Saving after summer
Summer jobs can be a great source of money for high school students, and saving the money you make can mean everything
Sophomore Madyson Bamvakais worked at Goodwill over the summer. She saves her money to purchase a car.
September 18, 2018
40 hours a week. $300. All in hope for a car. Students took on summer jobs to earn an income for things they deem valuable in their lives. Students like Madyson Bamvakais searched for jobs to save money for a car that every high schooler dreams of.
“Growing up, you have to learn to manage a job,” Bamvakais said.
Bamvakais attempted to learn this lesson over the summer of 2018, and make an income during the process. She began to adjust to her weekly income by putting 80 percent of all earnings into a savings account, and 20 percent into a checkings account.
But summer has come to an end and the school year is kicking off. No more summer vacations, or sleeping in past noon. Students spend 35 hours of their time at school, and additional hours of homework and extracurriculars outside of school as well. This leaves less time to relax, engage in hobbies, and for some, work. With over 35 hours of student’s time dedicated to school per week, the amount of time dedicated to work decreases along with their income. How are high school students supposed to manage their fickle income?
Bamvakais is a victim of this dilemma. Wanting to save for a car, Bamvakais took on a job at Goodwill, making an average of $300 a week. With less time on her hands to work after the start of the school year, she now makes significantly less, earning approximately $100 a week.
Junior Maddie Bennett hoped that lifeguarding over the summer would help her save for a car and college, yet with less money now that swim season is coming to an end, her irritation is slowly rising.
“It’s frustrating that since school started I don’t get as much money now,” Bennett said.
Sophomore Stephen Derenski also worked two jobs this summer to save for a car: as a dishwasher at the Rack House, and as a lifeguard at the St. Peters City RecPlex. He as well has noticed a decrease in shifts to make time for his academic life.
The world we live in today makes the will to purchase items hard to overcome. Spending money at the mall, movies, and fast food chains are only a small portion of expenses high schoolers take part in.
“Think about if you really need something before you buy it… only spend as little as necessary,” said Derenski.
Another tip for saving your money is to make a money log. Every time you purchase an item, write it down as a decrease in money. Every time you earn money from work or holidays, write it down as an increase in savings. The goal is to have more money coming into your log than coming out.
Another expense high school students take part in is school lunches. They are fast and affordable, but can quickly steal all your money. Instead, make homemade lunches. They are cheaper than school lunch and healthier.
So as long as you steer clear from the Chick-fil-A drive thru and the bottomless cart of Amazon.com, your money will last you the school year until you pick up more shifts in the upcoming summer.
Just remember; spend smart, save smarter.
For more ways to save smartly, click here.