It’s almost summer! That means sandals, sun, and…savings? If you’re one of the many teens who will be working a summer job, why not put away some cash? You can save for things like:
- College tuition
- Back-to-school clothes
- Staycations and mini vacays
- A car
- New technology
Saving money doesn’t have to be overwhelming—or leave you too broke to enjoy your summer. Start with a small amount and add to it over time. For example, start with $2 and increase that by $2 each week. The funds will build on themselves. Check it out:
|Week||Deposit amount||Account balance|
Your summer savings plan
There are about 12 working weeks in summer. If you follow this plan, you’ll have $156 by the time you go back to school. If you have a specific goal you want to reach, you can always adjust the amount you put in and add more or less money as you go.
Start by deciding what you’d like to save for and how much you can afford to put away each day or week. Store the money out of sight so you’re less tempted to spend it and so it’s safe from the prying hands of siblings. Try a concealed envelope, a piggy bank, or a secret drawer. You can also set up a checking and savings account with a bank and transfer the money into your savings account each week.
If you don’t have a job, you can still find ways to save. Do you get an allowance, birthday money, or holiday money? Stick at least half into savings right when you get it, then use the rest to do something fun or buy something you need right now.