In high school you’re often given a lot more freedom than you may have had in junior high. This can mean more opportunities to go out with friends and spend on a variety of meals and opportunities. Many high schools are surrounded by a variety of restaurants and stores. For many students this can mean poorly managed money, resulting in them being short of funds. We’ve compiled a list of tips that will help in managing your money throughout high school.
Keep a budget. A budget is the best way to understand how much you’re spending. It means that you’re being specific on how you want to use your money, helping you access it in an ideal way. We have a few tips to making the ideal budget.
Keep track of your income whether it’s coming in the form of a job or allowance.
Be aware of how long your money needs to last for; this works in helping you make your money stretch over long periods of time. You don’t want to be out of money weeks before you’ll gain more.
Prioritize what you want to be spending on. Some purchases will be more important to you than others. By prioritizing you’re able to make sure that you’ll have enough for what’s important.
Set goals for specific purchases you want to achieve and a timeline for how long it will take you to save up for that purchase.
Make your budget reasonable and achievable. It’s very difficult to give up all purchases as once, so try cutting down on an amount that’s helpful but also reasonable. A good budget is like a good diet, if you expect too much from yourself you’re more likely to make no progress at all.
Set aside money for special purchases. This includes the following:
Any recurring purchases, like bus passes, so that you’re able to tailor your budget towards them.
Any big events, such as a group lunch, where you’ll be spending quite a bit.
Birthdays and other occasions where you’ll need to buy gifts for those that are important you.
And most importantly: money for the use of emergencies. Make sure you having some money set aside for emergencies. You don’t want to be left in a situation where you’re unable to get home or necessary items because of a lack of funds.
Keep track of your purchases so you can assess whether you’re happy with how you’re using your money. Starting a budget is important, but does very little to help you if you aren’t following up on your spending. Some banking apps will keep track for your purchases for you, but if yours doesn’t you can find third party apps that will keep track of purchases or manually record them.
When choosing where to spend your money, such as choosing a restaurant, check out prices before hand and choose accordingly. If you see that a restaurant you’re planning on going to is going to completely blow your budget it’s probably best to steer clear and choose somewhere that can provide a similar service for a more appropriate price.
Be willing to say no to events where you’ll need to spend more than you’re comfortable with. It can be tempting to say yes to every opportunity to go out with friends. However, this can result in spending more than is ideal. In situations where you’ve been asked to go somewhere make sure that you’re comfortable with how much you’ll need to spend. If you’re not see if you’re able to do something more affordable or sit this one out. Remember, you have a limited amount to spend and if you’re spending on things that aren’t a priority, you’re limiting future funds.
SAVE SAVE SAVE. This is probably the most important tip that we can give you. Make sure that you have long term savings set aside for the future. In order to do this make sure that you are saving some of the money that you receive, and that you’re consistent with how much you’re saving. You’re expenses in university or alternative career paths are much higher than in high-school and saving is the first step in ensuring a financially fit future.