How to budget summer earnings

happymomof1
Fri, 23 Aug 2019 19:15:15 +0000

Depending on the kind of job he had, 1/3 into long-ish term savings until tax day has passed in April would be a good thing. Happykid’s work was primarily free-lance. Stashing 1/3 of it just about covered it.

But frankly, this amount of money could well be his “skin in the game” for the coming college year. Does he even need to borrow a student loan this year? Instead of paying down part of last year’s loan and taking on a new one, wouldn’t it make better sense for him to just not have to borrow at all or to be able to borrow significantly less than this year’s maximum?