By Jessica Nguyen & Brian Pham
Managing and making money can seem intimidating, especially for a high school student, but don’t let that stop you from learning. Even if you are young, it’s important to lay the groundwork before entering college, where you will have to take on more financial responsibilities. There are plenty of resources available to learn more about financial management, so start now!
The first step to money management is actually having money to work with. Here are some ways for students to earn money.
Get a job
Getting a job is one of the most common ways for students to start their path to successful financial management.
“[Getting a job] definitely made me more financially responsible because it’s a new feeling to have money that you know you have and it’s your decision now on when to spend and when to save,” said junior Laura Sabate, who works at Paychex.
While finding a job in high school—from creating your resume to being interviewed—can be difficult, it is a great way to make money, gain work experience and show maturity as a teen.
“[Working] made my schedule pretty busy. It was just getting used to not having even more time to myself. You definitely get used to it though, especially if you have a goal and reason to why you’re working in the first place, which for a lot of high schoolers is to make money independently,” Sabate said.
Before finding a job, make sure to acquire a work permit from your school if you are under 18. Only students above the age of 16 in good academic standing are allowed to get work permits and must renew them every school year. Work permits can be picked up from the supervision window or follow the online steps through the district website.
You will also need a resume before you apply for jobs. There are many templates and guides on how to create a resume.
Once you have a work permit and resume, it’s time to look for a job. One easy way to look is to just look up jobs available near you. Looking at jobs posted in the office and asking parents, neighbors and people around you is a great way to build experience job hunting and establishing connections. Websites such as Indeed are also useful for job hunting.
“I got my job because my dad worked there and my sister too previously. I was really lucky because it is a well-established corporate job,” Sabate said.
There are also many jobs that do not require a work permit, such as babysitting for family members or cutting the lawn for neighbors.
“Getting a job as a high schooler can only help you, but don’t worry if you feel like you’re not ready for a job or if something just doesn’t allow you to get a job. In the future, you will eventually have to get a job so it will always be waiting for you,” Sabate said. “Just whatever you do with your youth in high school, I hope it’s something you’re enjoying and feels fulfilling to you.”
Start a small business
For many students who are unable to work part-time, starting a small business is a good alternative.
Whether it’s selling food, making jewelry or doing art commissions, there are a variety of things you can do. The sky’s the limit!
“I started off reselling about a couple years ago when sneakers and hype clothing were a hit with my friends. Brands, like Yeezy, Jordan and Supreme, were really in and I figured it would be a good idea to make it a side hustle and hobby away from school to make some quick cash,” junior Ethan Exequeil said.
While starting a small business is not easy and can be time-consuming, it can be worth it in the end and even more rewarding than working for someone else. Starting your own business allows you to learn about other important business and finance concepts, like stocking inventory and marketing. It also comes with more flexible hours and creativity.
“Sometimes, it can be tiring to wake up early for a drop for shoes or clothes but this amount of effort to possibly score some good profits for yourself is definitely worth it,” Exequeil said. “I definitely recommend everyone who has some extra clothes or wants to start reselling to get that bag and benefit yourselves.”
To start gaining traction for your business, post your goods and services in community Facebook groups, make an Instagram business account or promote on your personal social media accounts, and reach out to your friends and family.
What to do with your money
Making money is just the first step in being financially responsible. Keeping it and making good decisions is another. Here are some tips you can follow in your everyday life to help you save!
Budget your money
Going out and spending money can be tempting, but it is important to remember what your limits are. Use a journal or websites, like Mint and PocketGuard, to keep track of your spending and set budgeting goals. You can also keep track of your finances on Google Sheets.
You don’t need to cut out money spending completely, but always think about alternatives you can take for things that require you to spend money.
For example, when going out with friends, try to avoid spending money at expensive restaurants. If you really want to go and spend money, think about the cheaper options on the menu. Alternatively, if the food is expensive, try splitting the dish with your friends.
It might even be better to stay at home and try to make your favorite dishes yourself. Buying ingredients is often cheaper than spending at a restaurant, and you might even have most of them at home.
Even though it is important to budget your money, always make sure to reward yourself every once in a while!
Find deals
Finding deals for anything you want to buy can be difficult, but there are multiple ways to do it.
Many large retailers and businesses offer coupons and discounts if you check their official websites or apps to download coupons digitally. You can also check out websites like Groupon that offer deals on a variety of services and products.
In addition, it might be better to buy things second-hand. This includes buying from your local Facebook Marketplace and websites such as Craigslist and eBay, where you can find a variety of cheap goods. Be sure to do your research on who you buy from to make sure they are trustworthy and a safe dealer. Thrifting is also another alternative to shopping and is more sustainable.
These are just a couple of ways to start making money and build good money habits. Money management skills are priceless, so start now and good luck, Barons!
