In between everything that goes on in a high school student’s life, it’s easy to lose track of the amount of money that we spend. At this age, it’s crucial that we learn how to manage and use our money properly. I was curious to see how much money I typically spend within a school week without even realizing it. So, for a full school week, I documented and tracked how much money I spent and how I spent it in hopes to improve the way that I spend my money. Take a look at the outcome of my tracking:
After taking a look at my results, I was honestly surprised! The amount that I spent was definitely higher than I expected. Using this data that I collected, I am going to start a plan/budget to decrease the amount that I spend within a week. A simple thing that I could do to save money is eating out less. There are plenty of different ways to save money. Let’s take a look at the 8 simple tips that the Bank of America recommends for saving and budgeting.
Record your expenses- Keep track of the amount of money you spend as well as how you spend it. This will be important in determining what you need to limit in order to save money. There are many free apps that allow you to track your spending. A good recommendation is the app Clarity Money , which is free to download on the App Store and Google Play store.
Budget- Once you know what you need to limit your spending on, create a reasonable budget that fits your personal lifestyle. Set a limit to the amount of money you spend on each thing.
Cut nonessential spending- Try to limit your spending on things that are nonessential, such as fast food and subscriptions/memberships.
Set goals- Think about what you want to save for. Set long and short-term goals for yourself. You are more likely to save money if you have a reason/goal to do so.
Determine your priorities- Remember your long-term goals. Think about how important they are to you and set a plan on when you will begin saving to reach them.
Pick the correct tools- If you plan on saving money for short-term goals, it is recommended that you use a savings account. If you’re saving for a long-term goal, consider using an FDIC or securities.
Automatic saving- If you opt to do so, you can automatically send a portion of your check to your savings. This will ensure that you don’t forget, and that the money gets there safely.
Watch your savings grow!- Check on the progress of your savings each month and adjust your budget or plan accordingly.