Thinking about the future can be a very overwhelming thing for high school students. Having to decide a career when you are only a teenager is incredibly intimidating. On top of that, after high school, most students have to assume a higher level of financial responsibility and independence. Whether you’re moving out, going to university, starting to work, or all three, money can be a scary thing. It’s likely that before graduation, you haven’t thought too much about finances or what that’s going to look like for you. I’m going to break down 3 major points that can help you get perspective on your financial situation and can help you plan your future.
1. Making a budget
This is the most important universal step, and can be helpful no matter your situation. What isn’t counted is easily lost. The three main sections of a budget take into account your income, expenses, and savings. Drawing up a budget plan for your first year of undergrad, for example, can really help you understand where your money is going and how much you’re going to be spending. By planning that out and tracking your expenses and purchases, you will be far less likely to spend money that you don’t have, and make fiscally irresponsible decisions. Check out how to make a budget here,and more about the importance of budgeting here.
2. Post-secondary plans
Deciding what to do after high school is probably the hardest decision you’ll have made so far in your life. Whether you’re going to university, college, or straight into the workforce, you’ll need to consider several things. University can be expensive, depending on where you go, what program you’re in, and your living expenses, but for a lot of career paths, university is a necessary first step. If you want to go to university, you need to carefully evaluate the financial situation you’re going to find yourself in, and how you’re going to pay for university. Figuring all this out can be very stressful, but if you take it one step at a time, you’ll get there. If you’re Canadian, find out more about student loans here.
3. Research, research, research
This is really the bottom line. There are so many different websites on the internet with so much information waiting to be read that can help you understand anything that you’re confused about. Research, and make a plan. This will help you accomplish anything you want. Also, don’t be afraid to reach out to teachers, parents, guidance counselors or friends if you are looking for an objective opinion or are struggling with something.
Your future, finance-wise and everything else is something that you should be thinking about with great care and detail, but at the end of the day, we can’t only focus on the future and not on the present. Make sure that you’re taking care of yourself both physically and mentally, and don’t forget to just be present in the now every now and again as you enter the next chapter of your life.