How to Stretch Your Summer Savings

How to Stretch Your Summer Savings Share Share via TwitterShare via FacebookShare via Google PlusShare via LinkedInShare via E-mail Summertimein college isthe best. Its one of the last times in your life that you will have a long stretch of timeoff to do as you please. Oftentimes,summeralso means getting a job to fund living expensesfor theschool year.Stretching your summer savings to make sure they last through the school year can be a challenge. Even though you worked all summer, you may have a modest nest egg. Concerts, nights outand trips must all be carefully considered.Lets look at some ideas to stretch those hard-earned summer camp dollars.Create a budgetThe first step to financial planning is learning how to budget. One way to budget is to divide your savings over the amount of time you need them to last. Factor in breaks and vacations, including the month-long winter break.Look at what you have. Is it enough for all of your expenses? Do you need a job or internship this year to help supplement your summer haul? If so, better to start planning now then to scramble for a job when the money runs out.Find on- and off-campus jobsthrough Student Employment, or read morabudgeting tips from CU Money Sense.Avoid big purchases orbuy usedWe all have that friend who spends the majority of their summer savings in the first month of school. Dont be that person.If you need some new outdoor gear, a computer, caror another big-ticket item, shop for used items on Craigslist, eBayand through word of mouth. You can typically save well over 50 percent offthe list price by picking up gently used items. Developing the habit of shopping for used items now will save you lots of money in the future.Seek out free, low-cost activitiesMany activities on campus and in town are free for students. Hiking, for one. Movies on campus. Many campus organizations offer free meals to attend one of their events, and you can learn something cool in the processGet involvedJoin a club, assume a leadership role, work a campus job, volunteer, attend an event, go to the gym, or play an intramural sport (potential fee involved for intramuralsports). By staying busy, activeand engaged youll hardly miss spending money to have fun and youll be bettering yourself for future employment opportunities.CU Money Senseis your campus resource tohelpwith budgeting, student loans, debt, saving, credit, investingand evenretirement planning. CategoriesMoney SenseTagsMoney Sense