6 Tips For Saving Money This Summer

By Ashley Paskill on August 12, 2023

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.

College students are known for having very little money, even if they work. Tuition, books, extracurriculars, and simple living expenses all compete for your hard-earned dollars. It is crucial to be able to save money so that you can have enough money for the things you need and still afford to have a little fun every so often. There is no better time than summer break to set aside some money and start saving for the school year ahead, especially if you do not work during the school year.

Get a summer job

If you are not taking any summer classes, summer is the perfect time to work. You have more flexibility and can work longer hours than during the school year since your schedule is not packed with school and extracurriculars. You may even be able to get a job related to your field, which will help give you experience to include on your resume. For example, if you are going into childcare or education, you may decide to work as a babysitter or a camp counselor over the summer. It is a win-win situation!

Sublet your apartment

For students whose lease is in effect, even over the summer, it can be difficult to justify paying for rent, especially if they are not using it. However, many students do stay at school for the summer for classes, labs, work, or internships. These students may be searching for a temporary place to stay, so it may be beneficial for you to sublet your apartment. The person who lives in your apartment during the sublease is financially responsible for paying rent, so you get a little bit of a financial break. Check with your landlord to see if subletting is allowed and to see what the rules are. Be sure to meet with the person ahead of them moving in so you can go over the rules and explain how things work.

Cut back on spending

It may seem obvious, but in order to save money, it is important to cut back on spending money. While you may not have to give up takeout or coffee altogether, limiting how much you order out and how much coffee you drink from your local café can help save money. Instead of buying coffee, make it at home. Pack lunch or make dinner at home instead of eating out. Avoid the temptation to buy little items that you do not need. Put the money you would spend on these things into a savings account or even a piggy bank. Over time, you will be thrilled at how much money you have saved and you will be less stressed when you need money during the semester.

Image: Karolina Grabowska via https://www.pexels.com/photo/crop-man-counting-dollar-banknotes-4386431/

Create a budget and stick to it

It is important to be mindful of how much money you have coming in and how much, and where, you are spending it. Make a list of any income, including a job, financial aid, and help from family. Then, make a list of where you spend your money and how much you spend. For example, if you buy your own groceries, make sure you account for that, and be sure to know how much you spend. From here, you will be able to see how much you are earning and spending and you can adjust your spending in order to save money. Setting a budget can also help you set and meet goals for the future, like limiting student debt or even going to a concert.

Coupons and student discounts

As a college student, you have access to discounts that will not be available to you once you graduate. Several stores, museums, and other services offer discounts to students with a valid student ID, so if you are going on vacation or being a tourist in your hometown, check to see if there are any student discounts to help you save on your summer fun. Also, there is no shame in clipping coupons. Living expenses are going up drastically and groceries are costly. Using coupons can help you save even just a little bit of your money. Just be sure that you are only spending money on the things you need and that you know the store’s coupon policy.

Budget-friendly traveling

Summer is a time when many college students go on vacation, but it can be costly if you are not careful. Watch airfare trends, such as booking the same or next day or even booking a flight on certain days of the week. Instead of eating out when you travel, consider grocery shopping (using coupons as mentioned above) and cooking most of the days you are on vacation. If you have friends or family where you are going, try to see if you can stay with them instead of at a hotel. Try to avoid spending too much on souvenirs you do not need.

Summer break is a great time to save money for the school year ahead. Even if you are planning some fun, there are ways to do so without breaking the budget.

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