Give yourself the best financial opportunities for the next academic year. We teach you to manage your salary from your summer job in the best possible way!
SSN's finance department gives you its best advice on how to plan and distribute your salary from your summer job, rather than blowing the whole amount just before the start of your studies!
In fact, there are some of us who have actually done that. And it's so fantastic to finally have a big chunk of money in your account. It's almost like they're asking to be used! Finally, you can buy those shoes, or go on that trip or buy that expensive food instead of the cheap ones you always buy... or?
Now here’s the bad warning finger: REMEMBER that you are still a student. Remember, there'll be an October, November and December to come... Think about how nice it would have been to have a little extra to spend in the rest of the academic year? Maybe you can indulge in something extra a little more often, instead of spending your entire income from your summer job on some full shopping bags, online shopping and a couple of trips?
This is when you have the opportunity to give yourself a slightly more roomy economy for the rest of the year! Be strong!
The premise is that you’ve got yourself a summer job. If you don't have the job lined up, there are still opportunities. The retail and the service industries still need people, NTB reports.
... or ask family, friends and acquaintances - suddenly there’s someone who knows about a job.
If you have a summer job lined up, you can now plan with much more ample means for the rest of the year. You do this by putting all the money you earn from your summer job into a separate account.
When you return to the start of the semester, you will see how much money you have managed to save up in your summer job account – and you also distribute this money over the number of months you are going to study.
For example, you earn 20,000 from your summer job, and you are going to study from August to June – i.e. 10 months. 20,000 divided into 10 months will be NOK 2,000.
This is when you have to make an agreement with yourself that you are not allowed to take out money from this account, except for NOK 2,000 each month for 10 months.
You ARE allowed to take out a small reward
Of course, it is quite in order to take out a small pot from the summer job. You can indulge in something you want, after all you've made a real effort and have perhaps been doing it all summer.
Set aside a few thousand to buy something you want, a new outfit, workout clothes or something completely different that you dream about. But stick to your plan and think about how much easier the next year will be if, for example, you have an extra NOK 2,000 each month.
An example: if you earn 22,000 – you set aside 20,000 on your summer job account, and the remaining 2,000 to enjoy and pat yourself on the back for a good effort throughout the summer.
Now that you're being so smart and you're already doing good financial planning, we recommend that you get started with making a budget!
Do you find it difficult to set up a budget? SpareBank1 has a lot of good advice and tips for you as a student:
Lots of good luck with both the summer job and your student finances!