Atlantic Blog

You’re a full-time student on summer break and decided to utilize your time wisely by working a summer job. You just worked a grueling 40 hour week at your job where you make $12.00 an hour. You’re excited for the opportunity to make big money because you don’t have time to work like this during the school year. Your initial thought, $480.00 in the bank! However, that pay stub you receive will soon deflate your unrealistic excitement. You’re initial question is, where is my money going?

You did earn that whole $480.00, BUT not all of it is going straight to your pocket. There's a big difference between gross income, your hourly rate times the hours you work, and net income, your take home pay. 

Your gross income is reduced by deductions. Look at your pay stub (the earnings statement) attached to your check. Your deductions include:

• Federal income tax
• FICA tax (Social Security/Medicare)
• State & Local income tax 

Sadly, you can't control the paycheck deductions. However, YOU can control how to maximize your net income.   Here are some tips on how to be smart with your summer money.

1. Make a spending budget: Rule of thumb; refer to the 50/30/20 rule. 50% goes towards needs, 30% goes towards wants, and 20% goes towards savings. However, it never hurts to save more!
2. Invest in useful tools: It’s great to be mindful of the future, but your primary focus as a student should be to do well in school. It’s wise to use your summer funds to buy the tools you’ll need to succeed academically, like a new laptop to replace the one that is constantly crashing.
3. Pay off student debt: If you're sitting on a sizable chunk of cash from your summer gig and know you're still on the hook for some whopping tuition bills, use that money to pay them directly. This could minimize your student debt load and you’ll be grateful when your monthly loan payments are much lower. 

Want more money now? Atlantic Free Kasasa Cash Back Checking pays you back on every day debit purchases and will refund ATM withdrawal fees, nationwide, up to $25 per month.*

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*Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account's rewards. "Monthly Qualification Cycle" means a period beginning one (1) day prior to the first day of the current statement cycle through one (1) day prior to the close of the current statement cycle. When Kasasa Cash Back qualifications are met during a Monthly Qualification Cycle, you will receive 2.50% cash back up to a total of $250.00 PIN-based/signature-based debit card purchases that post and settle to the account during that cycle period. A maximum of $6.25 cash back may be earned per Monthly Qualification Cycle. Domestic ATM fees incurred during qualification cycle will be reimbursed up to $25 and credited to account on the last day of monthly statement cycle; ATM receipt must be presented for reimbursement of an individual ATM fee of $5.00 or higher. When Kasasa Cash Back qualifications are not met, no cash back payments or ATM Refunds are made. Cash back payments will be credited to your Kasasa Cash Back account on the last day of statement cycle. Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply. Have at least one Direct Deposit, ACH Credit or ACH payment transaction in your Kasasa account, a minimum of 12 POS debit card transactions, and receipt of electronic statements are conditions to qualify for the Cashback reward each cycle period. Limit One (1) account per social security number. There are no recurring monthly service charges or fees to open or close this account. Contact an Atlantic Federal Credit Union service representative for additional information, details, restrictions, processing limitations and enrollment instructions. Federally insured by NCUA.