As students start applying for jobs and begin working for different corporations and companies, the newfound money and what to do with it can be overwhelming. High school is the perfect time to learn money management skills. Budgeting and saving the hard earned money one works for can be difficult, but there are various ways to save money beyond the piggy bank.
Starting a bank account can help a student save their money. Take senior Garrett McMahon, “I’ve had a savings account since I was ten. And I got a checking account in August. It’s great.” With cash in hand, sometimes students are more tempted to spend it. When placing money straight into a saving account, students have to go out of their way to go get the money out of the account in order to spend it. Students who are employed normally receive direct deposit of their paychecks into their checking account. One can set up with the bank to automatically transfers fund every month and place it in a savings account. This way a student can always save money monthly.
With the increased use of debit and credit cards, students swipe without thinking, a method that would not sit well with junior Sabrina Picardat, “I do not have a debit or credit card, but if I did, I would budget. I’m logical and practical; swiping would just cause too many problems for me.”
As teens transition into adults, mommy and daddy will not be around to cover payments or costs for things. With debit cards, if the money isn’t there, the user cannot spend. But with credit cards, spending can occur if the user does not go over their limit. However, money must be paid back with interest when using a credit card. Debit cards are normally better to have but for students turning 18, it may be a great time to start building credit.
Budgeting can be tricky as well. For students that must pay bills or seniors starting to pay for admission and housing deposits at local colleges and universities, budgeting out what to spend and how to spend it can be helpful. Students should spend money on things that are really needed, and leave wanted for a later time. “For me,” said senior Di’Quan Rose, “It just depends on what I’m buying. If I’m buying clothes, I’ll go all out and spend [my money].” Prioritizing the needed things such as school related items, or for one’s cell phone bill and seeing what money is left behind is a great way to avoid stressing over money. Remember one can always get their cake and eat it too, when one budgets out their money the right way.
Students should always remember that saving money for the future and learning these money management tips early will help one later on in life when faced with difficult finanicial situations. Knowing what one’s priorities are and buying what on needs will work out better and relieve the stressing of money worries. Money is so beneficial when not wasted, so remember to save money for a rainy day. You might just need it.