If you are someone that is still in high school and going in to college you may be asking yourself; Why do I need to save money? Some individuals will end up with scholarships when going to college but you would be surprised as to how fast that money is going to end up going because of the prices of college That is why it is important to save money as soon as you can no matter what your age it. But college is not the only reason that you are going to want to save money over time.
Saving Up For a Reliable Vehicle
A lot of teens in high school tend to get a vehicle from their parents as a graduation gift for finishing high school. However; there are a large majority of teens that are not that lucky. But the one thing that you can do if you are one of the many that are not that lucky to have the parents buy you a car. Take the time during the summer and work. By working it will not only teach you responsibility, but it will also teach you the “Value of a Dollar.” Which sadly a lot of teens now a days are not taught things are just given to them.
Setting Up a Rainy-Day Fund
Setting up a rainy-day fund is not something that a lot of people think about. But you will find that if you do that money that you set aside each week will come in handy. Especially if you are just starting out on your own. A lot of the time the rainy-day fund is made and set up for emergency. Emergencies do happen and that way you will always have money on hand when you need it.
One of the ways that people set up the fund is by having a jar set aside. Every week you put what money that you did not use in to that jar from there at the end of the month, you take it to the bank. The bank will then set up an account that you can deposit money into the account at the end of the month. Plus, a lot of the time you will find that if you want they will make it so that unless you come in and get the money from the account you can’t access it, that way you are not tempted to spend it. It helps those that are impulse buyers.
Saving Up For Your Own Home
Now if you are young and just out of high school, saving up for a home may not seem like something you are not going to be something that you are going to want to do. However; there are a lot of plus factors for individuals that save up for a home that are young that you do not even think of.
Saving up to buy a home when you are young is a smart thing to do. Now you may wonder why. The first reason is because it is going to boost your credit score. You will find that you’re going to need to rely on your credit a lot as you get older. But purchasing your home it is going to show other creditors that you are smart with your money. Which is going to tell them that they can loan you money when you need it and you are good to pay it back. That is going to help in to long run when you are short at times with money. So, to make sure you work on it as soon as you can to build yourself up for later in life