Financial Tips for the New School Year
2 min read
By Hailey Mergen
When starting school, it can be difficult to make good financial decisions. Between new clothes, school supplies, sports, and everything else that comes with school expenses, it is a lot of money to keep track of. The most important thing for students to do is to plan ahead and budget their money. Saving money over the summer is one way to do so. Shopping for new clothes can be extremely expensive, so students should make a backup fund just in case the cost exceeds the budget. When asked how she keeps track of her money, Allison Urick stated, “I normally check my bank app every day as well as keep a check book.” It is always good to keep track of how much money you have daily as she does. Lunch can also become expensive for students who pack food from home. It can be much cheaper to buy things in bulk and pack cheap, simple things like sandwiches. Students should try to only buy things that are absolutely necessary. It is also important to start thinking about saving up for after school education. Students who plan on going to college will need to save a large amount to cover the cost, so it is important for them to start saving for it as early as possible. When asked how she saves her money during the school year, Caleena Rummel stated, “I usually take so much money out of my paycheck depending on how much I make to put towards savings.” Putting as little as 10 percent of every paycheck into a savings account can go a long way when it comes to building a college fund. It is also beneficial to set a spending limit for each pay period. A common budgeting strategy is the 50, 30, 20 method. Set aside 50 percent of every paycheck for needs, 30 percent for wants, and 20 percent to save. This method ensures that all money made is accounted for. Similarly, the envelope method also accounts for all money, but in a more tangible way. All money is split up into envelopes for different categories. Even if these methods do not seem like a good fit, there are many other ways to budget. All of these things can be an enormous help with not overspending during the school year.
