I know it’s not quite summertime yet, but it’s definitely time to start saving up for whatever you got planned. Here are my 8 ways to save money for summer break, as a college student or not.
Check out these other popular posts about budgeting:
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Let’s get started with #1!
1. Create an Extra Account
To make sure you don’t touch the money before your vacation or end up using it for something else, even if not on purpose, you can create an extra account for your break or travel in general.
If you don’t like using bank accounts, you can also put cash in an envelope or a jar, which makes it more visible to you.
I like having separate accounts/envelopes for different categories of life, so if you’d like to hear more about my budgeting method, check out this post.
2. Keep Track of Your Savings
Keeping track of your money is one of the most important things you can do to save as much money as you can.
You can either keep track of your savings online or on paper. I personally like to write it into my planner that I use daily.
For example, you can make a spreadsheet and fill in the amount you have in the account/envelope each month. Or, you make yourself (or download) a tracker to color in the amount you saved up.
I personally do both, so I write down the amount each month, but I also color in a box when I reach certain amounts.
3. Set a Budget
Setting a budget should even go first if you ask me! You need to know how much you need to save, in order to make a good plan for it.
If you are not sure how much your vacation or trip will cost, make an estimate, and go a little higher rather than lower to make sure you have enough when you’re abroad.
If you don’t know how to set a budget, again, refer to my previous budgeting post here.
Since this is a little different than setting regular budgets though, here is how I’d approach this:
Add the following costs:
- Plane tickets/transportation
- Accommodation costs
- Daily food consumption cost estimate
- Local paid activities
- Spending money (take the amount you usually spend in the same time frame at home)
Leave yourself a little room for improvisation so you can do something spontaneous too. (add a few bucks- or a few hundred- to your total)
4. Use Cashback Sites
Cashback sites are your best friend when it comes to saving money in your day-to-day life.
Whenever you wanna buy something, check Swagbucks if they partner with the online shop, to get a discount or cashback on your purchase.
5. Cut Back on Your Expenses
If you are tight on money, see what you could cut back on. Maybe you get a coffee from a shop every morning. Or you have a subscription you’re not using as much as you should so that it’s worth it.
Anything that isn’t necessary for your survival you can cut back a little. You can also save some money (and do good for the environment) by turning off power strips and any lights during the night and turning off the water while brushing teeth, shaving, and shampooing your hair.
Those things can save you some money you would otherwise pay on the electricity and water bill.
6. Put Money Aside Right After Payday
To not forget your savings, it’s important to put it aside right when you get the money, or at least as fast as possible.
Of course, make sure to have money to cover your bills, but besides that money, put your travel-money aside!
When you got your savings covered, THEN you can spend the rest on other things.
7. Do Some Side Hustles
Side hustles are great money-makers! Even if you won’t make thousands of dollars in the few weeks or months before your vacation, you can still make some extra bucks to save up towards your trip.
Here are a couple of posts I wrote on making money:
- 15+ Ways to Make Money as a Student
- 12 Websites that pay $20/hour to Students
- How to start a Blog as a Student
- Free Blogging Course for Students
8. Involve Others
You probably won’t go on vacation by yourself (if you do, props!!), so involve the people coming with you!
If it’s your family, put a piggy bank on a shelf by the door, so every time someone comes back home they can put their change into it.
If you go with friends, try to do no-spend date night challenges! They are fun and you save money you can then put towards your travel fund.
There are lots of possibilities to save money for summer break! If you do just a few of these, you’ll be able to save up a good amount of money for your summer break.
Any comments or post wishes? Comment them below!