Having your own income while you’re still in secondary school is a great way to learn about financial responsibility. Being able to pay your own way is a rewarding feeling for anyone. At the same time it’s important to start saving some of that hard earned cash for your future. If you’re in secondary school and you’re wanting to save some money, the following tips may help.
Put money away
Take 10% right off the top of any income you earn, and put it into a savings account or a even better put it into a Wealthify Junior ISA because Junior ISAs are a tax-efficient way for you to save up to £4,368 each year. Money in a Junior ISA belongs to the child, not the parent, and can only be accessed when you turn 18 which means that you will not be tempted to pull it out! Don’t touch it no matter what. If you’re making £50.00 a week that’s £5 a week. Times that by the month, it grows to £20. Times that figure by 12 and your investment has blossomed to £240 Imagine if you can set 15 or even 20% aside.
Limit your extracurricular expenditures
Limit your extra curricular expenditures. Who doesn’t like to go out for a nice diner and a movie, or buy brand new designer clothes and all the accessories that make up the total look? This might seem like the thing to do with your money, but it’s not a good way to save money. Put a limit on how much you’re willing to spend weekly for fun or your appearance and stick to it.
Ride the bus or walk
OK, so this one might be a hard one to swallow considering how easy it is to drive, but it’s a great way to save tons of money. Not only are you not throwing your money into petrol, you’ll reduce the wear and tear on your vehicle considerably. With the cost of petrol at an all time high this is a wise decision if you want to save some real money.
Drive an older car
It doesn’t have to be some beat up heap that gets 3 miles to the gallon, and sticks out like a sore thumb. Invest in something that’s 4 cylinders or less for good gas mileage, is in good running shape, and doesn’t have a ton of miles racked up on it. Not only is the insurance cheaper, replacement parts are as well. Keep it tuned up, check the tyre pressure often, and change the oil regularly and you’ll have a way to get around that’s cheaper to maintain than a newer car.
Saving money for anyone can be tough. Starting now while you’re still in school is a good beginning. You will then have a cushion for University living costs. If you decide not to go to University then the money can go towards travelling or even moving out of home if that is your priority!