6 Money Rules for High School Students

One of the most valuable lessons you have the opportunity to learn while in high school is managing your finances. Decisions, big and small, have an impact. Here are 6 money rules to keep in mind:

Create a spending and saving plan.

It’s easy to swipe your debit or credit card and not realize how much you’re spending or where you money is going. Don’t wonder; take control of your money and create a budget to allocate your funds appropriately. Decide how much you will spend on what and stick to the plan. Be realistic and modify it as necessary.

Save

Save as much as possible when you’re young and don’t have as many expenses during the month. Set a saving rule for yourself. For example, “I will save 50% of any money I receive/earn.” Once you set your rule, set up automatic transfers and stick to the plan.

Be smart with credit.

Not all debt is bad. In fact, building credit and improving your credit score, or “financial GPA,” is good. To do this, you have to be responsible. If you have a credit card, charge only what you can afford to pay back and no more. Keeping balances low or at zero and making on-time payments are two of the most important factors that affect your score.

Safeguard your identity.

Each year, there are millions of identity theft victims. This costs time, money, and heartache. Be cautious. Shred documents, limit the sharing of information, and visit annualcreditreport.com to periodically obtain a free credit report. A credit report is like a financial report card that lists your credit accounts in detail.

Don’t put all your eggs in one basket.

We all have dreams. Some of you may want to be a singer or an athlete. Others may dream of attending a particular university. While it’s important to set goals and work towards achieving them, it’s equally important to have a back-up plan in the event that something doesn’t go as planned. Always be prepared.

You are your most important asset.

Invest in yourself. Educate yourself and develop your skills. Get certifications, attend seminars, and learn the most that you can. It’s through self-development that you set yourself up for success.

Have questions?

Stop by the Akins High School branch where our staff can happily guide you through additional information to help you manage your money.