Tips to Save Money as a High School Student

High school can be an exciting time filled with new experiences, friends, and opportunities. However, high school is also the time young people should start taking their finances into consideration. Financial planning and discipline will take you a long way.

Create a budget: Have a weekly or monthly budget, check your income and expenses to see where your money goes, and adjust things if needed. Having a budget is the best way to save money and stop yourself from overspending.

 Prioritize needs over wants: Focus on essential expenses like food, transportation, and school supplies, essentially those are your “needs”, everything else is a “want”.

Avoid impulse buying: Practice self control and buy things only within your budget, short term gratification will not cause gratification in the long run when looking at the amount you’ve spent. We live in a world that is big on keeping up with fashion or materialistic trends, being able to limit how much you spend on non-essentials will make a big difference. Treat yourself but have boundaries.

Cook at home: Make your own meals instead of buying takeout or eating out, it adds up real fast. Realistically you can save hundreds of dollars a year, by just packing your own lunch.

Limit entertainment costs: Find free or low-cost activities, like the park, library, or cheaper dining restaurants when necessary.

Take advantage of student discounts: A lot of businesses offer student discounts with proof of ID, from restaurants, shopping stores, or events. Look online and find places that will offer you student discounts and deals.

Open a savings account: Open a savings account if you don’t already have one. The earlier you start the better, overtime you will receive interest. If you receive a source of income, set money aside to put into the account throughout the year.

All of this to say, financial sacrifices will pay off if you discipline yourself and start young! Small steps can lead to big rewards!