Since I was there only a few months, I never had grandiose projects or high stress moments. I had my share of retail jobs, where it was relatively easy work where I’d make new friends, and corporate internships, where I made a few friends but generally tried to figure out if that line of work was for me.

There were aspects about them both that I enjoyed but the one thing I didn’t do a good job with was saving my money. When you have few expenses, unlike years later, you want to take advantage and save for the future. Here are some tips for how to do that, even if I didn’t!

1.  Make it Automatic

Whether it’s the story about the Tortoise and the Hare or David Bach’s, Automatic Millionaire – the key to success is being slow and steady, and make it automatic. Have a portion of your summer job paycheck directed to a savings account. If you know you will need the money during the school year, have it put into a high-yield savings account.

If you won’t need the money soon, consider opening a tax-advantaged retirement account, such as a Roth IRA, or even a certificate of deposit. If you open a traditional IRA, you may receive a tax deduction. Open a Roth account, and your earnings are tax free (but you have to pay taxes now).

2.  Learn to Budget

Budgets are important and it’s best to learn how to budget when you don’t have a lot of income and won’t have a lot of expenses. You can go with budget software or do as I did, use Microsoft Excel. I categorized each of my expenses and compared it with my income.

The key to budgeting is making sure your expenses stay under your income. Some suggest “paying yourself first,” which means you set aside a certain percentage to savings as an expense. So if you make $500 a week, pay your first $50 to savings and treat your income as if it was only $450 a week.

Budgeting should liberate you to spend intelligently. If you pay yourself first and are saving that $50 each week, feel free to use the other $450 without feeling guilty because you’re already saving.

3.  Reduce Your Living Expenses

Do what you can to reduce your living expenses. If you are college student, moving back home with your parents might not be your first choice of living arrangements for the summer but it can save you a ton of money. You can probably live rent free, get free food, and have access to free laundry (though Mom might make you fold your own now).

If you can’t live with your parents for the summer, try to find inexpensive housing. Many college towns offer discounted summer rates, and you might be able to split your housing costs with a couple of roommates if you plan properly. Plus, it’s a lot more fun to live with roommates anyway.

4.  Be Tax Wise

Fill out your W-4 and get your employer to take money out of your paycheck for taxes. This is especially important if you know that you will have to pay taxes at the end of the year. Have money withheld from your paychecks so that you avoid having to try to come up with what you owe all at once.

If you end up not owing or not owing as much, you might get a big tax refund. This can come in handy later on during the school year. For those who have a hard time saving, this “forced savings” can be one way to make sure that you prepare at least a little bit for the future. (I don’t personally advocate forced savings but you know yourself best).

This means, too, that you don’t want to forget to file a tax return later. If you want your tax refund, you have to file a tax return. Most students, though, don’t make very much and have very simple tax returns, but you can still file for a tax refund if you had federal taxes taken out or if you qualify for a tax credit like the Earned Income Tax Credit.

Even if you make money as someone who is self-employed, make sure that you are aware of the tax implications. You need to report the income to the IRS at tax time, and if you make at least $400 in net income, you will need to pay self-employment tax. Set aside money each month for tax purposes so that you aren’t caught by surprise with what you owe for being self-employed later.

Taxes may seem tricky and scary but they aren’t when you use tax software. TurboTax will help you file your taxes and put more money in your pocket..

We examine the rise of the tiny job economy below.

Digital Work Erases Barriers
In an age where an increasing percentage of work is done virtually, it is no longer necessary (or in some cases, even desirable) for someone to be in your office while performing tasks for you. A Yahoo Finance article offers an instructive example:

“Fernando Navales threw himself into the work, taking between 30 and 40 ‘gigs’ per day (often photographing restaurants for Microsoft’s (MSFT) Bing search engine). Over the past year, he has completed about 750 gigs—and this new kind of employment has changed his perceptions of the working world.”

It’s a great deal for companies, too. After all, why hire a full-time employee (or tie up an existing employee’s time) with tiny jobs that can easily and capably be done by a consumer? Websites like Gigwalk offer a system for companies to hire “tasksumers,” as they are now called, to perform miniscule tasks for modest pay.

