Thursday, August 21, 2008

How to save money in high school?

Search Tag: Saving

The earlier you start saving money, the better it is. Saving money in high school is easier to do than an adult because you don't have the burden of paying bills, or pay the mortgage. If you are an average teen then you should still be living with your parents, and be able to save a lot more easily.

Saving money in high school is also critical. You will have to pay student loans, book fees, tutor fees and for some even a new place to live. You will be going to College and all the money saved will help a lot to repay the student loans and to find a good place to live without a lot of work.

* Clothes: In high school these days everyone wants to wear branded clothes. You have to make friends and fit in by buying branded clothes. This is a huge problem for girls since they seem to be more fashion oriented. But what if all that money could be saved by simply buying only when you really need clothes?

* Stay away from sales when you don't need clothes. Even if the clothes are cheaper, there is no reason to buy them if you don't need them. As a high school student, clothes might be the most expensive item on your shopping list.

* Entertainment Discounts: Every once in a while you feel like watching a movie. Why not go on discount days? In my town every Tuesday the ticket is $5 less than usual. Find a good place to watch movie which offers discount rates on some days. On those days you can go and have fun for less money.

- There are no drawbacks to this. You watch the same movie, the same theatre just a different day. Those few dollars add up quickly. Lets say you watch one movie per month (Most of you watch more than that), but lets just say you saved $5 per month on movies, that would be $320 by the time you graduate. This is just for the movies; wait till all other savings add up.

* Lunches: You don't have to buy a combo everyday. Save on lunch food by simply buying less or making food at home. This will again save a lot of money by the time you graduate. Home lunches cost around $1 on average if prepared everyday, and cafeteria food costs around $5. That is 4 dollars of saving 5 days a week. That is a whooping $3840 saved on food in four years!

* Travelling Costs: Buy a bike or walk to school rather than taking the public transit everyday. A bike will cost $350 the first time you buy it, but in the long run you will save more by not taking the bus. Walking of course is the best option for most teens to save the most money. Let's do the math again. A bus ticket costs $1.50 each and you will be using two everyday. $15 every week and $780 every year which is already more than the cost of your bike or the "cost" of your walk.

* Trips: You don't have to waste over two grand on the international trip if you don't feel like going. It is a big decision to go to the international high school trips. If you want to save up, then your best bet is to not go on them. You can go on the smaller trips to have fun, and forget about the international ones.

* It is tough to not go to the trip of your life, so this tip is optional for anyone who can do it.

Here are your 5 tips to save when you are in high school. Although summer months have been included in the calculations for savings, you will still save around the same as stated.
Remember that saving in high school is easier to do, than to save later in life. So start now and good luck!

No comments: