For most high school students, the idea of saving money only applies to parents. It is a misconception that builds poor money habits in these young minds.
If you are in high school, it is important to learn financial management as these skills come in handy later in life. Soon, you will be in college, where your parents won’t be in charge of your finances. Without a good saving plan, you will have a horrendous time at school.
It is never too early to start saving, and this is the maxim you should cultivate in your life. If you are researching the best money saving ideas or you have an essay on the topic, you can learn more from Dissertation Team.
This guide also highlights some simple tips to get you started on money-saving in high school.
1. Create A Realistic Budget
In high school, you spend most of your time in class, but you still incur expenses at the end of the day. For this reason, you need to work with a budget. If your parents provide money for expenses, always have a plan for it.
When awaiting your pocket money without, have a clear plan on how to use it. In your budget, include only the crucial expenses. You should also include a savings target in your budget
2. Save with an Objective
Many students’ saving plans fail because there’s no clear objective. If you want to start saving, it is advisable to identify a goal. Your savings should go towards achieving this goal.
Your goal could be paying part of your college fees, taking a trip to your favorite destination, taking an additional course in college, or anything else. When you save with a purpose, the journey is easier, and you have more motivation to achieve this goal.
3. Track your Expenses
The simplest trick to save money is to track every expense. It might sound like an arduous task, but the impact it has on your financial life is tremendous. As a student, your parents have a fixed budget for your expenses.
It might not seem like a lot of money, but by constantly checking how you spend it, you will discover a lot of unnecessary expenses. This is the first step in creating a solid saving plan.
4. Leverage Student Discounts
Most shops, stores, entertainment facilities, and public transport services offer student discounts. You can even find discounts online with student sites like BrokeScholar.
It might require a registration process, but in the end, you will end up saving a lot of money. Transportation, shopping, food, and entertainment take up the largest part of a high school student’s budget.
For this reason, you should look for creative ideas to cut on these expenses. Student discounts are among the smartest ways to save money for a high school student.
5. Open a Savings Account
If you are serious about your savings plan, it is advisable to open a savings account. Your account will help you accumulate funds gradually towards achieving your goal.
If you are under 18 years, you might require your parent’s help to open an account, but it is worth the hustle. Deposit any cash you save, including any gifts, money saved on transport, or any other cash on you.
Most banks now offer high-interest rates on students’ saving accounts. You can open one of these accounts online for easier tracking of your savings.
6. Leverage Money-Saving Apps
Technology now influences almost every aspect of modern life. If you want to start saving, using a mobile app is a good idea.
There are apps to help you track your expenses, build a budget, give tips on saving money, and so much more. You can create a custom savings plan on your app and receive alerts to remind you about your savings goal.
Most of these apps also clarify wise spending, identify good deals in the market, and so much more. Your app serves as your personal financial advisor, your bank, and much more.
Also Read: 10 Best Money Saving Apps in 2019
7. Reward Yourself
The whole idea of saving money is to achieve a goal. As a high school student, it is tough keeping any money away, and you should seek the best way to motivate yourself. If you have set a savings goal, reward yourself once in a while to reinforce your commitment.
For instance, if you meet your monthly target, you can enjoy your favorite hobby without compromising your savings plan. This boosts your resolve to continue saving for the next month.
Saving money in high school might sound unnecessary, but it is one of the smartest moves you will make in life. It prepares you for the tough life in college and inculcates a sense of financial prudence in your life. By starting saving early, you will not suffer a hard time in college as it happens with most students. You can also meet your college expenses easily using the savings accumulated in high school.