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Summer Savings: Financial Tips for Teens and Parents

Students throwing graduation caps in the air

School is out for summer—and parents and teens (mostly parents) are looking for opportunities for their kids to make extra money. Summer break is the perfect time to take advantage of extra free time and learn about managing money—especially before they leave for college. Busey provides 3 Summer Savings Tips for Teens and Parents Alike:

1) Encourage teens to find a summer job. If you don’t already have a job, look for part-time or full-time jobs this summer. Check out your local park district, grocery store, restaurants and retail locations for opportunities. Don’t forget to ask around to friends and family members—sometimes it’s not what you know, but who you know!

2) Help find ways to save on activities. When school is out, your teens will likely want to have a memorable summer with family and friends. But when you’re on a budget, look for ways to save a couple dollars. For example, if your son likes to golf, consider going later in the evening—rates decline the later you go. If your kids like to swim, check your local pools to see if they offer discounted youth passes. Also, encourage your teen to comparison shop by checking prices with different retailers before making a purchase.

3) Discuss and implement plans to save money You may have already had the talk about contributing to your child’s piggy bank. But now that they are earning their own money, it is important to discuss the importance of saving again. Help your teen develop a budget by establishing three categories: essential purchases, savings and discretionary items. Essential purchases may include gas, car insurance or phone bills. After they know how much they have left over from their necessities, they can determine how much to spend and how much to save.

Whether your teen is getting ready to head off to college or looking for their first summer job—these tips to establishing a summer savings will put them on the fast track to a successful financial future. For more information visit any Busey location or call 1.800.67Busey.

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