The average cost of college is over $35,000 – an amount that has grown astronomically over the years. Some young adults may receive financial help from their parents, but others are left to fend for themselves. You should start saving now if you’re a high schooler planning to receive a college degree. And even if you’re already a senior, it’s not too late to start saving for your education. You can also get college credit in high school while you’re at it.
Ready to get to work? Here are ten ways to save money for college:
1. Get a Part-Time Job
Most states allow teenagers to get a work permit and start working between 14 and 15. However, you must be 18 in a handful of states, including Nevada, Arkansas, and West Virginia. High schools can easily get jobs at grocery stores, fast food restaurants, and movie theaters. You shouldn’t expect more than a couple of dollars over minimum wage, but you have to start somewhere. Also, don’t expect to work 40 hours per week – it’s crucial to maintain a healthy balance between school, work, and extracurricular activities. Not only that, but most states only allow minors to work a limited schedule, such as 10 to 20 hours per week.
Working while you’re in high school isn’t just an excellent way to make cash for college; it’s also a great way to start building your resume and worth ethic. You may have a one-up once you graduate college and start looking for a “grownup” job.
2. Create a Budget
Budgets aren’t just for adults – high schoolers should have them, too! Creating a budget helps you manage your spending and gives you excellent practice for adulthood. Our platform features a simple budget tracker [ew1] that enables you to visualize your income and expenditures over a period of time. Be sure to build college savings into your budget, even if it’s only 10 or 20 percent of your monthly income.
3. Review Your Subscriptions
Grownups and teenagers tend to subscribe to all sorts of services (gaming, streaming, etc.) and eventually stop using a handful of the subscriptions. A ten-dollar subscription here and there doesn’t sound like much, but they can add up over time! Our innovative platform gives you the upper hand with a useful tool to keep track of subscriptions[ew2] . Once you add up all your subscriptions, you might be surprised how much you’re spending each month. However, there’s a good chance that you can ax a large percentage of your subscription services and save more cash for college.
4. Pay Your Bills on Time
If you’re still in high school, you probably don’t have a lot of bills yet. As a matter of fact, your parents probably collect most of your bills. Nevertheless, paying bills on time is an excellent practice to prepare for adulthood and save money by avoiding late fees. For example, if you pay your teen credit card bill late, you could get hit with a $30 late fee. Wouldn’t you rather put that money towards college or splurge on a nice meal? Fortunately, most online banking platforms have a tool called “bill pay,” which allows you to automate your monthly bill payments. By setting up automatic payments, you’ll never have to worry about a late payment again.
5. Earn College Credit in High School
Take advantage of dual-enrollment courses at high school that give you college credits. Many of these courses are Advanced Placement (AP) classes that reward you credit recognized by four-year universities. Yes, these courses are a bit more time-intensive, but they’ll undoubtedly lift a load off your shoulders once you start college. Some high schools also partner with local community colleges to non-AP classes that give you college credit. If you’re not sure how to get college credit in high school[ew3] , you should review your school’s curriculum or speak with a guidance counselor.
6. Apply for Scholarships
Scholarships are free money and inarguably one of the best ways to fund your college education. There are hundreds of resources you can use to find scholarships. Two of these resources stand out amongst the rest: Scholarships.com and the U.S. Department of Labor’s free scholarship search tool. While using these tools, it’s essential to filter on scholarships you qualify for; be mindful of GPA, gender, and location requirements. Many scholarships also require you to write an essay, so you’ll want to brush up on your writing skills beforehand!
7. Pay Down Your Student Credit Card
Learning to use credit as a high school is priceless to prepare for your financial future. Many companies offer credit cards for high schools, but you’ll need a guardian to help you get started. Even though you won’t get a high credit limit, you should be careful of carrying a balance and incurring interest expenses. These interest costs can increase significantly if you don’t pay down your student credit card, which can ultimately make it challenging to save for college.
8. Sell Your Unwanted Junk
Take a look around your bedroom – when was the last time you played your gaming console or wore those Levi jeans? You’ve probably outgrown a lot of clothing and toys since your elementary and middle school days. Don’t let these items collect dust – sell them! Although you might need a parent’s help, it’s a breeze to sell unwanted belongings on eBay, Amazon, and thrift stores.
9. Attend Community College First
Community colleges offer high-quality education at a fraction of the cost of four-year universities. Best of all, most of the courses you take at a community college will transfer
to the four-year university where you finish your degree. In-state community college tuition costs approximately $5,200 – much cheaper than a private or public four-year university! Not only that, but community college may help with the transition from high school to higher education.
10. Avoid Impulse Buying
Lastly, avoid impulse buying – you don’t want to end up with tons of junk that you’ll never use. If you ever get in the habit of making unnecessary purchases, be sure to use our platform to track your spending. With Chunk, you can set up notifications that alert you once you hit a predetermined spending threshold.
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