7 Tips to Building Your Financial Foundation the Right Way in High School

Building your financial foundation

Building your financial foundation is exactly like building a skyscraper. First, you must pour a solid foundation and reinforce that foundation prior to building several stories above it.   Here are the tips to build your financial foundation the right way while in high school.

1. Build Good Financial Habits

 It doesn’t matter how much money you make, if your financial habits are bad you will always struggle with money. 3 main ideas will start you down the right path. 1. Do not buy something unless you can pay for it 2. Pay off one debt before accruing more 3. Stop worrying about social status

2. Get a Job, Even if it’s Part-time

Getting a job will also allow you to begin earning your own money, which you can use to begin building a strong financial foundation. This will likely be the first time you are in complete control of your money, and it’s important to learn how to handle that responsibility.

3. Start Building Savings

Putting a little away every month into a savings account that you don’t touch is an extremely important and strong pillar in your financial foundation that you can begin building right away. It is very important to have something in reserve at all times in case of an emergency.

4. Make Some Long-term Goals

What do you want in the near and far future? Do you want to attend college? Buy a car? Own a home? Whatever your goals are, having a money plan for achieving them will help you reach them faster by reducing the chance of financial hardships causing delays or leaving you treading water in a sea of debt.

5. Begin to Build Credit

Every individual has a credit score that follows them throughout life, and is the measuring stick lenders and other institutions use to assess your financial responsibility. Your credit score is one of the most important financial tools you have, and has the ability to save you thousands over your lifespan.

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