It might sound impossible to save money during high school, but guess what? It’s absolutely possible!
Saving up money every month while studying in high school will make you an intelligent manager in the future and take care of any unforeseen circumstances.
On average, a high school student gets between 50 cents to $1 per age of their year in a week.
However, if you wish to know some smart money-saving tips, keep reading!
1. Don’t depend on your student loans
If you’re funding your high school education through student loans, it can be tempting to live off that money.
However, that isn’t a good idea because, in the future, you’ll have to pay back that amount with a hefty interest included.
If you can afford it, avoid paying for your living expenses through your student loan amount.
If you cannot do so, try to find out what after-school jobs you can do to save some money and cover the cost of your living.
Or work extra during your term breaks or holidays and save enough money to sustain your basic needs.
2. Open a savings account
High school students can’t control their spending because they don’t keep a record of their income and expenditure.
A good solution to this is to open a savings account. Then, install the banking app on your phone or tablet and track how much you earn vs. how much you spend every week or month.
This will make you more conscious of your spending habits and also be more convenient for you to check your bank balance. Moreover, a savings account will give you access to your funds.
3. Don’t use your credit cards too frequently
Another important tip is to never overuse your credit cards. Even if you’re facing a sudden financial emergency, try to avoid paying it off with a credit card.
Other alternatives will provide you with better relief, such as dipping into your savings account, asking for help from your loved ones, or even making good use of the student loan money.
Even though student loans charge interest, this rate is much lower than the rates asked by credit card companies.
This will save you a lot of money in the long run and keep your credit limit safe.
4. Take tuition online
Most high school students need tutoring because schools don’t give equal attention to all students. Since everyone isn’t equally sharp, some seek extra help from private tutors.
However, private tuition is expensive because of the overhead charges like printed notes and transportation. Moreover, you struggle to focus if other students are noisy.
Private tutors also charge more for renting a big enough space to accommodate everyone. Other than this, other charges like electricity and water are included in the fee.
So, if you opt for online high school tutoring, you will save money on those and get the necessary individual attention to perform better.
You will get a softcopy of course materials, saving you the cost of printing them. Being in the comfort of your home will also help you focus better and have the most out of your money.
So, all you need is a stable internet connection – which turned into a must-have in the post-covid era – and you’re ready to go!
5. Buy used textbooks or rent them
High school is expensive, and much of that cost is due to the costly textbooks. One cost-effective hack is to rent textbooks from your local shop or a senior instead of buying them full-time.
You won’t need those hi lo books after a few years anyway, so renting them at low prices is better.
Otherwise, you can also buy second-hand copies of these textbooks. So even though they won’t always be very clean, you will save a lot of money.
Another useful tip is to buy first-hand books and then sell them to other students at affordable rates.
6. Protect your credit score
A good credit score is necessary for the later stages of your life. So if you pay your bills late and forget to repay debts, they can reflect poorly on your credit score.
If you have bank accounts that go to collections or other financial oversights, all these are reported on your credit report for seven years.
This will affect your ability to get big loans when you go to college or even after that.
So take all the necessary steps to avoid a bad credit score. Whenever you get your monthly bill, pay it on time to avoid late fees and penalties.
Over to you…
High school indeed forms the foundation for the rest of your life, both in terms of academic knowledge and the knowledge needed to navigate through real life. But the more you learn to manage money, the easier your life will become!
Passionate Writer, Blogger and Amazon Affiliate Expert since 2014.