4 Money-Saving Tips for High School Students

Wondering how to save some cash as a high school student? 

Maybe you want to buy the latest sports gear, save for an upcoming event, or pay for an extra-curricular school function.

You are probably here to learn how to save money because you’ve heard your parents repeatedly say something like “there is no money” or “use this money wisely.”

However valid, these reasons should not hinder you from pursuing your financial goals. In fact, it should motivate you to devise budgeting strategies to help you save money. As a high school student, saving helps you:

• Reduce reliance on your parents for money
• Learn to buy what you need
• Create a good relationship with money at a young age
• Buy your favorite gadget or outfit
• Have extra cash to spend in case of an emergency

Today, ParenTeen Kenya will explain four excellent money-saving tips for high school students that will enable you to enjoy these benefits.

1- Put Aside Part of Your Pocket Money

Putting aside a portion of your pocket money for later use is like paying yourself. This concept is the first golden rule for anyone trying to save. It is like setting aside a percentage of your income, in this case, pocket money. 

Imagine it as the first bill you must pay when your parent or guardian gives you money. 

For instance, save a percentage of the money you receive after completing a paid task, from your allowance, or as a birthday gift. Such discipline will come in handy when you go to college or later in life when you have more responsibilities to shoulder.

If, for example, you get 1,000 shillings as pocket money, you can tuck away 200 shillings before you plan how to spend it. 

To avoid using the saved money, deposit it at the school bursar (until you close school) or ask your parents to hold on to it. 

Additionally, buy a savings box (it has a hole for squeezing in money), lock it and give the keys to someone you trust to keep it for a specified period. 

Pro Tip: Ask your parent or guardian to open a junior savings account for you. This option will enable you to take advantage of the interest banks give to people saving with them. 

2- Avoid Buying From Designer Branded Stores

Avoiding designer brand stores is another effective budgeting strategy for high school students. Designer items are usually costly. Therefore, resist the urge to indulge with your peers in buying expensive and, in most cases, unnecessary items at branded stores. 

Money saving, as we discussed earlier, requires discipline. You can resist such pressures by going straight home instead of accompanying your friends to shopping malls, where you may buy things you do not need.

For instance, instead of buying clothes at branded stores like Mr. Price or Bata, you may opt to shop at discount stores, such as Think Twice, and second-hand markets like Gikomba, Mutindwa, or Toy. 

Arguably, independent vendors are better because, unlike branded stores, they are not under pressure to sell their products at a high price. In addition, local vendors can sell based on how well you can bargain.  

Pro Tip: Balance price and quality by shopping at stores with quality products. This move ensures you limit buying every so often, saving you money.

3- Sell and Buy Used Textbooks

As a high school student, you know very well the ever-biting cost of textbooks and the burden they put on parents. Even the thought of losing those precious books is enough to send shivers down your spine.

But what if you could save some money or avoid the costs of buying brand-new books every term? You could sell the books you don’t need to second-hand traders and get some much-needed cash—ensure you get permission from your parents first.

Alternatively, you can open a garage sale if you cannot reach second-hand traders. And no, you don’t need a garage. A quick Whatsapp message to your friends and relatives informing them of your sale is more than enough.

Buying old textbooks instead of new ones is an excellent budgeting strategy for high school students looking to help their parents save money. And they’ll deeply appreciate the effort.

Pro tip: Use the same concept to sell items you’ve kept well and barely use or have outlived their usefulness. Rope in your parents or guardian to guide you on how to do it. 

4- Shop During Off-Peak Season

Shopping for stuff that everyone isn’t buying because it’s not yet in season is a money-saving tip guaranteed to save you from crazy price tags. When shopping during off-peak season, you are after one thing; discounted prices. 

It’s a well-known industry practice for vendors to hike prices when the demand for the product increases. You can out-maneuver them by shopping when the demand is low. 

For example, you can buy sleeveless tops, shorts, and dresses that everyone is not interested in buying during the cold season. Conversely, buy warm clothes during the hot season when vendors are willing to lower the prices just to make a sale. 

Another way to help your parents save money during off-peak season is the time they choose to buy school items. For instance, school terms begin in January. Advise them to avoid buying school items close to opening dates. High-peak seasons fall between December 31st – January 6th. Instead, they should shop immediately after schools close or the weeks after if possible. 

To illustrate, a school shoe costing Ksh: 2000 on January 6th would probably retail for about Ksh: 1,500 in early December.

Pro-Tip: If you want to be the one to benefit from this money-saving tip, politely tell your parents you want to start shopping for your school items and apply this strategy for yourself. 

The following is a short video by Allana giving you more information on saving money. Due to the Kenyan boarding system, skip points one and two—the advice may apply to teens who have just cleared high school.

Ready to Start Saving as a High School Student?

You now know that saving and budgeting are excellent ways to actualize your financial goals as a high school student.

We have also learned how to choose wisely when shopping for products and what stores to avoid when trying to save money. Notably, putting aside part of your pocket money is the money-saving tip that stands out from the rest.

Now the ball is in your court. What money-saving tips did you identify with the most, and which budgeting strategies do you plan to use?  Leave a comment below. 

Contact ParentTeen Kenya for further guidance on budgeting, saving, and spending your money wisely. 

Frequently Asked Questions

Should high school students get pocket money?

It depends on whether your parents can afford to give you pocket money, whether you are in a boarding school, and what you do with the money. If your parents are struggling financially, it would be almost impossible for them to give you money to buy things you ‘want’ but don’t ‘need.’ 

In addition, if they give you money and you spend it on risky behavior, it would be unwise of them to give you and increase the risks of harming yourself. 

How can high school students spend money wisely?

• Create a spending plan
• Set realistic financial goals
• Resist the peer pressure to impulse buy
• Keep track of your spending habits

What budgeting tools should high school students use?

• Pen and paper
• Google sheets and excel
• Budgeting apps

Images Courtesy of Pexel and Unsplash.

ParenTeen Kenya