How to Save Money in High School

how-to-save-money-in-high-schoolIf you could start saving money before you even receive your letter of admission, would you? If you said yes—which we can venture a guess to say you did—you don’t have to look far. You can enjoy your final days of high school and start saving money without having to sacrifice the things you enjoy most, like spending time with your friends and participating in extracurricular activities.

Wondering how to save money in high school? Start by tracking your spending habits.

If your savings account is lacking—or non-existent—start by tracking your spending habits. This will help you determine where your money is going and how you can start saving. For example, try hosting a movie night at home instead of going out with your friends every weekend. And if you’re a coffee or tea drinker, make it at home, before you head off to school. Small changes like these can add up.

Once you’ve successfully spent some time tracking your spending habits, you can create a realistic budget. Start by listing everything you’re saving for, such as a new smartphone or pair of shoes. This will help you keep your priorities in the forefront and help you estimate how much money you’ll need to get there.

Land a part-time job.

Of course, in order to fulfill your financial goals, you’ll need a job. Not only will a part-time job help you meet your financial goals, but it’s also an opportunity to develop new skills, friendships, and experience that will reflect positively on your college applications. Though a solid GPA will help you get into college, your personal growth and potential are a serious bonus. Not sure where to begin? High-school students land part-time positions every day. Here are a few suggestions to get you started:

  • Personal assistant
  • Babysitter
  • Retail sales associate
  • Host or server at a restaurant
  • Barista

Open a bank account.

If you don’t already have checking and savings accounts, it’s time to open at least one of them. After all, you’ll need a safe place to keep the money you’re earning at your part-time job.

Keep your GPA up.

According to researchers at College Connecting: “The best way to save money for college during high school is to get excellent grades. If you have a great scholastic record in high school, you could be eligible for many scholarships and grants, which do not require repayment.” So if you end up landing a part-time job, remember to keep school as your number-one priority, and never let any of your shifts interfere with your classes and homework.