SALT LAKE CITY, Utah (ABC4 News) – Educating and empowering high school students to achieve their goals through management of their financial resources. That’s the mission of “Cents Ability.”
Friday on Midday, the Executive Director of “Cents Ability,” Roy Paul, offered up some tips on how high school students can secure a financial future.
Tips On How High School Students Can Secure a Financial Future
· It’s never too soon to start saving: Understand the importance of how saving early can create long term financial success. When you save early, you can accumulate more wealth even if you save more later in life.
· Financial impacts of student loans: Know how much you’re going to have to pay back before you take out student loans. Many students are shocked once they graduate and receive their first repayment bill.
· Develop a budget: Many students earn jobs during the summer and in some cases during school and do not put money away for a rainy day – get into the habit now. We recommend 20% of your check should go into a savings account that you should try not to touch until you really need it.
· Good vs. Bad usage of credit: There are good and bad ways to use a credit card. Many don’t understand that you have to pay that money back — with interest! What are your needs versus your wants?