Are you a high school student who wants to start saving money now, but you have no idea where to begin? If you have answered yes, you are exceptionally ahead of your time, and you need not worry because this article will assist you by providing several ways in which you can earn and save money. As a student in high school, neither are you at the age to seek formal employment and earn a steady income nor old enough to be completely independent of your parent or guardian’s financial assistance. Hence, the best time to save money is now. Let’s see How Can A High School Student Save Money?
Money is not something that is freely available. Making a sufficient amount of money to be able to cover your daily spending requires both time and effort. If you want to spend money, it is key to comprehend how to earn money. In today’s economy, financial struggles are prominent; therefore, learning to save is crucial.
Saving money will provide you with a sense of independence since you will have a greater extent of control over your life. It is possible to have almost no stress due to financial struggles if you are able to practice saving consistently. Saving will aid you in an unprecedented event or will aid you in having more control over the event. Also, with less financial strain, you will have ample time to focus on other aspects, such as your academic life.
How Can A High School Student Save Money?
Setting up a budget
The first and foremost step when it comes to saving is establishing a budget. Taking notice of your spending pattern is a step in the right direction when drawing up an attainable budget. Write down all of your monthly expenses, even if it is simple purchases such as a slab of chocolate or an ice cream.
Calculate your spending patterns. This step encompasses how much you may spend monthly on entertainment, extracurricular activities, or even takeouts. These habits can aid you in establishing categories within your budget for anything you spend your money on. Keeping track of your spending habits is vital; it is the only manner in which you can get a correct estimate of how much money you actually spend.
The next step is to ascertain your earnings (income). This can include tips, salary stubs, and even money received during special occasions such as birthdays. It is key to have a clear image of the money you receive in order to have an attainable budget.
Establishing a budget using the steps above with help you be mindful of your spending choices. It will help you to identify where you need to cut down as well as always give you a gauge of money coming in and going out.
Create a savings account
If you do not have a sufficient amount of money, you may feel conflicted or demotivated to contribute money towards a savings account. However, it is key to bear in mind that a contribution as small as $10 or as large as $200 can both help and contribute towards something bigger.
Set savings goals and abide by them whether they are weekly, daily, or even monthly.
Once you have reached your target, deposit that money into your savings account. This will reduce the urge to overspend. Set aside a small number of your earnings from your allowance to contribute towards the account. If you are able to stick to your targets and consistently contribute towards your savings account, you will be able to practice sound financial management and foster a healthy spending pattern.
Apply for a summer job or start a side hustle
Even if you are extremely mindful when it comes to spending, if you lack an earning capacity (the ability to earn an income), then it will be impossible to save. Applying for a summer job or starting a side hustle is an amazing experience and is a much better way to earn money rather than doing chores around the household for your parents. A summer job or side hustle does not require a special skill set or years of experience. Possible summer jobs and side hustles are inclusive of the following:
- Mowing the lawns
- Shoveling snow
- Delivery of newspapers
- Raking leaves
- Babysit
- Walking dogs
- Washing cars
- Delivery of groceries to busy families
- Tutor children in middle or elementary school
- Clean houses
- Starting a blog
- Market flipping – selling things around the house that you are not using, such as old clothes
- Selling baked good
Find hobbies that are inexpensive
A good way to help you save money is to find a hobby that is free or inexpensive. These hobbies can include:
- Hiking
- Yoga or mediation at home
- Volunteering at the local charity or animal shelter
- Reading a book
- Running
- Acquiring a new skill by learning from youtube
- Play or learn a new musical instrument
Capitalize on student discounts
Getting all the discounts you can possibly get can make saving much easier and ensures you can put more of what you make towards your savings account. As a student in high school, it is highly possible for you to be eligible to receive student discounts on a multitude of mainstream purchases. For example, many banks have student rates when high school students open an account with them.
Some businesses may not openly advertise their student discounts; however, they may be more than happy to provide them if they are asked.
Conclusion
Saving money through your high school years can be challenging. It is most difficult when your friends are out shopping for new clothes or going on holiday. But who says you have to have years of experience in order to make money? Being innovative is extremely beneficial, as is keeping track of your spending patterns. Being mindful and consistent will aid you in saving. This is how A High School Student Save Money?
Frequently asked questions
What are the key reasons for saving money?
Purchases and emergency fund.
Do I really need to save money?
The importance of saving money is simple: It allows you to enjoy greater security in your life.