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Module 1 Financial Planning
Setting a summer savings goal
Young adults are working more and more during the summer. With this in mind, it's important
that young adults know what to do with the money they earn. Be sure to use the money
you earn this summer wisely and save some of it for your future.
When saving for your future it's important to know what you're saving for. It's also
important to decide if you really need what you're saving your money to buy.
For example, anyone can save the money in their summer paycheck just to spend it on
a new video game.
But it takes responsibility to save your money for something important like tuition for college
or technical school. Be sure to speak with an adult or trusted advisor about the best
way to save and spend the money you earn. It's your future; be ready for it!
Keeping track of your finances is key when you have a specific savings goal. When you
know exactly where your money goes, you can take the opportunity to spend money on the
things you need and avoid spending on the things you don't. Here's what we suggest.
Make a budget that keeps track of your income and what you spend.
Make a category in the budget that includes necessary monthly expenses, such as money
for school books or your phone bill.
Make a second category in your budget that includes the money you have left over so that
you can save.
Next, start thinking about what you need to do to meet your savings goal.
When setting a savings goal, it's important to consider the pathway to meeting it. Following
these steps in order can help you do this. Consider:
How much do I need to save?
How much is my current paycheck?
And, how much of my paycheck can I afford to set aside?
To effectively meet your savings goal, it takes work. Be sure to keep track of your
money. Don't spend it on things that you don't need, and prepare for your future! Be dollar
wise with your money this summer. You can do it!