10 Back To School Money Tips for Teens & Young Adults
With back-to-school shopping in full swing and a new school year around the corner, now is the perfect time to get educated on ways to stay financially fit throughout the school year. Whether you are headed to college, finishing up high school, or are a parent of a teen, the following tips will help you get educated on some back to school money tips and strategies to stay financially fit throughout the school year! Read on…
- Download a money-saving apps. Here are 25 of them courtesy of Lifehack.org. Ibotta, RetailMeNot, and Saving Star are a few of our faves.
- Make a budget. Tax Bar has many budgeting resources. With a budget, you can see where money is coming and going, and filter out unnecessary expenses.
- Use a prepaid credit card. It’s a good way to test the waters before getting a real credit card. Plus, you can avoid the heavy interest that can accrue over time with unpaid credit card balances.
- Set up a savings account. Set up a savings plan for the school year where 10% of your paycheck or allowance goes into savings. This is the number one element necessary for financial well-being.
- Get visual and put a picture of a future goal (like a car) in your wallet or backpack. This way, you’ll be reminded of your savings aspirations every time you go to spend money.
- Do your research… when it comes to school expenses and books. Online retailers like Amazon offer discounted textbooks and school items, for example.
- Create a rainy day fund. You might unexpectedly lose your job, experience a medical setback, or simply be overwhelmed by school expenses. Prepare today by creating an accessible emergency fund.
- Discover tax credits available to you. As a student, you may be entitled to specific tax deductions and credits like the Lifetime Learning Credit and the American Opportunity Credit.
- Did you know that some school expenses are tax deductible? Learn what’s available to you.
- Make money a priority. Managing your finances is a skill that will set you up for success for a lifetime. To start on your journey to financial fitness, take the Tax Bar Budget Challenge.
Hopefully this article gave you insights on money tips as teens or young adults. View more budgeting and financial education resources from Tax Bar Dollars & Sense, an initiative that helps teenagers learn about personal finance topics.
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