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Summer is heating up and you probably have a bucket list of fun activities you want to do. For some, summer means spending money on vacations and often expensive outings. However, you don’t need to spend lots of money to have a great time, and there are plenty of reasons to save money throughout all stages of life. The earlier you start to learn how to save money and understand its value, the better off you’ll be financially as an adult. Here are 4 ideas to help you save money while having fun in the sun!
1. Start setting savings goals. If you get a $500 paycheck, put $100 in your checking account that you’re allowed to spend, and put the other $400 into your savings. Breaking it up limits your access to the entire paycheck, making you more likely to save. Good budgeting habits like this are very important because not only can you save money this summer, but it also helps with money management in the long run!
2. Limit fast food/eating out. Going out to eat is fun, but it gets expensive quickly. Same with fast food - it may seem cheap, but it adds up if you get it often. Instead of eating out, find new recipes this summer to make things fun! You can even make a little picnic and eat outside to enjoy the beautiful weather. By making your own meals, you can save a ton of money!
3. Shop smart. If you’re shopping and really want something but don’t know if you need it or not, here are some rules to follow to save money. When you are in a store and really like something, think of at least five different ways to wear, or use it. If you can’t, then you don’t really need it and should save your money by not purchasing it. Another rule while shopping is if you want something, don’t buy the item that day. Wait a week or two and if you still want it, then you can get it. These rules help limit impulsive buying and are great ways to save money this summer.
4. Get outside! One of the best parts of the summertime is the nice weather. Instead of spending money, go outside and do something free. We’re surrounded by hundreds of lakes with free public access, parks with walking trails, and outdoor sports (baseball, tennis, beach volleyball, etc.). All you need to do is find one of these places, grab some friends and family, and go! Not only are these activities fun, but they’re also free!
Arbor Financial Credit Union’s Volt Teen Banking account offers many additional resources to teens wanting to learn more about finances and money management skills, from building good savings and budgeting habits, to getting ready to purchase your first vehicle. Get more possibilities with your finances today!