{"id":97,"date":"2024-02-01T11:53:01","date_gmt":"2024-02-01T11:53:01","guid":{"rendered":"https:\/\/answerfaqpro.com\/?p=97"},"modified":"2024-02-01T11:53:01","modified_gmt":"2024-02-01T11:53:01","slug":"practical-advice-for-managing-your-finances-before-college","status":"publish","type":"post","link":"https:\/\/answerfaqpro.com\/index.php\/2024\/02\/01\/practical-advice-for-managing-your-finances-before-college\/","title":{"rendered":"Practical Advice for Managing Your Finances Before College"},"content":{"rendered":"\n
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Learning to manage finances in high school will save you stress in college and beyond. Check out this practical financial advice from a fellow student.<\/p>\n\n\n\n

Benjamin Franklin once said, \u201cA penny saved is a penny earned.\u201d This statement is simple yet tough to understand when you\u2019re in high school. You may not realize it, but these years are crucial when it comes to financial management. The spending and saving habits we develop as teens form the base for how we manage our finances as adults. We\u2019re on the right track, with about\u00a062% of Gen Z saying they\u2019ve already started saving\u00a0money. Yet we are also miles away from our destination, with only 24% of teens saying they have emergency savings. So how do you navigate finances in high school? That\u2019s what we\u2019re going to cover now, all from a current high school student\u2019s perspective.\u00a0<\/p>\n\n\n\n

Find ways to earn and learn<\/h2>\n\n\n\n

People generally attribute teenagers to being spenders\u2014however, there are an abundance of earning opportunities for young people, including\u00a0part-time jobs and internships. One mistake a lot of teens make is taking up jobs with no correlation to their future goals, such as working at a fast-food chain or dog walking. Instead of working a job that feels like a chore, find skill-based\u00a0<\/strong>jobs\u00a0<\/strong>that will hone your talents and abilities, give you relevant experience, and put money in your pocket. You could take up accounting for a home business or help market a new local start-up. While having any job is respectable and can help you\u00a0learn important soft skills, as a highschooler, you only have so much time and should invest it to gain relevant experience that will help in the long run.\u00a0<\/p>\n\n\n\n

Related:\u00a0The Best Summertime Opportunities: Jobs, Internships, and Volunteering<\/strong><\/p>\n\n\n\n

Track your spending<\/h2>\n\n\n\n

We\u2019ve all been advised to\u00a0create a budget at least once\u00a0in our lives; in reality, that\u2019s easier said than done. No matter how hard we try, budgets are often only followed in theory and never in practice.\u00a0To combat this, you\u00a0must<\/em>\u00a0track your expenses. I highly recommend downloading a money-tracking app that shows you where you’re spending and how much. The numbers never lie, and unnecessary expenses will become easily identifiable so you\u2019ll know where to cut down on spending. When money is in sight, it\u2019s always on our minds.\u00a0<\/p>\n\n\n\n

Create a savings fund<\/h2>\n\n\n\n

No matter your age, no one is immune to emergencies and unfavorable circumstances. That\u2019s why a savings account is of the utmost importance. Did you ever keep a piggy bank as a kid? Bring that energy back and begin saving spare dollars and change whenever you can. Once you have a considerable amount saved, you\u2019ll be prepared to pay for any emergency costs that pop up, like a dead computer or flat tire. You could even\u00a0invest the money\u00a0or create a college fund. It could also be used to buy something you\u2019ve always wanted or for an experience. Trust me\u2014the joy of finally buying something with money you\u2019ve saved over time is unmatched.\u00a0<\/p>\n\n\n\n

Related:\u00a05 Basic Financial Strategies You Should Learn About Before College<\/strong><\/p>\n\n\n\n

Stay away from credit cards<\/h2>\n\n\n\n

While this piece of plastic can make our lives easier, there\u2019s a huge hidden cost when it comes to convenience.\u00a0Credit cards are like quicksand: They\u2019ll pull you into the darkness of debt even faster than you could swipe the card for payment. It\u2019s very easy to accumulate a ton of credit card debt, as students often don\u2019t keep track of their spending. This puts your entire financial future at risk. In fact, in the previously mentioned report about Gen Z savings, 52% of young adults with credit card debt said they experience some or a lot of stress about it. Try relying on debit cards in high school; these are linked to your bank account and limit how much you can spend to what you currently have, whereas credit cards provide an unlimited line of credit that you may struggle to pay off later.\u00a0<\/p>\n\n\n\n

Make full use of student discounts<\/h2>\n\n\n\n

Your time as a student is numbered, so why pay full price while you are one when you don\u2019t have to? Brands like Nike, Apple, NordVPN, and many more\u00a0offer discounts on items\u00a0of frequent use for people attending school. Always carry your student ID and never shy away from asking about discounts when you\u2019re shopping. You miss every shot you don’t take, so just\u00a0ask<\/em>. It\u2019s your right as a consumer to utilize them, and as I mentioned, every penny saved is a penny earned!\u00a0<\/p>\n\n\n\n

Related:\u00a0How to Save Money for College as a High School Student<\/strong><\/p>\n\n\n\n

Navigating finances is never easy, especially in high school. But learning to make smart and well-informed decisions is the first step to simplifying them. As teenagers, we\u2019re susceptible to falling prey to the glitz and glamor of social media, but spending lavishly is not<\/em> cool. Emergency funds are your safety net, and credit cards are the scissors that cut it up. Remember: The financially responsible teenagers of today become the wealth managers of tomorrow. <\/p>\n","protected":false},"excerpt":{"rendered":"

Learning to manage finances in high school will save you stress in college and beyond. Check out this practical financial advice from a fellow student. Benjamin Franklin once said, \u201cA penny saved is a penny earned.\u201d This statement is simple…<\/p>\n","protected":false},"author":1,"featured_media":98,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/answerfaqpro.com\/index.php\/wp-json\/wp\/v2\/posts\/97"}],"collection":[{"href":"https:\/\/answerfaqpro.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/answerfaqpro.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/answerfaqpro.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/answerfaqpro.com\/index.php\/wp-json\/wp\/v2\/comments?post=97"}],"version-history":[{"count":1,"href":"https:\/\/answerfaqpro.com\/index.php\/wp-json\/wp\/v2\/posts\/97\/revisions"}],"predecessor-version":[{"id":99,"href":"https:\/\/answerfaqpro.com\/index.php\/wp-json\/wp\/v2\/posts\/97\/revisions\/99"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/answerfaqpro.com\/index.php\/wp-json\/wp\/v2\/media\/98"}],"wp:attachment":[{"href":"https:\/\/answerfaqpro.com\/index.php\/wp-json\/wp\/v2\/media?parent=97"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/answerfaqpro.com\/index.php\/wp-json\/wp\/v2\/categories?post=97"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/answerfaqpro.com\/index.php\/wp-json\/wp\/v2\/tags?post=97"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}