How to Manage High School Children's Finances – High school is a time of transition from a teenager to an adult full of memories. With the pocket money you have, coupled with the fun of school life, many exciting moments are passed. But, don't let your pocket money and your snacks don't match, OK? You have to manage your finances.
Managing finances is very important to start as early as possible. Quoted from Kompas.comSome sources state that managing finances as a teenager can make you more independent. So, you are also used to having careful planning and being protected from difficulties due to urgent needs. So, how do you start managing finances for high school students? Check out the following explanation!
Also Read: Allowance for High School Children and How to Determine It
How to Manage High School Children's Finances
Differentiate Needs and Wants
You have to differentiate between what you need and what you want. For example, you are given pocket money for lunch at school. Meaning, your lunch is what you need. The rest you can use for your desires, such as snacks or items in the cooperative. Prioritize using money to meet needs first.
Set Your Priority
When you want something, you have to prioritize it. Set your priorities, put the things you need most first. When the first priority is met, then realize the next priority. Don't let your money run out on something you don't need, okay?
Always Set aside Money for Saving
After your needs are met, don't forget to set aside your money. You should refrain from spending your money, except in an emergency. No matter how small the amount, even if it's small change, save it! Little by little, over time it becomes a hill. Remember: the happiness of saving can only be felt when you have a lot of savings, hehehe.
make it Goals for your savings
In addition to school, you definitely have other needs and desires such as new gadgets, weekend trips with friends, etc. Well, start saving your pocket money and make goals-his. Sort your goals from the most to the priority. Save money for each goals that you have. To make it easier for you to record and save, use a financial application that has this feature.
Make calculations for Needs, Wants, and Savings.
To be able to meet your needs and desires while still saving, you can make calculations. You can use the 50/30/20 percent method. For example, you use 50 percent for your needs, 30 percent for your wants, and 20 percent for savings. You can also change the order of the percents. Tailored to your goal!
Keep track of your expenses and income
In order to be able to manage finances well, you must know for sure what your income and expenses are. So, keep track of your expenses and income. This record is made so that you can see your financial flow. Once you understand your financial flow, you can easily create savings goals or other money management plans.
Monitor Expenses, Generate Income
In addition to managing expenses, you can also find ways to get income, you know! You can try starting a small business to increase pocket money. Choose a goods or service business that is a hobby or passion-your. You can offer it to those closest to you, such as friends or family. If you need a platform online To transact with your customers, use a cool and trusted financial app to help you earn!
If your finances are in order, you will…
Wiser and Independent
Always manage your finances well is a good habit. As an adult, you can be wiser in managing your own finances. You can always save for what you want. Your needs and desires can always be met.
Live Peacefully with Savings
The habit of managing money can make you diligent in setting aside money even a little. Your life will be calm because there is always savings. You can handle an urgent emergency fund with savings. Also, when goals your savings are reached one by one, happiness surrounds you.
Also Read: How much is college students' pocket money?
That's how to manage the finances of high school children. With its many benefits, start learning to manage your finances from now on! Come on, make it the Whiz Financial App. as your study buddy!
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