As summer approaches, now is a good time to ensure your teen’s wallet doesn’t take a vacation from responsibility. The temptation to spend money impulsively can be greater during summertime, potentially derailing the money management habits they’ve worked to build during the school year.
According to a 2024 study by Intuit Credit Karma:
- One-third of Gen Z and Millennials care more about having a fun summer than they do about saving money
- More than a quarter of Gen Z and Millennials are willing to take on debt in order to have a fun summer
- Nearly 40% of Gen Z and Millennials say that, regardless of where their finances stand, they will always prioritize summer travel
With pressures like these, it’s easy to see how even financially savvy teens might lose focus during the summer. But with a little support, they can stay grounded. Here are five strategies to help your teen stay on track with budget and savings goals over the summer months.
Mid-Year Check-In: Take a moment to reset
We’re already halfway through the year – now’s the perfect time to pause, reflect, and check in on your financial goals. A little financial reflection now can set you up for a more confident and stress-free second half of the year. Get tools and resources on our Alumni Page.
Mid-Year Money Moves: 5 quick wins
Staying in control of your money doesn’t have to be complicated. Try these simple tips to keep making progress toward your financial goals:
1. Review your spending
Scan your last 1–2 months of bank statements. Spot any trends you want to change? Cut back where you can.
2. Set one new goal
Whether it’s saving $100 or spending less on takeout, one goal keeps you focused.
3. Update or Create a Budget
Try free tools like Goodbudget or a simple Google Sheet.
4. Cancle unused subscriptions
Check for forgotten charges draining your account.
5. Boost your emergency fund
Even $5–$10 weekly adds up. Automate it and forget it.
Build Your Emergency Fund: Your financial safety net
Life throws curveballs — car repairs, job changes, surprise bills. That’s where your emergency fund comes in. It’s money set aside specifically for unexpected expenses. Having this safety net can prevent you from relying on credit cards or loans in tough situations. The amount needed for an emergency fund depends on the individual. Aim to save 3–6 months of living expenses over time, starting small with automatic transfers or extra income. If possible, use extra income from side gigs, tax refunds, or work bonuses to boost your fund faster. The key to saving isn’t about making huge sacrifices — small, steady steps make a big difference.