What Kinds of Jobs?
Naturally, the types of jobs assigned through these networks tend to be quick, “one-off” tasks. Yahoo lists the following examples, which are typical of the tiny jobs being posted for completion:

• $35 to test customer service experience at a well-known store
• $4 to photograph restaurant menus
• $29 to stand in line at a restaurant and deliver food to a nearby office

No one expects to get rich from a single job, but taking on many jobs can cumulatively result in a substantial part-time or even full-time income. Tiny jobs aren’t limited to manual labor, either. Some companies, like CloudFactory, harness the same concept for data entry or technical tasks. Some websites even segment their remote workers by skill level and track record, allowing companies to have their choice of the highest-quality talent for the short-term tasks they need done.

Resume-Building For the 21st Century?
One of the less-discussed benefits of tiny jobs is the potential career boost it can provide. The most common complaint among people who lack work experience is that no one wants to hire them. But with tiny jobs, someone with a meager resume can build work experience one task at a time and weave those tasks into a narrative that makes them appealing to a traditional hiring manager.

Naturally, a resume full of menial tasks isn’t going to turn many heads, but career-minded workers can accept tiny jobs more strategically. For instance, someone who spends six months doing data analysis for various companies can piece together a resume that captures these experiences and use that to pursue a long-term role.

Conceivably, someone with a stellar track record in excelling at doing tiny jobs could even get hired full-time by one of the companies that he or she worked for. After all, most firms would rather hire someone they already have established a good working relationship with than roll the dice on new and unproven talent from outside the organization.

Like almost everything related to your income, expect a change in your job to have an impact on your tax situation. And when it comes to taxes, the ‘how and why’ of your job transition has quite a bit of weight as well. Believe it or not, the IRS cares about why you’re leaving your current job and how you’re looking for your new job.

Since the IRS cares so much (and since the answers have a lot to do with how much or how little you may owe come April 15), it’s a good idea to be as prepared and read up on a few different scenarios below.

Severance and the IRS

Whatever walk of life you come from, the word severance tends to carry a negative connotation. It’s usually paired with being let go, laid off, or forced into retirement.

No matter what reason for your severance pay, you need to know that the IRS wants their cut.

According to Publication 525, the IRS categorizes severance pay as any form of payment “for the cancellation of your employment contract”. And this severance pay must be included as part of your income when you file your tax paperwork.

You do have the choice to reduce the amount of severance pay you receive if you decide to accept outplacement services such as learning how to write a résumé or conducting a successful interview. In this case, you must still include the original amount of severance you would have received as part of your income, but you have the option to deduct the value of the outplacement services from your overall income.

Finding Yourself Without a Job (i.e. Unemployment)

For many people who experience the sudden loss of a job, unemployment benefits are vital to keeping food on the table and paying the bills. Unfortunately, most people aren’t knowledgeable about how unemployment benefits and compensation are taxed until they experience it first hand.

Why is this important to know? You may not realize unemployment compensation is added to any other income you earned and it is still taxable.

Job Searches and Deductions

One of the few bright lights at the end of the tax tunnel is the ability to deduct job search expenses from your taxes. In many instances, you can deduct expenses for job search even if you didn’t get that particular job.

Job search expenses that are deductible range from traveling to and from interviews, resume preparation and printing, professional job placement resources, and even postage.

TurboTax is up to date with all of these tax laws and will ask you questions specific to your tax situation so that you get every tax deduction and credit you’re eligible for.  Have a question?  Only TurboTax lets you talk to a tax expert whose a CPA, IRS enrolled agent, or tax attorney, free.

College Grad

Although finding a job in your career field may take some time, two key elements will help you sort through the confusion and land the job you want: staying prepared and developing a job hunting (or marketing) strategy.

Remember, finding your first job might be hard work, but it’s not impossible.

Customization is Key

Throughout your college career, during all of those technical writing classes, and even dating back to high school, you’ve probably read dozens or even hundreds of sample cover letters and resumes. Generic and unimpressive.

You’ve probably got a few samples or rough drafts saved on your computer right now.

Instead of trying to impress the hiring agent with typography and layout design, customize your cover letter and resume for each company that you apply to.

Mention some interesting facts about the company in your cover letter. Go a step further and talk about recent news articles pertaining to the company or its area of expertise. Dig deeper than the few facts on their website; do some research and show the firm that you are knowledgeable and enthusiastic about their company.

Whatever you plan, don’t send out your generic one-size-fits-all resume to every potential employer. More often than not, your familiar-sounding information will get lost in the shuffle.

Networking Outside the Box

Most graduates’ idea of networking includes hitting up professors, family, friends, and maybe the university’s career services department.

It’s time to take job networking outside of the box and ratchet up your capabilities.

