Teenagers that take up employment opportunities during the summer holidays from school or college are often caught off-guard by the unfamiliar feeling of actually earning money for themselves and having their own money to spend. Just like the summer holidays however, this money will not last forever. It is important to keep this fact in mind if you are a teenager with a summer job because you will regret wasting it in the near future when you are no longer employed. There are plenty of budgeting tips for teens with summer jobs however that can help you make your money go much, much further than you realized it could.
Save a percentage of your earnings
It may seem alien to you that you are actually earning your own money. As a teen, you are used to the luxury of school or college and subsequently scrounging from your parents or relatives whenever you want something. Part of employment however is learning the importance of budgeting and saving. Work on your maturity and responsibility skills by planning ahead; you are not going to be employed forever and therefore, this money is not always going to be there for you to waste. Whenever you get a paycheck, calculate it and save a percentage of your earnings whether you choose to save 25 percent or 50 percent, it is up to you, but a saving is a saving nonetheless, no matter how small or large.
Opt for cheaper entertainment
You do not have to spend all of your money to have a good night. Instead of opting for the expensive summer clubs and bars or going to the cinema, look for a cheaper night of entertainment. You could host or go to a house party where drinks and food are cheaper and there is no entry fee necessary in order to gain access. Instead of going to the cinema, you could rent a movie and watch it at home with your nearest and dearest. Instead of paying top price for a romantic date, you could go on a nice, romantic walk in the summer sun or throughout sunset. The same frugal-mind applies to everything. Buy cheaper food and drink brands rather than top name brands to save money. Cheaper entertainment is out there; you do not need to spend your hard-earned cash to have a good time.
Do not succumb to consumerist advertising
When you have money, your first instinct is to Google the latest and greatest consumerist gadgets and techs. You will automatically be told, almost cryptically, to purchase the most advertised and critically acclaimed products. Do not buy into this trend. You do not have to buy the latest smartphone, iPhone release, Blackberry Curve, video games, consoles or movies as and when they are released. Instead, if you let the hype die down for a few weeks or months, you will subsequently see a dramatic drop in price for these consumer products, thus allowing you to get them much cheaper and save a pretty penny in the process; a necessary, beneficial technique when you are a teen in temporary summer employment.
Invest your time and money
Part of budgeting is learning more ways to make money so that you have more money to save and more money to spend just the same. Money is versatile, just as the ways of earning it are versatile too. For this reason, you should always be looking for more ways to invest your time and money so that you can earn more. As a teen in the summer holidays, you have more time on your hands. This means that you could essentially take up an additional job or more hours at your current job for a better wage. Alternatively, you could look online for alternative income sources such as freelance writing, selling photographs, making videos or even completing reviews and surveys. The money is out there, you just need to search for it to get it.
Teens with summer jobs do not have to suffer the after-effects of the end of the employment upon their return to education. If they budget properly and adapt a mature, responsible mindset in regards to their job and the subsequent monetary earnings that come from it, then they can subsequently enjoy their cash for much longer, even well after they return to school or college. Use the aforementioned guide to your advantage to help you properly budget this summertime if you are a teen worker in your summer vacation.