5 Financial Planning Tips for High School Students

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High school life can be challenging, especially if the student is in their first year. Many may not have independently handled money. Without any financial knowledge, they can spend all their money within the first month.

Good financial planning can help the student have surplus money at the end of the semester or even enough savings for their out-of-pocket expenditure in college. The following tips will help you plan your money wisely.

financial planning

Self-control is important

Spending money requires a high-level discipline. Many offers will come your way to entice you to purchase. Some offers will give you a chance to buy on credit. Without discipline, you may find yourself buying things you don’t really need.

Everything on sale is good, but not everything is useful to you. Before you make your mind to buy, take time to think if the item is necessary. Some stores will offer you to buy a packet of cereals on credit.

You should first ask yourself, why should you buy breakfast cereals on loan and then repay with interest?

Always spend on a budget

Probably you have learned this principle from your parents but if you haven’t, you should learn how to budget. Budgeting is done in proportion to the amount of money you have. If you have $1,000 to sustain you for one semester, all your spending should be within those limits.

You may start by a look into your weekly spending of the basic needs. Buy the food you need for one week and set aside your commuter money if you need any. Make sure your rent is paid on time or in advance.

Going back to discipline, spend wisely and do not exceed the budget. You will learn to avoid debt or going back to your parents now and then.

Pay for essays when you can’t write

Managing your finances well is a wise decision. It helps you spend your money for the right reasons like paying essay writers to write your thesis and dissertation. Due to time constraints, college assignments might overwhelm you.

To make your work easier, ask EduBirdie to help you write your assignments. Lessons and study take a lot of your college education time. You should consider using some of your savings to pay for essays. It’s not expensive at all so you can afford it easily.

financial planning

Protect your money

Chances are that something negative might happen and you lose your money. You can never envision thieves snatching your bag, but it can happen. One of the ways to protect your money is through insurance. Ensure your rented house is insured from calamities like fire and burglary.

Disability insurance helps you continue earning some money if you get involved in an accident and become physically challenged. A retirement account helps grow your money from an early age. If you get into a crisis, you can use the package to get a loan.

Look for ways to get extra money

Being in high school gives you chances to get more money. You may not need to go out looking for a job because you are in school the whole day. Maximize on opportunities that you get.

Every semester, apply for as many grant opportunities as possible. Out of the total, you may get a few grants to help you have some extra money in your pocket. Many organizations offer scholarships. Apply for as many scholarships as possible. You never know which one will prosper. Go further and apply for Federal Student Aid.

Stay in a low-cost house or, if possible, with relatives

Costing of housing can take away all your money in a single semester. To save on rent, go for low-cost rooms. If possible, you should go for the lowest cost as long as you can study and commute from the house comfortably.

Some students join with another two or three colleagues and rent one house. It helps to save your rent cost and some food costs too. Another way to save on housing costs is to join a school that is near your parent’s home. You will be commuting to a nearby school and save big on rent.

Conclusion

There are many more ways in which a student can manage money. The most important way is to know to spend money that is budgeted for and avoid impulse buying. The student may also use online budgeting apps to help them write a monthly or weekly budget. The student should take advantage of every money-saving opportunity that avails itself before them. However, the opportunity should be wisely studied so that the student doesn’t lose money.

Author’s Bio:

Julius Sim is the Head of Support Team at EduBirdie and is his consistent efforts to build a strong CS and CX team that has helped the service be the best in the writing industry. He has great future plans for the agency and is already working closely with his team on that. His free time is for kite flying, swimming and writing short stories for kids.

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