Summer Hack: Making the Most of your Summer Job Paychecks
Working This Summer? Here's How to Make It Count
Landing a summer job is a huge milestone- especially when it comes to your first paycheck! Whether you’re picking up shifts at a restaurant or working at a local shop, here’s how to make your money go further:
Know what You’re Taking Home: Your paycheck might be smaller than you expect. Thats because taxes and other deductions come out first. Focus on the amount you take home (net income) and not the total on top (gross income).
Use the 50/30/20 Rule: A simple formula for budgeting your paychecks. Budget 50% for needs- such as a phone bill or gas, 30% for wants- like clothes, movies, or eating out, and 20% for savings- for emergencies or future goals (such as saving for college or post-graduation plans).
Set a Savings Goal: What’s something you’d be proud to buy with your own money? A laptop? Books for school? Pick a goal and set your 20% aside (or more!) to make it happen.
Pro Tip! Track your spending with your PeoplesChoice Credit Union mobile app, where you can view your transactions and check your balances to make sure you’re on the right track to achieve your goals!
