8 money tips for high school students

Everyone likes to have their own money. After all, it generally means more financial freedom and less having to rely on your parents for every little thing. But when you're in high school balancing homework, sports, and social life, working a full-time job isn't always an option. So, how can you start being smart with the money you do have?

8 smart money tips for high schoolers

Whether you have $5 or $5,000, it's never too early to start adopting smart money habits. Here are eight tips to start putting into practice:

1. Explore part-time jobs or side hustles

One of the best ways to earn money in high school is by working a part-time job or starting a side hustle. A part-time job is where you work scheduled hours for a company. This could include lifeguarding, scooping ice cream, or working retail. A side hustle is something that you do on your own time, so it offers more flexible hours. This could include selling your artwork on an online marketplace, mowing lawns, or tutoring classmates. Explore some options and see what works best with your current academic schedule.

2. Avoid peer pressure spending

It's tough when everyone around you has the latest shoes, phone, or latest viral fashion trend. But just because it feels like everyone has it, doesn't mean you have to, as well. Before buying something, ask yourself: Do I actually want this? Or am I just trying to keep up? If you want to purchase something, make sure it's because you want it—it's more rewarding that way.

3. Open a bank account

Opening a checking or savings account is a great way to help you manage money. Money that you use for everyday spending will go to your checking account, while money you're not planning to spend right away will go into your savings account. Once you have your bank accounts, you'll typically have access to a mobile banking app¹ where you can track your money, set savings goals, receive direct deposits, and even connect with budgeting apps.

Checking accounts also give you access to a debit card and you can review your spending in app but enjoy the convenience of safe and secure access to your money.

4. Learn the basics of budgeting

Start learning how to track what you earn and spend—even if it's only $5 a week. Budgeting is meant to get you in the habit of tracking how much money comes in and goes out, as well as where it goes. There are plenty of ways to budget—through apps, notebooks, or spreadsheets. Find what works for you and then stick to it.

To begin budgeting, start simple:

• How much are you spending?
• How much are you saving?

From there, start breaking it down further. You might set up specific categories like saving for college vs. saving for sneakers, or budgeting gas money vs. weekend fun. There's no "perfect" way to budget. The important thing is that you make it a habit for yourself now so when bigger money decisions come your way, you feel prepared. Check out a webinar on financial basics for more budgeting tips from the comfort of your own home!

5. Set short-term and long-term savings goals

Not all of your savings goals operate on the same timeline. Some might be for this month, while others might be years down the road. Being able to separate these goals into short-term and long-term can help you stay focused and motivated to reach them all:

• Short-term savings goals: These are typically smaller goals that you want to reach in the near future. This could include concert tickets, holiday gifts, or even being able to cover your phone bill. Short-term goals generally range from one month to one year.
• Long-term savings goals: These are larger goals that take more time and more money to reach. This might be buying a car, saving for college, or planning a graduation trip with friends. Long-term goals generally range from one to five years.

Need help with your next savings goal? Check out Citizens Savings Tracker®² and start making plans for your future.

6. Find little ways to save big

Saving isn't always just putting money in your savings account and calling it a day. There are other ways to cut down on spending costs that add up fast. Here are a few simple ways to save more without feeling like you're missing out:

• Bring your lunch from home instead of buying it every day.
• Use your student discount whenever you can (think subscriptions and retail!).
• Before buying something on impulse, give yourself a set amount of time to think it over.
• Order water instead of a drink when out to eat.

It might not seem like it makes a big difference now, but these little costs do add up over time. Learning little ways to save now leads to more freedom later on.

7. Start learning how to invest*

Think you can't start investing your money? Think again. We recommend starting with the basics: What is investing? What's a stock? How does a Roth IRA work? Teen friendly apps can be extremely helpful as you start out. You don't have to start big with thousands of dollars—just start learning. Once you're comfortable with it, start finding ways to potentially let your money grow for you.

8. Keep learning about financial literacy

Continue learning about money! There are always new tools, apps, books, and even online creators sharing fresh money tips. You might find a new podcast to listen to or even quick money saving videos to return to. The more you learn along the way, the more you'll grow in your confidence surrounding money.

Don't put too much pressure on yourself

Finances can feel stressful—especially when you are young. But just remember, no one is perfect with their money and everyone makes mistakes. That's all part of the learning process. The most important thing is that you stay focused on your goals and never give up. Oh, and don't forget to save room for fun experiences that make life meaningful. This is your life to live, so start with what you have and keep building from there. You've got this!

Explore more money hacks, helpful resources, and student tailored products in the Citizens Student Hub.