Home on College Break? Pick up some side gigs to pad that IRA!

Yay, you're out on break!  No schoolwork for about a month!  What are you going to do with all that time?

Catch up with old friends over lunch or dinner?
Go sledding at Elm Bank?
Head up to Sunday River for College Week with some old and new friends?
Head someplace sunny and warm with the family?
Work?

Ok, I know what you're thinking, those first four options sound like great ideas, but the fifth one?  Not so much.

While I think you should be spending the majority of your free time during your college break resting and recharging from a hectic first semester, there's nothing wrong with picking up a side gig to help pad your IRA!

Pick up some shifts at your old place of work!  If you worked in retail in the past, talk to your boss about picking up a few shifts during this busy time of the year.

Babysit!  There are lots of parents out there who could use a few hours of free time.  Spread the word among family and friends that you're around and available to help out.

Tutor!  Did you get straight A's in math during high school?  Do you enjoy helping others learn difficult mathematic concepts?  Then spread the word that you're back from school and available to prep students for their midterms.

The 2014 total contribution limit for all of your IRAs is $5,500.* If you were able to max that out already, great!  If not, I recommend putting a portion of your extra college break earnings towards it.  Remember, every dollar makes a difference.

*If you have both a Roth IRA and Traditional IRA, you can contribute a total of $5,500 between both accounts.  For example, you could contribute $4,000 to your Roth and $1,500 to your traditional.  You also cannot contribute more than your taxable earnings for the year.  So if you only made $4,040 during your summer lifeguarding on the cape, and did not have any income from any other jobs, you can only contribute $4,040.