Reach out to executives and hiring managers of the companies you’ve targeted in your job search. Websites like LinkedIn.com and Ryze.com aren’t just for seasoned professionals.

You can use these tools to network with company employees and other business professionals already in the field that you’re looking into.

Make certain that all of your networking profiles, whether strictly professional or simply social, are all employer-friendly. Recruiters are scouting Facebook and Myspace these days as well.

You can also make connections through business associations or visiting industry seminars and conferences.

Whichever method you choose, remember to show your passion for the profession, show your interest in the person that you’re speaking with, and be clear about your short-term and long-term career goals.

Great Interview, Regardless of a Job Offer

Let’s face it, interviews can be some of the most pressure-packed situations on the planet, especially when there’s no clear job offer.

No matter what occurs during your interview, maintain your professionalism and develop a rapport with the people at your interview meeting. Be clear and straightforward about your desires and expectations.

Even if you don’t get a job offer, a positive impression can go a long way. Your name could be moved to the top of their “potentials” list (great when another job becomes available), or your name might be mentioned when a recruiter from another company makes a friendly call.

Don’t Become Blinded by the Ideal Situation

There’s a fine line between settling for a job and holding out for your ideal career situation.

Although you’ll have to make your own choices when it comes to turning down a job offer or taking whatever you’re given, focusing too much on “ideal” can cost you some great opportunities.

Set reasonable goals when beginning your job search…reasonable, but high enough to satisfy your expectations.

Broaden your job hunting to include lesser known companies or less-glamorous positions. Don’t expect to start at the top, but don’t settle for a go-nowhere paycheck.

Don’t Give Up

It’s easy to get frustrated and exhausted when you’ve been on the job hunt for months with no leads. It’s easy to want to throw in the towel after ten or fifteen interviews without a single offer.

But the worst thing you could do at this point is give up.

Take a look at your resume and tweak it. After so many disappointing interviews, you should at least have some idea of what needs to be reworked in regards to the way you’re presenting your information.

Keep making new contacts through various networking avenues and keep up contact with professionals you’ve already met. You never know when an opening might pop up.

Sometimes the resilience you display during difficult times is exactly what someone needs to see before they hire you.

Also, remember job search expenses may be tax deductible, but not when you are looking for your first job.  Don’t worry, when you prepare your taxes for your first job you will still reap the benefits of a standard deduction and when you’re on you’re path to career growth and seeking a job in the same profession as your first, your job search expenses will be eligible for tax deduction.

But what to do with all of this free time on your hands? If you’re not tied down with summer classes, you might want to checkout the different opportunities in the workforce.

Sure, spending your summer wearing a uniform or a name tag might sound like a bummer, but think of the great potential to earn some much-needed cash in the next three months before you head back to class.

Think Big

Maybe you haven’t seen the statistics yet, but college students these days are graduating with mountains of debt. As a student of higher education, don’t throw away your three-month gift by being lazy and merely hanging out.

Be smart and get to work so you can pad your bank account with cold hard cash.

It’s like my football coach used to preach to us before the summer break: “You can either sit on your couch getting fat on potato chips, or you can spend your summer working out and getting bigger, stronger, and faster than your opponents.”

Instead of just lounging around this summer, get a job and make some money.

Live above the college debt statistics and start living financially smart. Especially if you’re living rent-free with your parents during the summer, spending your 4-6 college summers earning money could put you in a pretty great place by the time graduation rolls around.

Think of it like this; when you graduate, you could have potentially earned 12-18 months worth of pay by cashing in on your summer freedom. And even if you don’t save every penny, at least your job will supply you with cash and keep you from spending money you don’t have.

Work Smart and Hard

Before you head out job hunting, take a moment to think about what pays well, what perks are available, what you would like to do, and what has potential career experience.

• Gain Experience – It’s always good to get a head start on your career. Whatever you might be studying, check around town to see if there are any part-time job opportunities related to your major. It would be great to get paid for career experience.
• Tough Work Pays – Whatever you do, don’t overlook the hard stuff. Manual labor might not sound fun, but it can pay pretty well if you find the right situation. Sure, working for a roofing company might be harder than some job in the mall, but double check the pay before you blow off working outdoors.
• The Perks – Don’t forget about the perks. The free movies you get from working at a movie theater could potentially double your pay, depending on how many blockbusters you plan to watch this summer. And although food service might not be the dream job you’re looking for, free (or discounted) meals could help you keep more of your hard-earned money in your pocket.
• Focus on a Passion – What are you good at? Do you love to study? Do you love photography? Do you love writing? Just because you’re a college student doesn’t mean you can’t start your own business this summer. Tutoring, photography, and freelance writing will always be in demand.

