Summer break is the perfect opportunity to learn about managing your finances. Your parents might cut back on giving you a daily or weekly allowance because there’s no school. On one hand, if you plan on staying home for the entirety of your break, that’s not going to be a problem.
Summer’s also the time you can build memories and experience new things. How do you do that if your allowance isn’t the same? If you’re wondering how to stretch your summer allowance, here are a few tips.
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Don’t spend it all in one place
It’s never too early or too late to figure out how to prioritize the things you want to spend on. As you’re running on a limited amount of cash, you’ll want to put away some of the money you receive as spare cash.
No school means a reduced daily or weekly allowance, or being able to ask for funds only when you plan on going out. When you get the money from your parents, you might be tempted to blow it all on food and a movie – don’t. Remember to leave a little something as backup funds.
Do a little budgeting
While your parents are around to give you money, remember the saying: “money doesn’t grow on trees”. The reason they may deny requests for cash over the summer break is to impart a lesson in valuing money.
Track your allowance when you get it. Figure out where you plan on spending most of it, and set aside the money. Keeping track of where all your money goes shows that you’re learning to be responsible with your allowance.
Find ways to make your own money
Summer jobs aren’t unheard of for kids these days. Many teens are making their own money through small businesses fueled by their creativity or interests. Those inclined to write can take a few online writing jobs online, and these can pay anywhere between a few hundred pesos per document, to a few thousand, depending on your volume of writing.
This helps you experience what it’s like to earn a paycheck of your own. A part-time summer job lets you have as much or as little extra cash as you want to add to your allowance, and it will buy you brownie points in the responsible and independent category.
Find alternatives to going out
Stay out of the sun with your friends by organizing smaller gatherings at each other’s homes. You can hang around, binge-watching your favorite series or films, and try your hands at making pinterest-worthy snack recipes.
Check out a board game or two with your friends for hours of fun. You’ll be surprised at how much you might have saved at the end of the summer.
Summer break is the few months’ break that some students have to recharge, spend time with friends and family without the pressure of academic life. Your summer allowance will allow you to make the most out of the break, and impart a money lesson that you can carry beyond your years as a student.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.