As summer break comes up and teenagers spend most of their time outside the house, costs skyrocket.
While most teenagers have summer jobs or work with their extra free time to get a little more money than in school, the urge to spend during the summer increases and the costs become absurd.
Going out with friends can get expensive for gas, food, activities, etc. Teens tend to “blow their money” on more things in the summer with all the free time they are given.
With more time on their hands and later curfews, teens spend sprees and sometimes overlook what they pay.
“I tend to spend way more in the summer because of how much I go out; sometimes I spend my paycheck too fast, and then my more important expenses can not be taken care of,” Harmony Willaims said.
Resisting the urge to spend money over the summer is a significant financial strategy, but it also helps teen regain control of their future and learning needs against wants.
Small expenses add up quickly, and many teens pay the price because they can not keep up with how much they have spent.
This can also leave an internal battle for teens, causing stress in what were supposed to be fun activities.
Going out after spending too much money makes it less enjoyable because it drives teens too much to save and leads to oversaving.
Oversavng is a colossal battle for teens. It is okay to get things you want sometimes and spend a little on things like new clothes, going to concerts or festivals, going out with friends, etc.
Being smart about the expenses is what teens need to learn before going out for the summer.
Mindful spending can save a teen’s financial stability and make it so they do not go overboard.
The first step to mindful spending is to evaluate and think about the purchase. Such as if the item contributes to a person’s long-term happiness or will only last temporarily.
Buying items simply at the moment can be a significant gamble. For instance, it could be clothing that is currently trending or that a teen has taken an interest in, but in reality, it is only worn once and is just a waste of money.
“I have a really bad habit of buying things spontaneously last year; a lot of it I ended up getting rid of or regretting deeply,” Natuasha Hollis said.
Summer does not have to be a long three months of spending sprees. There are still low-budget activities that cost little to nothing to keep entertained.
Outdoorsy activities like swimming or hiking can be fun and cost little. Other cheap activities with friends, like movie nights at discount theaters or a potluck dinner, can also create long-lasting memories and a good time.
Setting money aside for other things can also be an excellent, intelligent saving approach.
Saving up money for things in the future or personal goals is another way to help out over the summer.
Setting a financial goal every month will help cut back on spontaneous spending and teach between what is a reasonable expense and what is not.
Being mindful of where your money goes can make it less of a surprise when your bank account starts to get low, and it can even help it avoid reaching that point.
Another thing that can help teens is putting half their paychecks into their savings accounts.
After every paycheck, I put at least half into my savings account to save up to buy a house or apartment after high school and not worry about not having the money. With the rest of the money that goes into my checking account, I can use it for personal things I want, like clothes, dinner, and other activities. I also have to be bright with where I put my money because even after having half in checking, I still have expenses like gas and other needs.
My needs overrule my wants, which helps me spend smart, although sometimes it may not always work out.
Another thing that can help saving is doing it yourself. Doing projects with stuff you already have can help save money tremendously. Instead of dining out with friends, you can have someone cook your guy’s meals or even have a potluck with homemade meals. This method can also help you learn new ways to do things or even new recipes.
“I like making my own scrapbooks instead of going to the store and buying picture books, it is relaxing and honestly a good way to kill some time, plus I think it helps to relive the memories,” London Peterson said.
DIY projects do not always have to be something crazy or disastrous. They can be fun and even help you learn new material.
DIY is a wide window of creativity, from shaping up your clothes to house projects and hair supplies.
With all of the influences to save money, social media is not one of them. Social media can make it challenging to save up and make you want to spend more.
The influencers and celebrities are trying out products and popping up on a person’s feed, saying they must get the product to make it to where they want to spend.
The constant comparisons and distorted perceptions can make it harder to save and give a sense of needing to keep up with all the latest trends.
Knowing that only some things promoted on social media are as good as they seem and are not as relevant is a start to intelligent saving.
Educating yourself on the product and seeing if you need it is an excellent way to reduce pressure and help save up.
“I buy a lot of stuff I do not need off of social media because of its influence on me; a few times, it has not come as I expected or been a total disaster, but other times, I really like the product and get good use out of it,” Charlotte Wiebach said.
Checking the reviews and ratings on a social media product can help decipher whether the expense is worth it.
Sometimes, the ratings are misleading, but there is usually enough to help make the decision.
I always check the rating on a product to hear what others have said and how they feel about it. I like to relate to how someone felt before they bought it to see if I will be satisfied or unhappy with the product.
Social media misled me a few times and made expenses on things that did not deserve the money, but it also taught me to be more innovative with my spending.
Knowing that not everything online represents the reality of someone’s life or the world is integral to not getting influenced by false product information.
Being present and fully aware of the moment can help prevent impulsive spending and expenses driven by emotional triggers.
Being mindful of your expenses will help you tremendously so that you do not end up in a financial crisis.
Educating yourself on personal finance is another way to help save this summer. Understanding things such as investing, budgeting, and saving can help build a solid foundation decision-wise financially.
Learning to save and spend smart in the summer will also help long-term spending.
Building a healthier relationship with money will follow you for the rest of your life and better prepare you for unexpected expenses. It also leaves a sense of security, which reduces stress and helps you feel more comfortable spending.
“When I first started working, I was a really bad spender, but once I learned how to save and realized the personal goals I wanted for when I am 18 and older, I started spending smarter and learning how to save up. I’m still not the best about saving, but I do see some good improvements,” Callum Coffey said.
I need to improve at saving up my money. Over the summer, I tend to go overboard and spend more than I can afford. Between going out with friends and getting little treats after or drinks, it slowly all adds up and leaves me in a lot of trouble.
Last summer, I spent way more money in a month than I could even make work and blew all my savings. It was not a good feeling, and I made it to where I had to work way harder than before. It stressed me out because I could not cover the expenses I needed.
Since then, I have learned how to set goals and spend my money better.
While I may sometimes accidentally spend more than I should or take out of my savings for personal expenses, I am still learning and have been better lately.
With summer coming up, I am a little worried that I might start spending more again, but I hope with all of the tricks I have learned that, I will be smart with my money, save for the things I need, and not blow my money on all of my wants.
