Are you a student wondering how to start saving for university in high school? We’ve got you covered. From getting a part-time job to opening a savings account, here’s how high school students can get a head start on their university savings.
Before you start saving for university, you need to know how much money you’ve already got and what you spend it on. In other words, you need a budget. Budgeting teaches you how to manage your finances and control how much you’re spending. Look at:
- How much money you get each week, for example, through a part-time job or your weekly allowance
- What you pay out in travel costs and bills
- How much you spend on other things like social activities, food, and clothes
Budgeting is a great way for any student to learn how to start saving for university in high school.
Look for ways to save money
Chances are you’re spending way more than you think each week, but don’t worry! It’s simply time to find ways to save money.
High schoolers can save for university every single week by simply:
- Checking out free events in the community rather than always paying to go to places with friends
- Taking a packed lunch to school and putting lunch money towards university
- Skipping the morning Starbucks and saving money
Get a job
When you think about how to start saving for university in high school, a part-time job is probably one of the first ideas that comes to mind.
Getting a job is a great strategy because it’s all about making money rather than finding ways to cut spending. Even if you have a packed academic schedule, you might get a weekend job, a summer job, or just mow lawns and wash cars in your spare time.
Getting a job isn’t just about the money, either. You’ll learn new skills and you may even make some friends. Have a look around the local community and see what opportunities are out there.
Open a savings account
One of the best ways that high schoolers can save for college is by opening a savings account, such as an interest bearing savings account.
An interest bearing savings account is simply a savings account that pays interest on the balance. So, you’ll earn interest on however much money is in your account at any given time.
A savings account, then, can make your money go a long way – if you don’t already have one, ask your bank about the best options available to you, and always ask your parents for their input.
Apply for credits early
If you’re already juggling school with a part-time job, but you think you can handle college or university credits, you might consider applying for summer school.
How does this tie in with how to start saving for university in high school? It’s simple: if you get college or university credits now, you won’t need to take so many classes when your course starts. Taking fewer classes might reduce the tuition fees you owe to your university – so, it’s definitely something to look into.
Remember, though, that you should always talk to your school counsellor and your parents before apply for summer school or signing up for extra classes, especially since there may be costs involved.
Also, you don’t need to take extra credits in high school – you should only take these classes if you’re ready for them.
Look for scholarships
When it comes to saving for university, scholarships are a hugely beneficial tool to reduce your expenses. You should explore scholarships as soon as possible, even if you’re only 16 or 17. Check in with your school counsellor and find out what scholarships you can apply for right now, or soon.
UCAS is a great source of scholarship information for universities and courses across the UK. Chances are, there’s at least one scholarship you could apply for.
Sell unwanted goods
When you think about how to start saving for university in high school, selling goods might not be something you consider. But guess what? Those clothes you never wear and the books you won’t read again – you can sell them and put the profits aside for the university fund. You could have a car boot sale, or you might ask your parents to help you sell goods online through sites like eBay.
The best part? You can declutter your room and free up much-needed space!
With a little creativity and forward planning, anyone can learn how to start saving for university in high school. What’s most important is that you learn how to budget. Following a budget can help you manage your finances through university and beyond.
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