How to Save Money as a Teenager: 4 Savings Tips for Your Summer Paycheck

4 Savings Tips for Your Summer Job

Seek a Rewarding Job

Common summer jobs teenagers can find at their age include:

• Babysitter: Should be mature and responsible to care for small children. Duties include supervising children, either during the day or putting them to bed at night. Perks include high potential earnings and flexible hours.
• Dog Walker: Should be good with dogs and dog owners. Duties include walking dogs timely and consistently. Perks include meeting lots of dogs and a relatively relaxed work environment.
• Pool Lifeguard: Should be mature and responsible (and a good swimmer). Duties include supervising swimmers. Perks include summer at the pool and learning decision-making skills.
• Camp Counselor: Should be a natural leader, mature and responsible. Duties include supervising, teaching and mentoring children in outdoor activities. Perks include spending summer outside and developing leadership skills.
• Waiter/Waitress: Should be sociable and fast-paced. Duties include following instructions closely and resolving conflicts quickly. Perks include high potential earnings and gaining social/service skills.

These jobs have flexible work hours and involve working with people and the community. It’s important for teenagers to seek a rewarding job that makes them feel empowered by hard work and makes their paycheck worth the time and effort.

Set Financial Goals for the Summer
The key to saving is setting specific goals. As a first step, determine why you’re saving. Do you have an upcoming trip you’re saving for or a favorite item you’re hoping to purchase? Perhaps you’re saving for prom or money you’ll need at college. After you have a clear sense of the reason for your savings goals, map out how much money you aim to save from each paycheck and how much you hope to have saved up at the end of the summer. Having both a short- and long-term view will make your financial goals more manageable.

Assess Income Versus Spending
If your spending far outweighs your income, then you’ll never achieve your savings goals. Break down how much money you’ll make per paycheck and compare that against how much money you spend per pay cycle. If you’re not sure, use your first paycheck as an example. There may be expenses you find that you can cut. Track your spending with mobile apps or write down where your money is going. Assessing income versus spending will become habitual and help you with planning your financial future once you’re an adult. 

Open a Savings Account with a Bank or Credit Union
Now that you have a plan to save money this summer, open a savings account with a bank or credit union. At PFCU, we offer a Regular Savings Account as a starting point for every member. With just a $5 minimum deposit, you can make withdrawals using ATMs at any PFCU branch and deposit money via Direct Deposit, an ATM, our mobile app or any PFCU branch.

If a student is under 18, they are eligible for PFCU’s CU Succeed® Program. The CU Succeed® Checking Account helps kids ages 13 to 17 learn about money and how to establish and maintain great credit. This account requires an adult-joint owner and is a great option for direct deposit.

Getting your first summer job is exciting, but it’s important to make smart financial decisions even at a young age. Look for a rewarding job, set specific goals, evaluate spending and income, and open a savings account with a bank or credit union to make the most out of your summer paycheck.



Erin Ellis
Accredited Financial Counselor ®
Philadelphia Federal Credit Union
eellis@PFCU.COM