June 5, 2013

What You Should Do With Your Summer Vacation

Jun. 5, 2013 at 08:00 AM | By Carol Stack and Ruth Vedvik | Comment Count

Wouldn’t it be wonderful to spend the summer sleeping in, staying out late, and just plain old hanging out in between? Sounds good to us, too. But – the truth is that for most high school students who want to go on to college – summers need to be spent earning money and gaining work experience. We also know that the job market for teens is one of the toughest – and while business analysts predict a few more job openings for students this summer – it’s still only a few.

What follows are our suggestions for students and their parents about summer jobs and earnings:

Get the word out that you are looking for a summer job. You never know who (neighbors, members of your church, your former coaches from rec sports, etc.) might be able to connect you to a job. Parents: this applies to you, too.
Apply yourself to the job search task as thoroughly as you would to a job itself. Prepare a résumé and have references and contact information at hand.
Practice interviewing – yeah, we know you have talked with people all your life. This will be a different kind of talking, for which you need to have clear, concise and compelling answers.
When you do connect with a potential employer – be enthusiastic about the work and present an interesting and energetic personality.
Be humble. Don’t automatically dismiss any work unless you have a definite physical reason (you cannot lift 85 lbs., or your allergy to popcorn makes it impossible to work at the neighborhood theater). There is much to learn from any job if you approach it with an open and curious mind.
Be Pennywise. Once you get a job, the goal is to save as much of your paycheck as possible. Set a weekly goal for a bankable amount – and stick to it.
In the interim of looking for paid work – consider doing volunteer work for an organization that interests you. Even if you don’t earn any money, you will gain valuable experience that will help you build your résumé.
Do a great job. Whether the work is paid or unpaid, your supervisor will be a reference for you for future work opportunities, and college admission and scholarships. You want those references to be glowing and positive – without words like “adequate” and “mediocre.”
Ask for feedback. One of the best skills you can learn is how to ask for constructive feedback. Asking your superviser how you can better improve is a skill worth learning.
Ask for career advice - Once you land your summer gig, take every opportunity to ask as many questions about jobs you’re interested in. You may only be interning with the office manager, but you have access to everyone in the office. Don’t miss an opportunity to ask people for advice. Most people love giving advice and, since everyone started in an entry-level position, wouldn’t mind helping someone else out.
Don’t spend your time surfing the Internet. Unless your new gig has something to do with Facebook or Pinterest, make sure while you’re at work you are working.
Resist temptation! If you don’t already have a bank account, ask your parents to help you open one. Keep your money safely in the bank, do not obtain either a credit card or a debit card. The goal is to make it as difficult as possible to spend impulsively.
Yes, student savings will be considered an asset in the financial aid process for college. But isn’t that what you are saving for? To help defray the costs of your college education? Colleges will assume that 20% of a student’s savings are available for college expenses each year – so if you save $1000, you will need to pony up $200 from your savings account for that first year and because you made good use of your summer holiday, you’ll have money to put towards the cost of college.
Start now. If you are old enough to work – babysitting, lawn mowing, dog walking, or old enough to get a “real job” - then do it and start your weekly trips to the bank.
Feel good. Money in the bank really does feel good!
Summer is over, ask about temping during your breaks. No one said your summer job had to be a one-time thing. If your feedback has been positive, ask to see if you are able to come in over breaks. The more experience the better.

Carol Stack and Ruth Vedvik are co-authors of "The Financial Aid Handbook."

Don't be shy! We want to hear from you. Share your thoughts by commenting below.