May 14, 2009
As the end of the school year is quickly approaching I am sure most of us have nailed down some summer plans that will surely keep us busy until the beginning of the next school year. Your summer plans may include family vacations, preparing for college, summer school, or sport camps. Many young people may also be busy working over summer break. Perhaps you have a part time job where you can work more hours over the summer. Maybe start your own lawn mowing business to bring in some extra summer cash.
Spring into Savings mode this Summer
What ever your plan is to earn money this summer, develop a savings plan! The general rule of thumb is to follow the 70-20-10 rule. Spend 70% of the money you earn, save 20% and invest 10%. Believe me, saving is very difficult for many of us because that means we have to make sacrifices when it comes to our wants. For example, if you make $100 a week this summer try to only spend $70 of each pay check and save the remaining money. You will be amazed at how fast it adds up! Also track and evaluate your spending- where is all of your money going? Decide how much you want to put into savings each paycheck and stick to it!
Keep your self busy this summer working hard at building up your savings account! Savings accounts are an excellent safe place to keep your money. Visit your nearest Financial Center to set up your savings account and start today!