When you start looking for a summer job, it pays to think outside the box.

Work Hard, Save Smart

It’s human nature . . . when you earn money, you want to spend that money. It also appears to be human nature to spend money you don’t have, but that’s another post.

Your college experience is a monumental time in your life. One way that college changes us all is that it transitions us from being coddled babies into well-rounded, productive grown-ups. Or at least that’s the idea.

One way to start your transition into becoming a financially smart adult is to start looking at the bigger picture – financially speaking. Learning discipline and self-control when dealing with your bank account is priceless.

As a college student, you are entering the part of your life where you will begin to pay for your own stuff. It might start small with paying for your own cell phone bill or your own credit card balance. But make no mistake, your parents are ready to stop paying for your stuff.

Saving up your college summer paychecks will give you a sense of the true value of money, it will start you on a financially wise path, and it will give you a financial boost when you graduate.

If you majored in finance, you may know much of what I’m about to share, for most others, it will give you a good start on understanding a partner you will have for many decades to come, the IRS. Allow me to share four tips with you that will help you get grounded in the little but important details you’ll need to have top-of-mind while getting set up at your new workplace.

1. Get to know your W-4. Allow me to introduce Form W-4. This is the form you will use to adjust the tax (versions exist for both federal and state) your employer will withhold from your paychecks. It’s pretty simple, and it’s what you’ll need to adjust as you move through the next stages of your life, marrying, having children, buying a house, etc. These events would impact how much tax you’ll pay over the course of the year and if you don’t adjust your withholdings via the W4, you might be lending Uncle Sam money and getting no return though the year.

2. Understand your retirement investment options. After the W4, your HR (human resources) contact will ask you to sign up for your 401(k) or 403(b) deductions. Hopefully, you’ll be working for a company that offers a match, as much as a dollar for dollar match of the first 5-10% of your income you deposit. The good news is that any money you put into this account goes in pretax so a dollar to your retirement account may only be 75 cents less in your check.

3. Maybe that last thought went over your head? If so, it’s important to understand your marginal tax rate, the rate you pay on the next dollar of earning or save on that last dollar that went to retirement. The US tax code is progressive. This is not a judgment or approval of our code, it simply means that as your taxable income increases, the amount of tax due on the next dollar of your income is higher at say, $40K than at $20k, and higher still at $100K.

Once you are familiar with how to get from your gross income to your taxable income, including your personal exemption (everybody gets one and it’s $3,650 off the top) and deductions, either itemized or standard ($5,700 single $11,400 filing joint) you will be better prepared to make decisions regarding your finances. You’ll know just how much the mortgage and property tax are really costing you, and when municipal bonds are the better choice.

4. Don’t stop spending like a student. While I still have your attention, a bit of advice and a warning. Until now, you were used to living like a student, don’t flip a switch and spend every dime of your income just because you can. This is the time to start off with good habits, saving 10-15% right off the top. These early dollars you save will have 40 years to grow and you’ll be buying your future self a worry free retirement. Short of a true emergency don’t charge more than you will be able to pay when the bill comes in. Debt is a tool that can be used for good purposes, such as buying a house you’ll live in for a long time, or for purposes not so good, like trying to impress friends or neighbors with a too-big-for-your-budget car.

Even though your formal education may be behind you, you’ll work hard to earn your income and a bit of ongoing interest and reading financial topics will help take control of your financial success. Class of 2010, I wish you well.

Tip 4 can be a little confusing, but the potential benefit to you is pretty nice.  And, I’ve tried to put this in the least legal (or boring) words possible:

4)  Moving Expenses

Did you move to live near your new job?  Did the move cost you money?  You might get to deduct those costs.  Here’s the deal—if you moved to live near your first job, and your new workplace is at least 50 miles from your former home and your new employer didn’t pay for your moving expenses (costs of moving household goods/ travel expenses: lodging but not meals) then you get to deduct those moving expenses, which reduces your income!  If you’re making the move because you’re changing jobs, the distance between your new job location and your prior home must be at least 50 miles more than the distance between the old job location and prior home.  Stop and re-read that if you think it may apply to you.  It’s worth it.

Next time–How an Individual Retirement Agreement (IRA) can help you in more ways than one.