend on textbooks upfront, but you will at least get some of it back.

College is expensive, and while summers can be expensive as well, there are ways to maximize your bank account over the summer to help make sure you have money for things you want and need.

It’s no secret that college costs a lot of money. Make sure your investment in higher education is protected with GradGuard. Our affordable tuition insurance and renters insurance plans are specifically designed for college students. Customizable plans make it easy to protect your tuition, room and board, laptop, bike, and so much more.

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