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How To Start Saving Money in High School

Saturday, April 01, 2017

April is Financial Literacy Awareness Month. To many people, April means it’s time to pay taxes. It’s also a good time to reflect on your spending habits and work on saving, especially with college around the corner. Even if you don’t have a steady income right now, you can still follow these steps to save money in high school: 

1. Create a savings plan. Set aside a certain amount of money at specific intervals: each week, each month or each paycheck. Start small with $5 per week, and eventually work up to higher amounts. If you don’t already have one, talk to your parents about opening a savings account so you can transfer the money. Most savings accounts earn interest on the deposits you make, which means more money for you!
2. Make a budget, and stick with it. A budget should include your income – how much money you bring in – and your expenses – how much money you spend. Take the time to consider how much money you have, how much you make and what your spending needs are. Be honest about what you make, and think carefully about what you actually need to buy.
3. Look for easy ways to make and save money. Although it’s fun to have the independence of a car, try carpooling with a neighbor or riding your bike to school. Instead of going to see your favorite artist for the fifth time, offer to babysit for a weekend. Become the neighborhood dog walker: You’ll make money and get exercise too. Or use your creative skills to sell crafts on Etsy. The possibilities are endless.
Just like any other club or organization, there are membership costs with joining a sorority. And if you fail to meet these financial obligations, you’ll likely face consequences. However, chapters are willing to work with you to create a plan that fits your financial situation. To avoid this, it’s best to save now for college and any expenses that will arise. There’s no such thing as being too prepared when it comes to your current and future finances. 

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