Key Takeaways
- Saving money in high school is important so you learn to build financial habits that stick, reach your financial goals faster, and learn the value of money.
- Whether it’s putting aside special occasion money, your allowance, income from odd jobs or part-time work, or earnings from a creative side hustle, every bit counts.
- Saving alone isn’t enough, instead, create a budget where you can keep track of how much you’re earning, saving, and spending, and then pair that with smart spending habits to ensure you reach your financial goals.
It’s never too early to start saving money in high school—especially if you are saving money for college. Yes, even in high school, there are a number of things you can do to help ease the financial strain later on when it comes to tuition, living expenses, and other college fees. Wondering how to save money in high school? Here are a few ways you can start saving now.
Why You Should Start Saving Money in High School
While saving money in high school might not sound like the most exciting thing, it’s smart to learn how to save now before you live on your own. Here are a few reasons why:
- You’ll build financial habits that stick. By saving a little bit now (we’re talking even just $10-$20 a week), you learn the importance of consistency and how to manage money—whether you have a little or a lot.
- You’ll reach future financial goals faster. Want to afford all of your college textbooks, buy a new car, or even go on a trip with friends without all the money stress? When you take the time to figure out how much you’ll need, you can start to actively work towards the life you want.
- You’ll understand the value of money. When you’re spending your own money, you become increasingly more conscious of how much things actually cost—and that awareness can often lead to wiser decisions when it comes to spending. Maybe those new shoes are worth it, or maybe you’d rather hang onto that cash and put it towards a bigger, more meaningful goal. The decision is yours, so choose carefully.
5 Great Ways To Save Money in High School
Many people think that to start saving money in high school, you have to work a job. While having a part-time job certainly can help, here are other ways you can start to save:
1. Special Occasion Money
Opening cards on your birthday, graduation, or Christmas morning can be just as exciting as unwrapping the gifts, especially when there’s a crisp $10, $20, or (if you’re lucky) even more tucked inside.
And if you’ve really been trying to save up for something you want, try the half-and-half approach: stick half of the cash in the bank and tuck the other half in your pocket. Just make sure whatever you’re spending it on is really worth it. If not, saving is probably the better option.
2. Allowance
If your parents or guardians dole out a weekly or monthly allowance, ask them if they could instead transfer it straight into your savings account rather than into your checking account or giving you the money directly.
Your allowance is most likely a steady stream of funds, however large or small, that can really add up over time. Use it to give yourself some cushion when it comes to future college expenses, like unexpected fees, late-night food runs, or even a futon for your dorm room. Being able to buy quick wants might seem nice now, but saving can set you up for the things you’ll actually need later.
3. Odd Jobs and Chores
If your parents are willing to pay you for them, offer to do some bigger chores around the house—just aim for things that aren’t already on your regular chore list. This could be organizing the garage, deep-cleaning the fridge, painting the bonus room, or even mending a broken fence.
You can also take odd jobs around the neighborhood if your neighbors are up for it. Start a small dog-walking service, mow yards, or pull weeds from gardens for a small fee. Any amount of income can help, and you might be surprised how many people are willing to pay for help with the tasks they just don’t have time for.
4. Paychecks
Like we said, one of the best ways to save up money for college is by finding a part-time job. Think babysitting, retail, barista shifts, lifeguarding, serving tables—whatever fits your schedule and interests. Whether you work in the summer or during the school year, even a minimum wage opportunity can be a big help. Paychecks are a great source of steady revenue that can also be deposited right into your savings account.
Some jobs might feel boring or tedious at times, but you’ll thank yourself in the end when you can pay for textbooks and something other than instant ramen for dinner. Not to mention, jobs like these look great on a college application—so it’s a win-win.
5. Get Creative!
If you have a particular skill, put that talent to work. Maybe you love to make art. If so, make an Etsy shop and start selling it online. If you’re obsessed with organizing, host a garage sale and earn some money in return—also getting rid of some old things while you’re at it. Maybe you love a certain subject. Offer up services to your fellow students, like tutoring, editing papers, or helping with test prep. Whatever your gift is, there is a good chance you can earn some money from it through a side hustle.
Create a Budget
Once you have a steady stream of money coming in, it’s important to know how to manage it. While you’re still in high school, you might have the advantage of saving more since you’re not covering big living expenses just yet. In this case, a budget can really help you make sense of what’s coming in each month—and where it’s going.
Budgeting doesn’t have to be complicated, it can be as simple as tracking three categories: earning, saving, and spending. You can use a budgeting app that links to your bank account or make a simple spreadsheet. Just make sure your savings goals are clearly outlined in your budget. This is a way to ensure you control your money instead of the other way around.
Adopt Smart Spending Habits
Smart spending is all about the small decisions you make daily. It’s easy to spend your money without even realizing it. Fast food, DoorDash orders, Starbucks runs, and online shopping might not always seem like a lot, but those purchases add up fast. You don’t have to cut everything out—just find a healthy balance.
It’s also okay to say no! Peer pressure is real, but so is your financial future. Be upfront with your friends and let them know that you are trying to save up for your financial goals. Communicating your intentions with others can help you stay on track and decrease the urge to overspend on unnecessary items. And if your friends are constantly suggesting plans that cost money, offer up a free alternative like hanging out at a local park or hosting a movie night at your house.
When it comes to saving money in high school, every little bit counts. Whether it’s babysitting on the weekends, pausing your takeout trends, or saving your birthday money, you are building saving habits that are going to stick with you for years to come. It might not seem like much now, but just know that every time you deposit money into your savings account, you are one step closer to reaching your goals. Your future self will thank you later!
There are many ways to pay for college, whether it’s through scholarships, grants, loans, or internships. They are all available to help pay for your tuition! Use College Raptor’s College Match tool to see what kind of financial aid you can receive from specific colleges as well!
