When it comes to saving money in high school or university, there are a lot of students out there who don’t know where to start. I’ve known friends of mine whose parents didn’t want them working in high school to avoid splitting their focus, which led to them not knowing how to budget later in life. I, myself, had a job in high school and in university but I was never good with saving money. Now, into my final year of university, I’m painfully aware of how much money I owe back to the government, and how little of that amount I actually have saved. However, there are ways to get better at budgeting and saving money…

First thing’s first: you need to ask people for help. It’s like anything – if you don’t know how to do something, swallow your pride and ask someone for help. This is your future after all. Many universities have workshops on how to save money and how to properly budget for your future. Parents, friends, or even professors would be able to help you with figuring out how to ensure that balance stays in the green.

I also know that being on campus is pretty tempting when cafeteria food calls your name. It may not be very good but it’s there, you’re hungry, and you’re too busy in the mornings to pack food. Well, it’s time to make some sacrifices. Wake up a little early and pack a lunch for the day. You can even make it the day before or pack leftovers from dinner. Same goes for other expenses while in school; textbooks, even if a newer version is required, can always be bought from someone else or another site that may have it for a much cheaper price- EBay is great.

Now, I know you may be thinking that this advice is good for those who live at home and who can actually budget. But, what about those living in residence or on their own? Well, for you guys there are lots of external resources to help you with your work. Mymoneycoach.ca offers tips on how to save, where to make cuts, and gives realistic advice on how to properly save funds. For example, they’re quoted as saying:

“One of the best saving strategies is to pay yourself, first. What this means is that you designate a certain amount of your paycheque as your pay and you pay that money to yourself before you pay your bills or anyone else. […] It can be any amount that you decide. The important part is that you pay yourself first rather than last. Most people pay all of the bills first and then save anything that might be left over. For most people, that method of saving doesn’t really work because nothing is left over to save.”

The most important thing is that you need to be willing to save and make sacrifices because this is your future and it’s better to be good at these things now.