Maximizing Summer Break: Ways to Boost Your Financial Health

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With summer break on the horizon, you’re probably wondering how exactly you should spend the next few months. While you might fantasize about lounging around doing nothing all day, that’s hardly going to benefit you in the long run!

Summer break is the perfect time to work on boosting your financial health and growing your bank account. While that doesn’t sound like the most fun or interesting break, it’s worthwhile, plus, you might end up doing something you really like. Here are the best ways you can maximize your summer break with internships, scholarships, and jobs that boost your financial health.

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Internships

Internships are one of the most common ways students like yourself can spend summer break. While their pay might not be great, they also give you hands-on skills in your specific field that you can use once you graduate and enter the workforce. Since you’re looking to boost your financial health this summer, you should really try to look for paid positions.

There are actually a few ways that companies pay interns. One is, of course, a regular hourly wage, which should at least be minimum wage. Second is a stipend, or a set sum of money you get each week or each month that is not reliant on how many hours you work. Some companies also happen to pay with room, board, and meals. All have different ways they can contribute to saving money and growing your bank account. The first two give you money that you can put right into your savings, while the latter gives you the opportunity to save the money you would otherwise spend on housing and food.

Jobs

Next, you can consider working at either a part-time or full-time position this summer. Part-time is more realistic since you might only be in the area for a few months, and plenty of retail and food service positions are always open. While these aren’t the most fun jobs, they do tend to provide a stable amount of hours per week scheduled around your availability and therefore a lot of money directly into your pocket! Any kind of job will also provide you with great skills, such as customer service, cash handling, and time management. Work hard this summer so that you can improve your financial situation.

Scholarships

I’m sure you’re well aware of scholarships and how beneficial they can be for your financial health. Every scholarship you get, no matter how small, is money you get to keep in your wallet. You should dedicate a good chunk of your summer break to researching and applying to different scholarships. Search for anything you’re eligible for, requirements, and due dates, then get to work! Most scholarships require some kind of essay, so you shouldn’t wait until the last minute! Take your time and put effort into it, ask friends and family for feedback, and then edit until it’s perfect. Even if you don’t feel confident in how likely you are to win, apply anyway! You miss all of the shots you don’t take.

Side Gigs

Many people, not just students, have found side hustles to help boost their financial health. These can include working for food delivery or ridesharing apps, as well as starting your own small business. Now, the term small business may sound daunting, but it doesn’t have to be! Your side gig can consist of babysitting or mowing lawns around the neighborhood, or making jewelry, crocheting stuffed animals, or some other kind of craft you’re interested in.

The great thing about side hustles is that you can do them completely on your own time! While it may vary based on what kind of gig you go for, you’re not set to a hyper-specific schedule. You work when it is convenient for you, so you might even be able to fit side gigs in between working at your job or internships.

Budget

Now is the perfect time to create and stick to a budget, since you won’t be tempted by going out with your friends. Eat out less and refine your cooking skills, stay home and watch a movie instead of going out to one, and so on! You have a few months to get into the habit of something with external pressures.

Protect Your Investments

As you want to increase your savings, you want to protect what you can or the investments you’ve made, such as a nice new laptop or your college tuition. You should look into insurances such as GradGuard, which was made for college students just like yourself! They have some of the lowest prices on the market to insure both personal belongings and your tuition if something were to happen and you could no longer attend. While working on your budget, make sure you fit GradGard in there, as it will protect you in the long run.

Without the stress or work of school dragging you down, summer break is the best time to focus on saving up money for all that is to come the next school year. By working hard, researching, and budgeting, you can boost your financial health.

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.