Broke on a budget: Managing finances as a student

Many students struggle with managing finances on their own. Learning to manage a budget is a vital skill when preparing to go off to college.

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Many students struggle with managing finances on their own. Learning to manage a budget is a vital skill when preparing to go off to college.

From going to school, applying to college, doing homework and keeping up with a busy social life, being a high schooler is difficult. Now, imagine maintaining a job at the same time.

Working as a high school student can be stressful. Despite having a job, the majority of working students still consider themselves broke because not all jobs are willing to pay more than minimum wage, which is $7.25. Or, they may simply have trouble budgeting their money.

“Senior year is pretty hard because I have to apply for colleges…so I have to manage my time to finish homework and get to work,” Janona Pirlepesova (12) said.

However, although it is hard, most high schoolers will agree that working a job while in high school has its benefits. The extra income covers the cost of gas or outings with friends that many students pay for themselves. Having a job also provides students with important life skills that will make the transition to college easier. 

“I think it’s helpful because you get a head start on learning how to budget money and manage time,” Pirlepesova said. “If you start later, you have to adjust and it can be a bit more difficult.” 

Budgeting is a vital life skill that should be learned sooner rather than later.

Some quick tips for budgeting money better are eating at home instead of always going out, keeping cash on hand to avoid spending more than you can afford and always knowing how much money you have saved away. 

“You shouldn’t spend money on unnecessary things and you should definitely know how much money you have. You should also plan ahead,” Pirlepesova said.