FRESNO, Calif. (KFSN) — For a lot of students, summer break is synonymous with vacation, but financial experts say this is the time to get ahead.<\/p>\n
“During the summer, I think it’s better to utilize the time they have to have side jobs or have an extra job for the summer,” says UC Merced Financial Wellness program founder and manager, Charah Coleman.<\/p>\n
Coleman says this can help boost savings or start an emergency fund.<\/p>\n
“A lot of folks are just one paycheck away from losing a lot in their life, so, what we call a financial shock,” she said. “We want to make sure people are responsive to that.”<\/p>\n
Start by building a budget, then changing daily habits to maximize savings.<\/p>\n
Coleman says two of the biggest expenses are gas and groceries.<\/p>\n
“A lot of students are eligible for CalFresh, and they’re not aware,” she said. “If they’re having a hard time finding nutritious food or finding food at all, there are food distributions in the Valley that they can have and some of them are weekly.”<\/p>\n
If grocery shopping, stick to your shopping list and don’t go to the store hungry.<\/p>\n
“There’s a lot of psychology behind branding, so shopping bottom shelf, usually eye level or higher is the most expensive items on the grocery shelf,” Coleman said.<\/p>\n
Cut the cost of gas, be intentional with trips, plan your routes or consider carpooling.<\/p>\n
There are also student discounts on public transportation.<\/p>\n
“Just saving a little every month to have something can make a big difference,” Coleman said.<\/p>\n
This is also a good opportunity to map out your spending plan for the school year. Factor in the costs of books, food, and housing.<\/p>\n
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