3 Ways to Boost Your Finances Over the Summer
According to this press release, there are three ways to increase your money over the summer, brought to you by Discover.
Secure employment and create a budget
Many college students go home for the summer and get a job to save money over the summer. Working over the summer adds to your resume and helps you add to your savings account as well. This especially helps for the upcoming school year. Some students do not work during the school year for many reasons but need the extra money to get by, so a summer job can help build up your savings for the school year.
Once you get a job, you can start to calculate how much you’ll be making and create a personal budget. This budget should include how much you’ll be spending each month and why. The budget can include things like gas and school expenses. Creating a budget now helps for a smoother switch to full adulthood where you have many more financial responsibilities and bills.
Build your credit score
Your credit score is very important for things like leasing an apartment or leasing a car. Without a credit score, it is hard to be able to do things like this. The higher your score is, the better credit you have and vice versa. A credit score is calculated by many factors including but not limited to student loans and overall money you owe to other creditors.
It is important that you start building a credit score and there are plenty of websites that can help you get started. Be sure to ask professionals for advice because there are a lot of scammers out there trying to get students to sign up for illegitimate credit cards and they end up stealing money from you.
Only use credit cards for your needs
Students have to be very careful that they are using their credit cards wisely. Your credit history ultimately affects your credit score. Having a good credit history shows that you are able to pay off your credit debts. One way to build up your credit score is to get a credit card and pay it off faithfully each month.
As mentioned before, students should seek professionals for help when they are looking around for credit cards. It is a good idea to do some comparing among companies to find the best one for you, with the lowest interest rate. Once you get settled into a credit card company you can start to make use of the many benefits they offer.
Speaking of benefits, check out the Discover it® chrome for Students and Discover it® for Students credit cards to start building credit and enjoy rewards on popular student categories, options for support, and resources to help you understand your credit info and manage your finances.
These three tips are helpful to build up your finances as a student over the summer.