Money Saving Tips
Posted by Jade Ward on 1/2/2019 1:30:00 PM
There are many ways high school students you can save money in a lifetime and whether it’s setting up personal goals to follow, creating a piggy bank, or even a no spend calendar can have you save more money then you ever expected.
One way to save money is by writing a list before you go shopping and sticking to it. Creating a list before you go shopping is very important when it comes to saving money because when you are shopping in a mind sense where you don’t know what you are getting you tend to be all over the place buying items you may nor may not need. Having a list can help you buy items that fit your budget.
Another way high school students can save money is by avoiding convenience foods and fast food. Most high school students struggle with splurging money on themselves, especially when it comes to yummy food they just can’t help. For example, most kids receive lunch money and even extra cash from what they’ve earned working. Most decide to spend it because that is there mind set to get what they want, but if they just ate what was provided instead of deciding to spend it on junk like candy and chips they would save a good amount which could be used on differentiated products like helping out with bills and etc.
A third way for students to save is by setting up automatic savings is the easiest and most effective way to save, and it puts extra cash out of sight and out of mind. Every pay period, have your employer deduct a certain amount from your paycheck and transfer it to a retirement or savings account. Ask your HR representative for more details about how to set this up. Another option every month is to have your bank or credit union transfer a fixed amount from your checking account to a savings or investment account.
The last way high school students can save is by saving for your retirement as early as possible. Few people get rich through their wages alone. It's the miracle of compound interest, or earning interest on your interest over many years that builds wealth. Because time is on their side, the youngest workers are in the best position to save for retirement. In the end there are a wide range of ways that not only students but people in general can save money and every day is a new day that you can began, and whether its setting a certain rule are simply opening a new account you can always do it.