Working during the summer months will allow you to have some fun once the semester begins to take your mind off of classes and the never-ending assignments. However, it's important to spend this money responsibly. Before classes start, you should determine how much money you can spend per month or per week for all the fun stuff you want to do. With a little bit of math, you can figure out how much money you should save and how much money you should spend each week.
Determine Your Total Earnings and Costs
The first step is to determine how much money you're going to make in total over the summer. If you're going to work during the school year too, then you should factor in those earnings as well. Then, you need to determine how much your total costs will be. Think about how much money you'll need for food, transportation, books, supplies, etc. Then, subtract your total costs from your total earnings. The money you have left over is everything you can spend on non-essentials.
Divide Extra Income by Number of Weeks or Months
You should divide your extra income by the number of weeks or months in the school year, depending on which time-frame you prefer to use to organize your budget. The result is the excess money you have each week or month to spend on whatever you'd like. You could use this money to go shopping, eat at restaurants, or even go to concerts or other fun events. To be as responsible as possible, you should try to save at least a part of this excess money. Generating some savings will come in handy if you have any unexpected expenses. Just make sure that you plan ahead and that you don't spend more than your weekly or monthly budget permits. By planing ahead, you can easily set aside the amount of money needed for whatever you want to do.
Factor In Changes
If you have any necessary expenses that you hadn't anticipated, make sure to factor in those expenses to keep your budget updated and accurate. Also, if you're anticipating spending a lot of money at a time on something fun, make sure that you limit your spending ahead of time to be able to afford that cost. For example, if you have $25 of extra income per week, and you want to buy a $100 dollar concert ticket in a month, you'll have to avoid spending any of your extra income for 4 weeks to buy the concert ticket. By planning ahead and updating your budget, You'll no longer have to worry about any problems you might face from over-spending. Remember: being responsible with your money is the key to financial success!